Month: November 2023

[In the player above, watch related FOX 8 News coverage on a proposal to allow local governments to ban recreationalmarijuana use.]

(WJW) — Recreational marijuana becomes legal in Ohio on Dec. 7, when the state’s new adult-use cannabis law takes effect.

After that, the newly created Division of Cannabis Control is expected to be licensing eligible dispensaries over the following nine months — so it likely won’t be ready for sale until well into 2024.

But you’re probably living near a location where it could be sold.

Northern lights: Ohio’s chance at seeing the auroras Thursday

Under the state’s adult-use cannabis act, Ohio medical marijuana dispensaries that have a certificate of operation or a medical provisional license will automatically receive a license to dispense marijuana to adults ages 21 and older.

There are more than 100 active medical marijuana dispensaries in Ohio, according to Ohio’s Medical Marijuana Control Program, including 33 in Northeast Ohio:

Ashtabula County Italian Herbs, 2712 W. Prospect Road, Ashtabula Columbiana County FRX Health, 1865 Dresden Ave., East Liverpool Cuyahoga County The Botanist, 3865 Lakeside Ave. E, Cleveland The Landing Dispensary,

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The legal marijuana industry has grown rapidly in the U.S., with 38 states, three territories, and the District of Columbia legalizing its use for medical and/or recreational purposes. However, despite the industry’s growth, marijuana businesses continue to face significant challenges with payment processing and banking, primarily due to the federal prohibition of marijuana. This conflict between federal and state laws has led to an exploration of alternative financial systems, including the use of cryptocurrencies.[1]

The Banking Challenge for Marijuana Retailers

The primary challenge for marijuana retailers is the inaccessibility of traditional banking services. Despite the state-level legalization of marijuana, the substance remains illegal under the Controlled Substances Act, 21 U.S.C. § 801, et seq., meaning that banks who provide services to marijuana businesses could be perceived as violating anti-money laundering laws.

While federal regulators have issued guidance clarifying how financial institutions can permissibly service marijuana businesses, many financial institutions remain hesitant, primarily due to the lack of complete assurance of protection from the federal government, as well as from the increased administration and oversight required to bank marijuana businesses. Moreover, for the financial institutions who do bank marijuana businesses, the costs of these services can be prohibitive.

The final result

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To lift its drooping marijuana industry, Port Hueneme is making changes to the city’s cannabis program.

The City Council recently directed staff to implement six strategies aimed at helping local cannabis businesses stay competitive as dispensaries pop up throughout the county. The plan would lower fees and roll back some regulations.

The items will need to be brought back individually before the council for formal adoption.

“Some of these little changes will definitely help and are appreciated,” said Paula Brunelle, licensing director with Tradecraft Farms, a dispensary in Port Hueneme.

Port Hueneme was the first city in Ventura County to welcome recreational marijuana, with officials courting a fledgling industry that has since become relatively commonplace in the area. The city’s first medicinal marijuana dispensary opened in early 2018 and its first recreational shop opened later that year.

Tony Stewart, the city’s community development director, said at the Nov. 20 council meeting local cannabis businesses were prospering until about a year ago. Revenues have since been stagnant or falling.

The city has nine dispensaries, seven delivery-only services and one microbusiness.

A microbusiness participates in at least three types of cannabis activities, Brunelle said. Tradecraft is a microbusiness that conducts cannabis retail, cultivation and distribution, she said. 

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“Following a historic Election Day, where Ohio voters made a strong statement to further expand access to cannabis, we are eager to develop relationships with patients and the broader community in the Dayton area and across Montgomery County,” said David Goubert, president and CEO of AYR.

Montgomery County is home to six registered medical marijuana dispensaries: four in Dayton, two in Riverside. The county’s first-ever medical marijuana dispensary opened in Riverside in 2019.

ExploreKettering enacts 9-month halt on marijuana businesses after voters pass Issue 2

Greene County has one registered medical marijuana dispensary, located in Beavercreek, while Warren County has two dispensaries — one in Lebanon, the other in Monroe, according to the Ohio Division of Cannabis Control.

Since the start of Ohio’s medical marijuana program, a total of 398,057 patients have been registered.

Medical marijuana was legalized in Ohio in 2017, and the state’s medical dispensaries will be the first to receive licenses needed to legally sell recreational marijuana. The state’s Division of Cannabis Control has nine months following that to set up the framework for the program.

“AYR is just at the beginning of its work in Ohio and we hope to expand our presence in the near future,” Goubert said.

ExploreOhio medical marijuana program:

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The company said it will continue to implement cost-cutting measures.

California-based Vibe Growth Corp. (CSE: VIBE) (OTCQB: VIBEF) posted mixed results in its third-quarter earnings, as a fall in overall revenue offset margin gains.

Revenue for the period, which ended Sept. 30, fell to $3.4 million from $3.7 million in the prior-year quarter, marking an 8.1% decline. Additionally, net loss was $1.34 million, versus $1.13 million in the same period in the previous year.

Vibe said that its dispensary gross margins rose to 49.7% in the third quarter of 2023, up from 33.6% in the corresponding period last year.

“In the third quarter, we started to see the results of the groundwork for centralized purchasing and internal distribution, leading to improvements to Vibe’s dispensary gross margins,” CEO Mark Waldron said in a statement. “We’ve launched several new Hype products and continue to focus our marketing efforts on supporting the new product launches, and Vibe continues to implement cost reductions by reducing head office staffing levels.”

