CBD and Cannabis News Update

This week’s CBD and cannabis updates from the U.S. and around the globe.

March 09, 2020

ALEXANDRIA, Va.—NACS publishes periodic roundups of news and information on cannabis and CBD to help update Daily readers on the fast-moving products and their legality. Here are the topics in the news for the week of March 2-6.
 
U.S. Federal Activity
  • Mnuchin Details IRS Challenges with Cash-Only Marijuana Businesses. Treasury Secretary Steven Mnuchin said Wednesday that the cash-only nature of marijuana businesses poses challenges for the IRS. Mnuchin said at a hearing held by a House Appropriations subcommittee, “This creates significant problems for the IRS.” (Source: The Hill
  • FDA Sends CBD Exploratory Report to Congress. The Food and Drug Administration announced that it is actively exploring pathways to allow for the marketing of cannabidiol as a dietary supplement and is developing enforcement discretion guidance. It will also be re-opening a public docket to solicit additional scientific information about the risk and benefits of the cannabis compound. (Source: Marijuana Moment)
State and Local Activity
  • Missouri: Recreational Pot Sales Begin at Second St. Louis Metro East Dispensary. The dispensary at 2021 Goose Lake Road near GCS Ballpark, home to the semi-pro baseball team the Gateway Grizzlies, bustled Monday afternoon with about three dozen customers who had heard about the recreational pot sales only hours earlier. (Source: St. Louis Today
  • Ohio 2020 Recreational Marijuana Legalization Measure Filed. The constitutional amendment in Ohio would allow adults older than age 21 to buy, possess, consume and grow limited amounts of marijuana. (Source: Columbus Dispatch
  • Washington State Treasurer Reports on Marijuana Revenue and Health. Washington state collected $395.5 million in legal marijuana income and license fees in fiscal year 2019, all but $5.2 million of it from the state’s marijuana excise, or sales tax. The data are available in the Liquor and Cannabis Control Board’s FY 2019 Annual Report. The report also shows that marijuana revenue topped liquor revenue by more than $172 million, and the marijuana tax income to the state for fiscal 2019 grew by slightly more than $28 million from the prior fiscal year. (Source: Washington State Treasury
  • Maine Now Expects Retail Marijuana Stores Won’t Open Until June. Three months later than expected, Maine is planning to have its first recreational marijuana shops open in June. State budget forecasters are banking on a robust kickoff, however, estimating $5 million in sales by the end of the month. (Source: Press Herald
  • Connecticut Hearing on Recreational Marijuana Draws Dozens. Connecticut decriminalized the use of marijuana in 2011. A new bill discussed before the judiciary committee on Monday goes a step further, legalizing the possession and the sale of the drug for recreational use. (Source: NBC Connecticut
  • Recreational Weed Sales in Illinois Drop to $35 Million in February as Shortages Continue. Nearly $35 million in recreational marijuana was sold across Illinois in February, a significant decrease from the total sold in the state’s first month of legal weed. (Source: Chicago Sun Times
  • Proposed Louisiana Bill Would Allow Local Governments to Hold Elections on Recreational Marijuana Use. Louisiana State Representative Cedric Glover has filed a bill that calls for a constitutional amendment giving local governments the authority to call an election for the purpose of “authorizing the sale, possession, distribution, and use of marijuana within the jurisdiction of the governing authority.” (Source: KTAL/KMSS)
NACS has prepared a fact sheet (for members only) to help you navigate what’s legal and what’s not for CBD retailing.
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