Posted on 12/18/202212/18/2022 by Steven M Smith — Leave a comment

Marijuana Crop Growth Report for 2021. Green Lighted 2022?

Watching Florida's Stop Light on Marijuana

‘Cannabis Harvest Report’ values US crops 5th in the nation in 2021. What is up for 2022?

Updated December 18, 2022

America has begun winding down its disastrous, century-long war on marijuana. We’re beating swords into plowshares. So, what’s coming in from the fields? The answer: America’s 5th most valuable crop.

The first-ever Leafly Cannabis Harvest Report, counted 13,042 cannabis farm licenses in the 11 legal states where retail stores are open. This unprecedented peek into US pot production found farmers growing 2,278 metric tons per year. It’s a mind-boggling number—enough to fill 57 Olympic-size swimming pools, or more than 11,000 dump trucks stretching more than 36 miles.

Tracking cannabis agriculture production
Highlights from the Cannabis Harvest Report
Cannabis Harvest Report methodology
What’s next for cannabis farmers?

With US state cannabis prices ranging from about $500 to $3,000 per wholesale pound, you’re looking at a crop worth $6.175 billion per year. As measured against US Department of Agriculture (USDA) data, the value of America’s legal cannabis crop ranks fifth nationwide, ahead of cotton. And yet state and federal officials generally do not track it or acknowledge it.

Tracking cannabis agriculture production

Cherry Cheesecake harvest at Sonoma Hills Farm, Petaluma, CA on October 6, 2021. (David Downs/Leafly)

Why did we count the crop? Because cannabis is as stigmatized as it is valuable.

USDA economists track annual yields, prices, and estimated values for nearly every commercial crop grown in America. But they do not track legal cannabis due to the plant’s status as a federal Schedule I drug.

Our goal with the Leafy Harvest Report is to quantify annual cannabis production in operational adult-use states, just like the USDA’s Economic Research Service does for all non-cannabis crops. This is the first time anyone’s done this, as far as we know.

Voters, lawmakers, and industry leaders need these basic facts to make informed decisions. The Harvest Report is the third in this year’s Leafly Reports series, including the Leafly Jobs Report and Leafly Seeds of Change: Strategies to create an equitable cannabis industry.

Highlights from the Cannabis Harvest Report

Leafly’s Cannabis Harvest report is one of the most comprehensive summaries on cannabis agriculture production. Here are a few of the biggest takeaways from the report.

When compared to cannabis crops, only corn, soybeans, hay, and wheat return more wholesale revenue to American farmers annually.
Legal cannabis is the single most valuable crop in Alaska, Colorado, Massachusetts, Nevada, and Oregon.
In each of the 11 states with adult-use retail stores operating, cannabis crop value ranks no lower than fifth—often within two years of the first legal stores opening.
In a surprising result, Colorado’s seven-year-old legal cannabis farming industry outproduced California (627 metric tons for Colorado vs. 514 for California). But that lead might not last. After years of slow growth, California’s licensed cannabis cultivation sector is finally taking off.

Cannabis ranks 5th in value of crops produced in the US. (Leafly)

Cannabis Harvest Report methodology

Leafly News senior editors David Downs and Bruce Barcott teamed up with Beau Whitney at Whitney Economics to aggregate annual crop data from the 11 states with active, legal adult-use cannabis sales.

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We followed the USDA’s method of computing crop value by finding the average wholesale price per pound in a state and multiplying it by the state’s amount of cannabis produced. In those 11 states, we counted crops destined for both adult-use and medical outlets.

Freelance cannabis journalists Amelia Williams (Debunking Dispensary Myths, 2020) and Zack Ruskin assisted with research and reporting.

Read our full methodology on page 15 of the report.

What’s next for cannabis farmers?

(David Downs

Prohibition, over-regulation and over-taxation infringe on Americans’ constitutional right to pursue happiness with regard to cannabis gardening and farming.