The company reported adjusted EBITDA for the quarter was also positive, standing at $281,672, versus a loss of $208,643 in the same quarter the previous year. At the end of the period, Vibe’s cash reserves

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SEATTLE — The Seattle Police Department (SPD) is investigating after someone crashed a stolen Hyundai into a cannabis dispensary in Seattle’s Wallingford neighborhood Thursday morning.

According to the SPD, officers responded to a report of a commercial burglary around 4 a.m. at American Mary, located on the 320 block of NE 45th St. Responding officers found a stolen Hyundai in front of the store that had been used to ram through the front of the building.

The suspects entered the dispensary and stole an unknown amount of product from the business, police said. The suspects then fled the area in a different vehicle and left the stolen Hyundai behind.

American Mary Assistant Manager Nathan Scott told KOMO News Thursday morning it was the second time the store had been targeted by burglars in just a few days.

“It’s been two days,” Scott said. “Two days ago, this stuff happened to us.”

Scott told KOMO News the store was also targeted in a smash-and-grab burglary about three months ago, adding that thieves also used a vehicle to crash their way through the front of the building.

Anyone with information is asked to contact the SPD.

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CODES, one of the fastest-growing brands in Missouri cannabis, is set to open its latest dispensary at 4805 Osage Beach Parkway in Osage Beach. This event marks the expansion of CODES’ presence in Missouri, with several locations across the state.

The grand opening celebration this Saturday, December 2, promises to be a vibrant event at Lake of the Ozarks. From 9 am to 6 pm, attendees can enjoy local food, live music, and a variety of cannabis products from Missouri’s top brands. Early arrivals can take advantage of unique promotions, including “buy one, get one for $.01” deals on all CODES products.

Greenway recently spoke to CODES VP of Marketing, Amy Dailey, about the company’s expansion throughout the state and how it maintains a dedication to quality products and personalized service while growing.

“Osage Beach is loved by locals and tourists alike, and we are super excited to welcome everyone to our newest CODES dispensary,” Dailey explained. “Being a Missouri Brand and all, it felt like the perfect spot for the newest CODES store. Who wouldn’t want to mix lake life, killer views, and a bit of green goodness? We’re not just here for the tourists; we’re excited to

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The New York Cannabis Control Board on Monday approved a settlement in a lawsuit that has prevented more than 400 adult-use cannabis dispensaries from moving forward with the application process, LoHud reports. Under the terms of the deal, which require final approval from state Supreme Court Justice Kevin Bryant, a group of four military veterans will receive dispensary licenses and other legal protections given to social-equity licensees.  

State officials did not admit to any wrongdoing under the settlement. In a statement to the New York Times, Gov. Kathy Hochul (D) said the settlement will allow the state “to move toward this worthy goal, expanding the number of legal cannabis retailers as we continue our significant efforts to shut down illegal storefronts.” 

The settlement will allow 436 provisional licensees to open their dispensaries or delivery services once their applications are finalized but state regulators would be prohibited from issuing any new or additional licenses through the Conditional Adult-Use Retail Dispensary program until April 1, 2024.   

In an interview with Spectrum News, Chris Alexander, executive director of the state Office of Cannabis Management, called the settlement “a significant moment.” 

“We’re hopeful that folks

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The New York Cannabis Control Board on Monday approved a settlement in a lawsuit that has prevented more than 400 adult-use cannabis dispensaries from moving forward with the application process, LoHud reports. Under the terms of the deal, which require final approval from state Supreme Court Justice Kevin Bryant, a group of four military veterans will receive dispensary licenses and other legal protections given to social-equity licensees.  

State officials did not admit to any wrongdoing under the settlement. In a statement to the New York Times, Gov. Kathy Hochul (D) said the settlement will allow the state “to move toward this worthy goal, expanding the number of legal cannabis retailers as we continue our significant efforts to shut down illegal storefronts.” 

The settlement will allow 436 provisional licensees to open their dispensaries or delivery services once their applications are finalized but state regulators would be prohibited from issuing any new or additional licenses through the Conditional Adult-Use Retail Dispensary program until April 1, 2024.   

In an interview with Spectrum News, Chris Alexander, executive director of the state Office of Cannabis Management, called the settlement “a significant moment.” 

“We’re hopeful that folks

Read More Here...

The New York Cannabis Control Board on Monday approved a settlement in a lawsuit that has prevented more than 400 adult-use cannabis dispensaries from moving forward with the application process, LoHud reports. Under the terms of the deal, which require final approval from state Supreme Court Justice Kevin Bryant, a group of four military veterans will receive dispensary licenses and other legal protections given to social-equity licensees.  

State officials did not admit to any wrongdoing under the settlement. In a statement to the New York Times, Gov. Kathy Hochul (D) said the settlement will allow the state “to move toward this worthy goal, expanding the number of legal cannabis retailers as we continue our significant efforts to shut down illegal storefronts.” 

The settlement will allow 436 provisional licensees to open their dispensaries or delivery services once their applications are finalized but state regulators would be prohibited from issuing any new or additional licenses through the Conditional Adult-Use Retail Dispensary program until April 1, 2024.   

In an interview with Spectrum News, Chris Alexander, executive director of the state Office of Cannabis Management, called the settlement “a significant moment.” 

“We’re hopeful that folks

Read More Here...