Cannabis Stocks Get a Big Boost after Veep-candidate Kamala Harris Said Biden Administration Would Decriminalize Marijuana
marketwatch - Shares of cannabis companies enjoyed a broad rally Thursday, amid growing hopes of federal decriminalization following comments from vice-presidential candidate Sen. Kamala Harris.
"[W]e will decriminalize marijuana, and we will expunge the records of those how have been convicted of marijuana," Harris said in the vice-presidential debate late Wednesday.
The Cannabis ETF THCX, +7.37% shot up 7.4% to close at a three-week high of $9.32. It has run up 15.2% since closing at a four-month low two weeks ago.
Israeli 'Smokable Cannabis Toothpick' Startup Smashes Crowdfunding Goal
jpost - Israeli medical cannabis start-up TrichomeShell has, in only two weeks, raised nearly twice their minimum funding goal, receiving nearly NIS 1.3 million in investments, with two weeks still left before the funding deadline runs out.
The company focuses on cannabis-related innovation, with two CBD products already available for purchase in Europe: the drink-soluble cannabis powder, "Power Powder," and smokable cannabis toothpicks, called "Moodpicks."
Illinois Dispensaries Rrecord Breaking Recreational Cannabis Sales
Recreational marijuana sales in Illinois jumped to more than 430 million dollars so far this year and experts predict the trend will continue as people learn more about the plant.
Public Hearings Set for Cannabis Industry Rules and Regulations
guampdn - The Cannabis Control Board plans to hold three public hearings in mid-November on the proposed rules and regulations for the island's recreational cannabis industry.
The public hearings will be held virtually, on Nov. 12, Nov. 13 and Nov. 14.
The hearings Nov. 12 and Nov. 13 will be from 5:30 to 7 p.m. and the Nov. 14 hearing will start at 9 a.m., with no specific ending time.
Once Shut out, Maine Cannabis Industry Now Eligible for Sustainable Energy Grants
pressherald - One of Maine’s most energy-intensive industries will no longer be shut out of the state’s energy efficiency incentive programs.
The trustees of Efficiency Maine, a ratepayer-funded agency that promotes sustainable energy usage, voted 5-2 on Wednesday to reverse a ban on giving energy-efficiency grants to state-legal marijuana businesses, concluding they are just as likely to last long enough to produce the energy savings needed to justify the grant as any other kind of business.
Lawmakers Propose Disaster Relief to Cannabis Industry with New Bill
jdsupra - Congressional Democrats out of Oregon proposed a bill that may bring crucial relief to many cannabis operations across the country in the wake of not only the COVID-19 pandemic but the recent destructive wildfires that have burned large portions of the American West.
Since cannabis currently remains federally illegal, many cannabis businesses are excluded from several traditional means of federal financial relief – including Small Business Administration ("SBA") programs and cannot avail themselves of bankruptcy protections.
If passed, the Small Business Disaster Relief Equity Act would ensure that federal services, loans, and tax benefits are not denied to legitimate cannabis companies based solely legality of marijuana at the federal level.
WHO Cannabis Recommendations Still Face Uphill Battle for Adoption
mjbizdaily - The World Health Organization's cannabis scheduling recommendations appeared to have limited support at a United Nations Commission on Narcotic Drugs (CND) "intersessional" meeting on Thursday in Vienna.
That means the proposals still face an uphill battle ahead of December's expected vote.
As a result, cannabis businesses counting on the adoption of all the WHO recommendations shouldn't get their hopes up.
While Recommendation 5.1 still has a good chance of being accepted, the situation doesn't look promising for the other, particularly Recommendations 5.5 and 5.6.
Vermont Legalizes Marijuana Sales
vox - Gov. Phil Scott (R) on Wednesday announced he'll allow a marijuana sales legalization bill passed by the legislature to take effect. Vermont previously legalized marijuana possession and growing. The latest bill allows and builds a commercialized, tax-and-regulate system, similar to other legalization states.
The legislation is set to take effect this month, but state regulators will have until October 2022 to start issuing licenses for retailers — meaning legal sales could still be as much as two years away.
First Recreational Cannabis Business Opens in Naperville
bcchicago - Recreational cannabis officially became for sale Thursday in Naperville with the grand opening of the city’s first adult-use cannabis dispensary.
The former 3C Compassionate Care Center, located at 1700 Quincy Ave., has been rebranded as Rise Naperville by Green Thumb Industries Inc. The facility has been selling medicinal marijuana since 2016.
Customers can pick up their medicinal cannabis orders curbside. Recreational edibles, flower and other cannabis-related products can be purchased inside the facility.
Alders Propose to Decriminalize Use, Possession of Cannabis in Madison
badgerherald - Alders representing the University of Wisconsin campus and downtown area proposed three new ordinances at the City Council meeting Tuesday to decriminalize the use and possession of cannabis in Madison.
The proposal would amend current city ordinances to allow individuals 18 years or older to possess up to 28 grams of cannabis on private or public property with permission of the owner, mirror the state statute of allowing individuals with prescriptions to use cannabis and prohibit consumption while operating a motor vehicle, according to The Capital Times.