The federal government must legalize cannabis for adults, and grandfather in legacy cannabis farmers by establishing low fees and easy licensing procedures.

The Leafly Cannabis Harvest Report summarizes the discrimination cannabis farmers face at both the federal and state levels—years of review and millions of dollars in extra expenditures—just to put seeds in the soil.

Additionally, this $6 billion agricultural sector is under-banked and under-insured. Most farmers have to pay taxes in cash. Thirty-eight state attorneys general have called on Congress to pass the SAFE Banking Act, which would increase public safety and tax compliance. Reform measures like the SAFE Banking Act, and especially the MORE Act (which would legalize federally) are long overdue.

Cannabis agriculture predates our country’s union. And a more perfect union would acknowledge and respect the power of this plant.

UPDATED 12/2022

Harvest time has come, but U.S. cannabis farmers may not burst into cheers for the results achieved.

Although cannabis has become the sixth most valuable crop in the United States, the illegal status of the plant at the federal level doesn’t protect the industry’s farmers and affects the value of wholesale production.

The second annual harvest report published by cannabis information resource and marketplace Leafly has found that adult-use cannabis farmers grew some 2,834 metric tons of adult-use cannabis in 15 legal cannabis states in 2022.

Compared to the previous year, cannabis farmers grew 554 (24%) more metric tons of cannabis in 2022, but the crop’s value fell by around $1 billion due to the decrease in prices of legal cannabis.

The 2022 report estimates that cannabis grown in the U.S. is worth $5 billion a year, while the value of America’s legal cannabis crop ranked fifth nationwide in 2021.

“Only corn, soybeans, hay, wheat, and cotton bring in more money on a wholesale basis,” the report reads.

Leafly’s data is limited to only the production of adult-use cannabis harvested in 13,297 active legal cannabis farms in 15 legal cannabis states. So, it doesn’t consider the crops for medical cannabis and the cultivation grown by illegal operators.

The report aims to fill a void of federal and state authorities in assessing the adult-use cannabis supply chain’s value.

In fact, the United States Department of Agriculture (USDA) doesn’t track adult-use cannabis production as the crop used for recreational purposes is still illegal at the federal level under Schedule I of the Controlled Substances Act.

But even some legal cannabis states still lack to gather information about adult-use cannabis cultivation.

“The federal government isn’t alone in ignoring the value of the harvest. Many legal states still fail to capture this important information,” the report reads.

Therefore, Leafly collaborated with the cannabis and hemp business consulting, data, and economic research firm Whitney Economics, to collect data, conduct interviews, and analyze wholesale prices and classes of cannabis quality.

Leafly estimates that cannabis ranks no. 1 crop in Alaska, Massachusetts, and New Jersey, but the report highlights that regulators don’t publish production totals in two of those states.

Today, 19 U.S. states and the District of Columbia have legalized the adult use of cannabis. In 15 states, the legalization is fully operational, and cannabis can be sold under state license, while the remaining legal cannabis states are implementing the regulations to start the sales.

The illegality of adult-use cannabis at the federal level affects cannabis farmers’ ability to perform the most basic functions of a business, such as own bank accounts, obtain crop insurance, and get loans.

As farmers can’t sell their crops directly to consumers and don’t have enough legal retail outlets for their production, prices per pound of wholesale cannabis have fallen despite the rising inflation for most products and services in the country.

For instance, California farmers increased production by 63 metric tons on the legal side, but the cannabis harvest’s value slipped from 5th to 8th in the state because of those price drops.

“The average untrimmed, dried pound might have been worth $786 wholesale in August 2022, but individual outdoor pounds have drawn prices as low as $100,” the report reads.

Furthermore, the condition of cannabis farmers has also been worsened by the local municipalities that have ‘opted out’ from allowing legal cannabis sales, “creating economic protection zones for unlicensed, illicit cannabis sellers” at the expense of the legal operators.

