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BIZ BUZZ April 2024

A quick look at some of the business and legal headlines of canna across the U.S...
By Sensi Staff
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WELCOME BACK TO MICHIGAN

Apotheculture Club announces spring event in Detroit

Apotheculture Club will return to Detroit for the fifth time on May 17, collaborating with Uplifted Cannabis Co. for a signature cannabis-infused dining and music experience. The event begins with mingling at the club’s private residence at 5 p.m., followed by a multi-course dinner. After

dinner, transportation is provided to the Detroit Opera for a performance of “The Cunning Little Vixen,” after which everyone returns to the residence.

Check out Apotheculture Club on Instagram: @apothecultureclub.

 

A NEW CHAPTER IN MASSACHUSETTS

Packwoods enters Massachusetts market

Los Angeles-born Packwoods, a renowned brand specializing in premium cannabis products, is expanding its national presence and entering the Massachusetts market. Soon-to-be available products include its 3-pack of ultra-premium, hand-rolled cigarillos, hand-rolled blunts, and hand-crafted vacuum-infused live rosin in premium ice water hash-coated flower.

Check out their other offerings at www.packwoods.com

 

COLORADO ACCESS TO EXPERTS PROGRAM

This month, Governor Polis of Colorado, alongside the Cannabis Business Office (CBO), unveiled a groundbreaking initiative aimed at bolstering the state’s diverse cannabis industry. Dubbed “Access to Experts,” the program is tailored to support social equity licensed cannabis businesses as they navigate the complexities of growth. At the heart of this initiative is the commitment to connect eligible businesses with industry experts in compliance, marketing, and financial consulting, offering invaluable guidance at little to no cost. Governor Polis emphasized the state’s pioneering role in cannabis and hailed the Access to Experts program as a testament to Colorado’s ongoing commitment to innovation and support for businesses across all developmental stages.

Through Access to Experts, participating businesses will gain direct access to specialized professionals who will assist them in key projects such as compliance audits, branding strategies, and investor pitches. By removing financial barriers, this initiative aims to empower cannabis enterprises to thrive in an increasingly competitive market. The eligibility criteria prioritize social equity licensees, ensuring equitable access to resources and opportunities within the industry. This program stands as part of a broader spectrum of support initiatives offered by the CBO, including grants and loans tailored to various stages of business development, highlighting Colorado’s proactive approach to nurturing its cannabis ecosystem.

Learn more 

 

UNDER COVER OKLAHOMA

OklahomaNew law introduces secret shoppers in the medicinal cannabis industry

The legalization of cannabis has brought about many positive changes, one of which is quality control. To that end, the Oklahoma Medical Marijuana Authority will be sending secret shoppers into at least 50 dispensaries annually to buy cannabis products and test them in labs. This new law (HB3971) was enacted on Jan. 2, 2024.

State representative Josh West, who sponsored the bill, said it aimed to keep Oklahomans safer by ensuring that cannabis products sold in dispensaries meet specific quality standards. West also said that he has heard business owners express their concerns about competing with those who sell on the black market, and the law is a step towards ensuring everyone is held to the same standards

 

NEW APPROACH IN NEVADA

A fresh collaboration aims to streamline Nevada’s cannabis supply chain, enhancing efficiency across the industry. Blackbird, a key player in cannabis distribution, recently joined forces with Nabis, a wholesale platform, combining their expertise and resources to bolster operations statewide.

With Blackbird’s extensive reach in Nevada’s dispensaries and its crucial support for local manufacturers and cultivators, the partnership with Nabis promises to fortify the state’s cannabis infrastructure. By leveraging Nabis’ technological prowess and market insights, Blackbird anticipates smoother logistics and enhanced services, from warehousing to product distribution. Moreover, Nabis’ innovative approach, akin to established logistics giants in other industries, aims to simplify the complexities of navigating varying regulations across states, offering a seamless solution for cannabis businesses to access markets efficiently. Together, they aspire to not only meet but exceed the evolving needs of the burgeoning cannabis market in Nevada.

 

A NEW LEAF IN NEW YORK

Residents of New York are edging closer to being able to cultivate their own cannabis at home, marking a significant step forward in the state’s journey towards embracing the legalization of adult-use cannabis. Since the approval of cannabis legalization in 2021, the prospect of home cultivation has been eagerly anticipated, pending the establishment of clear regulations by governing bodies. Now, with the recent approval of draft rules by the Cannabis Control Board (CCB), a framework for home cultivation, initially developed by the Office for Cannabis Management (OCM), is set to undergo a 60-day public consultation period before becoming finalized and implemented statewide.

If these proposals pass, individuals aged 21 and above will be permitted to grow up to six cannabis plants at home, with specific guidelines ensuring responsible cultivation practices. The decision has garnered praise from advocates who view home cultivation as a means to empower consumers and foster a deeper connection with the plant. However, some voices caution against potential challenges, fearing that it could exacerbate issues within New York’s cannabis industry, particularly concerning the illicit market. Nonetheless, the approval of over 100 new licenses by the CCB signals a commitment to further expanding the legal cannabis market, emphasizing the ongoing evolution of cannabis regulation in the state.

 

FLORIDA TO VOTE ON CANNABIS LEGALIZATION

Florida is gearing up for a potential game-changer: legalizing recreational marijuana. With a bustling medical marijuana scene already in place, the state’s Supreme Court recently greenlit a November referendum on the matter. This decision has sparked excitement across the country’s cannabis industry. What makes Florida particularly enticing is its booming population, thriving medical marijuana market serving over 800,000 patients, and its status as a top tourist hotspot, attracting 135 million visitors annually.

The prospect of legalizing recreational marijuana in Florida isn’t just a big deal for the state’s economy—it’s a pivotal moment for the entire U.S. cannabis sector, according to industry experts. With medical marijuana sales already reaching around $2 billion, projections suggest that recreational legalization could balloon those figures to between $4.9 billion and $6.1 billion in the first year alone. This move is attracting a wide range of cannabis businesses to throw their weight behind the cause, with Trulieve leading the charge by contributing $40 million towards getting the referendum on the ballot. With neighboring states like Georgia and Alabama having limited access to cannabis, Florida’s potential shift could have ripple effects across the region.

According to USNEWS, “The Florida referendum that will be on the November ballot will allow marijuana use by those over 21, but the exact terms of how much, whether it will be taxed, and other rules will be determined by the state legislature. Lawmakers will have six months from the referendum’s passage to develop a structure for the recreational use, although existing medical dispensaries in the state are grandfathered in.”