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Cannabis Industry News: March 7, 2023

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The U.S. legalized cannabis, CBD, and hemp industries are rapidly evolving. It’s important to stay on top of changing regulations and shifting landscapes in order to protect and grow your business. That’s why we round up the leading headlines every week to help you stay up-to-date.

Keep reading to see what’s going on in the world of legalized cannabis, CBD, and hemp this week. And check back here every week for your regular update on the biggest cannabis news.

The Virginia Cannabis Association Continues Push for Delta-8 Bill Alterations

Advocates in Virginia are warning the governor that the restrictions in the recently passed delta-8 THC bill could result in an expansion of the dangerous illicit market.

In addition to damaging the state’s hemp industry, the bill also restricts CBD and high-THC cannabis. The bill is more restrictive than what is required to curb the harm done by delta-8, the Virginia Cannabis Association claims. If signed into law as it is currently written, it could cause unnecessary damage and job losses.

Cannabis Sales in Nevada Decline by 3.8% Between Mid-2021 and Mid-2022

Nevada saw a small decline in overall cannabis sales between mid-2021 and mid-2022. Consumers in the state spent a total of $961 million during the period, which represents a decrease of 3.8% from the 2020 to 2021 period. 

Experts attribute the decline to normal factors that impact most similar maturing markets as well as the effects of the COVID-19 pandemic. 

Nevertheless, the decline is the first experienced by the state since the adult-use market opened. Advocates are hoping the coming consumption lounges will help the market boost its figures in coming years. 

Over 2,200 KG of Stolen or Lost Cannabis Reported by Canadian Producers Since the Market Opened

Cannabis producers in Canada have reported 2,219 kilograms of cannabis products either lost or stolen since the adult-use market opened in 2018. Health Canada reported thousands of police reports involving product theft. 

While the number is high, it represents a relatively small percentage of the 4.5 million kilograms of cannabis grown in Canada. Much of the missing cannabis can likely be attributed to shipping processes, experts suggest.

Despite the fact that the volume of stolen products is increasing, the number of incidents themselves is falling, which gives industry officials some degree of optimism. 

Biden Administration Begins Accepting Cannabis Conviction Pardons

In a long-awaited move, the Department of Justice has finally begun accepting applications for cannabis conviction pardons. It has been almost five months since Biden first announced the pardons.

In addition to this, the president also called for cannabis to be reclassified late last year. His move this week marks a tangible step towards a friendlier approach to cannabis on a federal level.

$20 Million Grant Program for Local Retail Kicks Off in California

A $20 million grant program for California cannabis businesses is being rolled out this week. 

The aim of the program is to support local cannabis retailers by providing jurisdictions with the resources they need to bring more cannabis retail to underrepresented counties while also making the market more accessible with social equity initiatives. 

By expanding the legal market to these areas, officials hope to encourage safer consumption while also balancing the market. Money from the new grant program could be used to help increase equity by supporting business license applicants with fees. It could also be used to help cover the costs associated with environmental reviews, permit requirements, and personnel.

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

Qredible’s pro subscribers unlock access to a customized stream of the latest industry headlines so they can remain relevant and avoid missing key updates about regulations in their state.

To learn more about Qredible’s premium features and functionalities, contact us to schedule a no-obligation discussion today. And for free updates on cannabis industry news, follow us on LinkedIn and Instagram.

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