Overall, the report shows a scenario in which Western U.S. cannabis farmers grew too much cannabis over the last year, while Midwest and Eastern farmers didn’t grow enough to meet their region’s demand.

As a result, western farmers haven’t enough demand to sell their harvests, while Midwest and East Coast customers overpay for cannabis products.

In addition, the fact that the illegal status of cannabis at the federal level prohibits farmers from selling adult-use cannabis across interstate lines has repercussions on cannabis prices.

Thank you for consideration.

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Posted on 12/16/202212/18/2022 by Steven M Smith — Leave a comment

NY Regulators Sign Its First Lease for Recreational Marijuana Store

NY Regulators Sign Its First Lease for Rec Marijuana Store

New York regulators have chosen a Harlem location for the first legal recreational marijuana store in the state, reported The City.

The lease for the shop at 248 W. 125th St. is already signed, according to Dormitory Authority of the State of New York (DASNY) CEO Reuben McDaniel.

Overview

(The Dormitory Authority of the State of New York provides construction, financing, and allied services which serve the public good of New York State. More specifically, as a New York State public-benefit corporation, DASNY provides services for public and non-proprietary (i.e., nonprofit) private universities in New York State; for not-for-profit healthcare facilities in the State; and for other New York State-related institutions/purposes (such as State court facilities and State pension bonds). Like other public authorities in New York, DASNY has the flexibility to borrow on behalf of the state through legislative authorization, rather than incurring general obligation debt, which requires voter approval.)

“I’m pleased to announce that last night we signed our first lease,” McDaniel said. “For those of you familiar with Harlem, you can stand at the Apollo and throw a baseball right across the street,” he added.

“As we continue to work on identifying sites and finalizing leases with landlords for more than 100 adult-use cannabis dispensaries across the state, we will provide updates on progress when announcements will not impact ongoing lease negotiations,” Gordon told Green Market Report.

Update December 17, 2022

After much anticipation — and concern — about when New York would reveal Wits first locations for cannabis shops, the state authority overseeing the leasing of dispensaries has announced the first site, near the historic Apollo Theater in Harlem.

During the meeting on Monday of the Dormitory Authority of the State of New York (DASNY), president and CEO Reuben R. McDaniel III announced the Authority had signed its first lease, for a property located at 248 W. 125th St. McDaniel said the authority hopes to sign more leases by year’s end.

“I’m pleased to announce that last night we signed our first lease,” he told the board. “For those of you familiar with Harlem, you can stand at the Apollo and throw a baseball right across the street.”

McDaniel said the design team had finished preliminary plans for the 2,800-square-foot space, and that construction would start soon after DASNY approves a final plan.

At the meeting, McDaniel did not say who would operate the dispensary. DASNY did not immediately respond to a request for comment.

The announcement comes amid doubts about whether the state will meet its goal of opening its first legal dispensaries by the end of this year. The first Office of Cannabis Management-issued permits, known as Conditional Adult-Use Retail Dispensary (CAURD) licenses, are reserved for people who have been impacted by cannabis prohibition and nonprofit groups serving people with past cannabis-related arrests or incarceration.

In October, Gov. Kathy Hochul said that 20 legal dispensaries would be open by the end of the year, a goal that looks unlikely due to all the loose ends, including securing locations for the dispensaries through the Dormitory Authority.

The signing of the first lease, however, comes at a time when unlicensed cannabis vendors have become increasingly visible across New York City, with a little more than three weeks left in the year. While Albany legalized cannabis last year, the CAURD recipients will be the first business to operate dispensaries that are actually licensed.

First of 150

The state’s plan pairs the individual CAURD license holders with ready-to-go retail locations, as well as access to loans — an important component in helping these businesses succeed because of the difficulties cannabis businesses have in securing loans through regular banking means. It is also an effort to ensure that the people who’d been punished by old drug laws not only get a head start, but enough of a foothold that they don’t get pushed out when bigger players enter the market.

In order to pay for the build-out of the dispensaries and help with the loans, the state created a $200 million Social Equity Cannabis Investment Fund. DASNY awarded management of the fund to Social Equity Impact Ventures LLC, a private venture team including NBA star Chris Webber, former city Comptroller Bill Thompson and entrepreneur Lavetta Willis. The team is tasked with raising $150 million of the total amount from private investors.

Despite that, the fund has yet to announce whether it has raised any money toward the fund. Syracuse.com reported that Webber and Willis had interests in cannabis brand Cookies, a potential conflict, and that other ventures from the two had failed to produce results.

Similar to liquor licenses, community boards will be able to give positive or negative recommendations for dispensaries within their district. While the Office of Cannabis Management is tasked with approving the licenses, the Marihuana Regulation and Taxation Act (MRTA) has a mechanism for community boards to weigh in on dispensaries in an advisory role.

However, the MRTA states that for “premises leased from government agencies,” that provision does not apply, creating ambiguity over whether community boards have even an advisory role in considering the properties DASNY is securing. The authority did not respond to questions about the role of community boards.

Manhattan Community Board 10 District Manager Shatic Mitchell said on Wednesday that he hadn’t heard about the dispensary coming to the Central Harlem district before THE CITY inquired about it.

Keshawn Warner, whose business received a CAURD license to operate in Manhattan, said Wednesday that he has not heard from the state about where his dispensary will be located or about relevant regulations, such as the rules for deliveries until he’s able to open a storefront.

“Location, you obviously have your desires,” said Warner, who owns, with his wife, a drugstore called The Pharmacy in Harlem. “Most important to me is the effectiveness of the roll-out.”

He added: “If it is in Harlem, it would be great for Harlem. It’s a moment in history.”

Thank you for consideration.

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Posted on 12/15/2022 by Steven M Smith — Leave a comment

Wholesale Marijuana Flower Prices Plummet. Michigan subject of new dynamics.

Wholesale marijuana flower prices plummet.

Michigan, in particular, subject to new dynamics.

Prices of wholesale recreational marijuana in Michigan are now as low, or lower, than those in older adult-use states

– underscoring how new markets are ramping up more quickly and, in some cases, becoming glutted.

Industry insiders say cannabis flower in Michigan is readily available for less than $1,000 a pound on the wholesale market – and often for much less – because of oversaturation as more and more cultivation companies come online in a state with no limit on business licenses.

Connie Maxim-Sparrow, a cannabis consultant and marijuana business license holder based in Muskegon, Michigan, characterized the state’s current market conditions as “unstable” – in particular, cannabis growers are spending at least $800 to grow a pound of flower and getting only $600 for it on the wholesale market.

According to Maxim-Sparrow, a year ago a midgrade pound of indoor-grown wholesale flower that tested at around 20% THC potency would sell for $1,800-$2,200.

Now, that same grower is lucky to get $600 a pound, and she’s heard of some selling for as low as $300.

The dynamics playing out in Michigan could offer a harbinger of what’s to come in other new markets.

In particular: As more multistate operators learn how to quickly set up shop in new regions with many producers, the pace of a newly legalized state’s market hitting an oversaturation point is speeding up.

This is more likely to happen in states without licenses caps or that have many growers – unlike limited-license markets that seem more common on the East Coast.

Michigan began marijuana sales at the end of 2019, and the wholesale market prices now more closely resemble those in older markets such as Colorado or Oregon, where wholesale prices have been falling for a year or more.

Colorado’s adult-use sales launched in January 2014, while Oregon’s market launched in October 2015.

Both markets took longer than Michigan’s to experience product saturation and falling prices.

Survival tactics

To survive, cannabis companies across Michigan are tightening their belts, relying on vertical integration and trying to build brand recognition to be more competitive.

Others are limiting their expansion plans or selling out as a wave of consolidation sweeps through the state’s industry.

A few Michigan marijuana retailers have downsized, including major retail chain Lume Cannabis, which closed four of its roughly 30 stores earlier this month.

Meanwhile, Michigan regulators in March implemented new rules, including lower application fees and the removal of licensing tiers, that will further open up the market.

“Everybody’s panicking,” Maxim-Sparrow said.

“Some of us knew this was coming – others are getting caught off guard by the oversupply issue.”

The learning curve for entering the cannabis industry is steep. Start with the fundamentals.

Any cannabis company executive who has been watching what has happened in other mature marijuana market with relatively unlimited licensing, including Colorado and Oregon, should have seen the market headed in this direction, industry insiders aid.

“We’ve seen this movie before,” said Tyson Macdonald, adviser to and former chief financial officer of Cloud Cannabis Co., based in Troy, Michigan.

“It is definitely happening with an accelerated pace in Michigan.”

Macdonald partially attributes that to a regulatory structure that allows for stacking of cultivation licenses, which has created very large facilities, many of which came online around the same time.

Not limiting licensing also sped up the situation.

Cannabis businesses executives “should have absolutely been aware that this market was going in this direction when there was not a single cap on a cultivation or processing license,” Maxim-Sparrow said.

The pricing situation

Over the past year and half, the state has seen a “ton of new capacity come online,” said Ankur Rungta, co-founder and CEO of C3 Industries, a vertically integrated Michigan marijuana company that also has operations in Massachusetts, Missouri and Oregon.

Rungta, who started out in the cannabis industry with a business in Oregon, said he saw a similar market drop there with overproduction in 2017 and again in 2018.

“Our first market was Oregon, so if anybody should have seen it coming, it was us,” he said.

Yet, Rungta said, the speed of how quickly the Michigan market has become saturated has taken him by surprise.

“We’re definitely getting into a fully supplied or even oversupplied marketplace,” he added.

“That’s definitely putting a lot of pressure on the wholesale market. People are buying the same amount of cannabis; it just costs half of what it used to cost before.”

That’s before the coming fall harvest of outdoor-grown flower hits the market.

“A lot of people are looking at this fall and saying, ‘What’s going to happen?’” Rungta said. “I don’t know that we’ve hit the bottom, to be completely honest with you.”

Macdonald said retailers and manufacturers can buy anything they need for less than $1,000 a pound for wholesale flower.

At Michigan stores, ounces of flower sell for as low as $59-$99, according to Macdonald.

“And a lot of that at the $79-$99 price point, it tests pretty well,” he said. “It’s not terrible product.”

Access isn’t the issue

Some municipalities in Michigan have opted out of allowing marijuana retail stores.

One major area that has yet to open a recreational cannabis store is metro Detroit.

The city finally began accepting license applications for adult-use marijuana businesses on April 20.

That doesn’t necessarily mean there’s a question of consumer access – despite many municipalities opting out of legal cannabis sales.

Maxim-Sparrow said most customers probably must drive only half an hour at most to find a store.

“If you look at a map of Michigan, there’s very few areas that don’t have access,” Rungta said.

Cities such as Ann Arbor are glutted with retail stores, said Mahja Sulemanjee-Bortocek, CEO and founder of High Haven, which owns cannabis business licenses in Bay City, Michigan.

She would like to see municipalities show a better understanding of the economics of cannabis before licensing too many stores in one place.

“They look at it as a revenue stream for them through taxes, which it certainly is,” Sulemanjee-Bortocek said.

But the towns and cities will lose that revenue stream if the retailers can’t turn a profit and stay open, she added.

“It’s a short win for them. Not a long-term situation,” Sulemanjee-Bortocek said.

Turning to vertical integration

Some companies are banding together to increase their brand power through collaborations and white labeling.

Others are trying to become vertically integrated but are running out of capital as they try to build out their retail or cultivation businesses.

Rungta said that a vertically integrated business structure is becoming more important, so a company can have a “hedge or cushion against some of the wholesale volatility that’s out there.”

He expects more businesses will head in that direction over time.

His strategy is to both move a “sizable chunk” of business through company-owned retail stores while also selling on the wholesale market.

The successful companies are those who saw this coming and built their business model around current pricing, not when the market opened and prices were much higher.

Rungta said the companies that will survive have a clear strategy such as offering a value product or a premium product with a business structured accordingly and a reasonable margin to support their operations.

By “reasonable,” he said a 40% gross margin is a good baseline.

“Those people are having success and, in some cases, continuing to even grab market share,” he said.

But, Rungta said, the branding and quality need to match the product for it to work.

As this all plays out, expect to see more consolidation as business are swallowed up by larger ones and some even go under. The amount of capital a business has could be the deciding factor.

“In this environment, it’s challenging for everybody,” Rungta said. “But it’s most challenging for the smaller businesses.”

Bart Schaneman can be reached at bart.schaneman@mjbizdaily.com.

Thank you for consideration.

Inspirational Technologies 2022

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment

Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to

“Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me

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Story by Bart Schaneman

Posted on 12/14/2022 by Steven M Smith — Leave a comment

MJBizCon Kicks off in Las Vegas amid economic turmoil, hopes of Marijuana reform

MJBizCon kicks off in Las Vegas amid economic turmoil, hopes of marijuana reform

By Chris Casacchia,

Staff Writer
December 14, 2022.

Image of the registration desk at MJBizCon 2022

MJBizCon attendees pick up their badges Tuesday for the 11th edition of the nation’s largest cannabis industry conference. (Photo by Alicia Fresquez)

MJBizCon, the oldest and largest trade show in the cannabis industry, officially opens Wednesday amid growing economic challenges and renewed hope that federal marijuana reform will help the industry in the wake of this month’s midterm elections.

Now in its 11^th year, MJBizCon runs through Friday and features more than 1,400 exhibitors, 70-plus hours of educational content and 180 speakers.

More than 380 exhibiting companies are new to the showcase this year.

The expo hall, the largest in MJBizCon history, spans nearly 280,000 square feet on two floors of the Las Vegas Convention Center’s South Hall.

It’s where tens of thousands of cannabis industry professionals will convene for networking, startup funding, strategic partnerships, insights on regulatory reform and the political landscape and other topics.

High Roller

This year’s event arrives amid another critical juncture for the industry.

Cannabis companies, like others in mainstream sectors, are laying off workers and implementing other cost-cutting measures as prices for wholesale marijuana fall and recessionary concerns rise.

Meanwhile, the Biden administration has set in motion a process that could lead to revolutionary changes for federal marijuana policy.

The midterm elections, which often highlight the nation’s political polarities, provided a mixed bag of results on the marijuana front.

Among the many changes this year at MJBizCon, a new design divides the exhibition floor space into four distinct pavilions to help attendees find what they need:

Cultivation products and services.
Processing, packaging and lab services.
Retail and dispensary.
Business services.

“We can’t wait for everyone to see what’s new at MJBizCon – new exhibitors, a reorganized show floor, an outdoor patio,” said Jess Tyler, MJBiz’s senior vice president for events and sales.

“We really upped the experience this year.”

In a Wednesday highlight,

MJBiz CEO Chris Walsh

Chris Walsh Marijuana Business Daily

delivered his “State of the Industry and Predictions for 2023” in which he outlines the cannabis business environment and opportunities for future growth.

Other topics featured at the conference will include the recent elections, mature and emerging market difficulties and opportunities, strategies to overcome current headwinds and whether federal reform, particularly the passage of SAFE Banking Plus, is gaining momentum.

The main stage on Wednesday will feature in-depth discussions with cannabis industry leaders and successful mainstream executives.

Highlights include:

A fireside chat with Cookies co-founder and CEO Berner, an expert on branding and global expansion in the cannabis industry. The rapper, who recently sat down with MJBizDaily for a Q&A, will discuss how he and his brand have become influential.
Insights from Rhonda Kallman, a trailblazer in the alcoholic beverage industry with decades of business, branding and marketing expertise. Kallman, who was recently the subject of an MJBizDaily Q&A, founded the Boston Beer Co., producer of Sam Adams, and now runs Boston Harbor Distillery.
A “power panel” of cannabis business leaders including Wana Brands co-founder and CEO Nancy Whiteman; Ruben Lindo, founder of Blak Mar Farms; The Parent Co. CEO Troy Datcher; Toi Hutchison, president and CEO of Marijuana Policy Project; and Acreage Holdings CEO Peter Caldini.

Additional experiential exhibits include the return of the Hall of Flowers Experience at MJBizCon, First-Timers Open House, Innovations Product Showcase and the Exhibitor Spotlight Theater.

MJBizCon has also partnered with CannaVest to host the CannaVest Institutional Investment Conference for institutional and accredited industry investors.

Other notable breakout sessions off the main stage include:

Strengthening Social Equity in Cannabis Through Strategic Partnerships.
Deliver on Your Brand: Creating a Sustainable and Competitive Retail Experience.
Old Market, New Revenue: How U.S. Players are Finding Opportunity in Canada’s Cannabis Market.
Cannabis Investing Trends: How to Stay Ahead of the Curve.

MJBizCon also features a new scholarship program, pop-ups from Women Grow and Black Cannabis Magazine

See the source image

, and networking events focused on women and Black entrepreneurs as well as other people of color. The MJBiz app and signage help attendees find women- and BIPOC-owned businesses on the expo floor.

Attendees can convene at one of two lounges, The Joint (first floor) and Elevation (second floor), to hydrate, plug in or meet up.

They can also visit The Patio at MJBizCon, a newly added outdoor gathering space to unwind, get fresh air or check out some cool experiences, including a 360 photo booth, yard games, DJs, drink options and food trucks.

The conference has a soft kickoff Tuesday with six preshow forums at the Westgate Las Vegas hotel, next to the Convention Center:

MJBizFinance Forum.
MJBiz Hemp + CBD Forum.
MJBiz Marketing Forum.
MJBizScience Symposium.
reMind Psychedelics Business Forum.
Associations Day.

More information, including registration details, speakers and session topics, is available here. Online registration remains open all week.

Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.

Thank you for consideration.

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Posted on 12/13/2022 by Steven M Smith — Leave a comment

DEA Announces How Much Marijuana, MDMA, Psilocyn, LSD, Mescaline, 5-MeO-DMT, MDA, 2-CB Can Be Produced For Research In 2023

Story by Lara Goldstein

The DEA has shared its final production quotas for research drugs for 2023 and is now aiming for further manufacturing goals of several psychedelic compounds than the already substantial increases regarding 2022 initially proposed, reported Marijuana Moment.

DEA Announces How Much Marijuana, MDMA, Psilocyn, LSD, Mescaline, 5-MeO-DMT, MDA, 2-CB Can Be Produced For Research In 2023© Provided by Benzinga

The compounds include marijuana, MDMA, psilocyn, LSD, mescaline, 5-MeO-DMT, MDA, and 2-CB.

The agency stated that it is “committed to ensuring an adequate and uninterrupted supply of controlled substances in order to meet the estimated legitimate medical, scientific, research, and industrial needs of the U.S., for lawful export requirements, and for the establishment and maintenance of reserve stocks.”

As such, 2023’s production quota numbers for psilocyn would go from the original 8,000 grams to 12,000 grams, 5-MeO-DMT from 6,000 to 11,000, MDMA from 8,200 to 12,000 grams, MDA from 200 to 12,000 grams, and 2-CB from 25 to 5,100 grams.

In the case of marijuana, the DEA suggested the production of 6.7 million grams -or 14,770 pounds- for medical and scientific purposes, more than double that of 2022. Licensed cultivators can now apply to become federal marijuana suppliers under the National Institute on Drug Abuse (NIDA.)

Several companies have already made recommendations to raise DEA’s 2023 proposed quotas in view of pre-clinical and clinical research particularly for PTSD, TRD, schizophrenia and anxiety.

The proposal also received a comment regarding the creation of “diversified categories” for production and research on psilocybin-containing fungi fruiting bodies/sclerotia/liquid culture similar to cannabis (flower), fruiting body extract (akin to cannabis extract), and psilocybin and psilocyn separately as purified compounds (akin to delta-9-THC), as well as applying that same system for mescaline and other plants, fungi and lifeforms producing these compounds.

But the agency replied stating that the suggestions “do not impact the analysis involved in establishing” the production quotas for each substance.

Nonetheless, the DEA seems to be listening to what is taking place in the psychedelics space, as it has recently backed down on banning two psychedelic compounds claimed to have scientific value as well as a separate project to list five tryptamines as Schedule I substances.

Thank you for consideration.

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Posted on 03/28/202203/28/2022 by Steven M Smith — Leave a comment

Sometimes, I Wonder. (the D.C. rider) sic

Sometimes, I Wonder. Failing to remove the D.C. rider prevents the nation’s capital from using local tax dollars to implement its legal cannabis program

President Joe Biden has once again moved to exclude Washington, D.C. from legalizing marijuana sales as part of the budget proposal for Fiscal Year 2023, which he sent to Congress Monday.

Despite DC voters having overwhelmingly approved cannabis legalization in 2014, the district government has consistently been prevented by a legislative rider from implementing regulated cannabis sales each time the budget comes up. Failing to remove the D.C. rider prevents the nation’s capital from using local tax dollars to implement its legal cannabis program.

“The nation’s capital could be a model for how to get cannabis legalization right. Instead, it’s the very opposite, and President Biden now shares some of the blame, told US Cannabis Council

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CEO Steven Hawkins, adding that the administration is fueling a dangerous gray market in the District of Columbia that operates with no standards or safeguards that targets underage consumers.

Last week, the Drug Policy Alliance along with more than 50 criminal justice reform, business, labor and drug policy organizations, sent a letter to House and Senate appropriators and Majority Leader Chuck Schumer and Speaker Nancy Pelosi, demanding to keep the removal of the appropriations rider that prevents DC from spending its own money to legalize and regulate adult-use marijuana sales.

In an election year with inflation off the charts and a war raging in Eastern Europe that could plunge the US economy into further crisis, one wonders why the administration would not seek to garner votes for its party’s candidates on a relatively non-controversial topic: cannabis legalization.

After all, nearly 70% of the country, Dems and Republicans alike obviously, have expressed their approval of it. And why would the president continually hamstring the nation’s capital wherein an equally vast majority voted to legalize and properly control cannabis?

“No one expects cannabis reform to be top of mind for a president facing down Russia, inflation and COVID-19. However, President Biden has consistently passed up opportunities to make good on his campaign commitments to pardon non-violent offenders, fund expungement programs, boost research and give states autonomy over their medical and adult-use programs,” said USCC’s Hawkins

But, if this bill gets stuck again, there may still be hope for federal cannabis legalization this session. Senate Majority Leader Chuck Schumer has been talking up his own cannabis legalization legislation and recently said there are plans to file it in April. It’s called the Cannabis Administration & Opportunity Act.

Image result for Cannabis Administration & Opportunity Act

His bill would legalize marijuana on the federal level, but ultimately leave it up to states to decide if they want to legalize.

“We should decriminalize marijuana.” – President Joe Biden

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That doesn’t bode well for people in a state like Texas, which is actively trying to ban smokable hemp, and psychoactive hemp products like delta-8 THC. A legal decision on smokable hemp in Texas is expected this summer.

“In some cases, the administration has even gone in reverse on cannabis. “

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DEA Announces How Much Marijuana, MDMA, Psilocyn, LSD, Mescaline, 5-MeO-DMT, MDA, 2-CB Can Be Produced For Research In 2023

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