Sales in Massachusetts rising, despite limited access
In just two months, adult-use dispensaries in Massachusetts have generated $23.8 million in sales, according to the Cannabis Control Commission.
A majority of sales poured in from just a handful of dispensaries as only 8 retail-fronts currently operate across the state. While lawmakers continue to award new licenses, only one additional dispensary is expected to open its doors in the near future.
Money received from the 18% tax on all products will be allocated to a general government fund, and will be used to supplement a yearly budget for the state’s regulatory oversight commission. However, that budget currently rests at just $8M – market analysts predict the state will receive anywhere from $40 – $80 million in total tax revenues by the end of this fiscal year.
Lawmakers have assured leftover money will be allocated towards a handful of causes; including increasing education of public health & wellness, and creating new social equity programs that give back to communities most impacted by the War on Drugs.
Exportation bill in Israel expected to be signed into law on Sunday
Prime Minister Benjamin Netanyahu is expected to sign a bill that would allow for approved state operators to legally export medicinal cannabis.
The Finance & Health Ministries estimate the new legislation could bring in nearly $1 billion a year, attracting key international entities for future economic developments.
Cultivators are expected to begin exporting processes as early as mid-2019, and will ship product to Mexico, Germany, Austria, and Australia for consumer and research-related purposes.
Medical cannabis market still growing in Michigan
A flurry of new cannabis-related businesses will soon be hitting the southwest region of Michigan.
Regulators recently approved 9 new businesses in the area; including a handful of retail stores, a safety compliance facility, and a new cultivator.
It will take some time for Michigan’s adult-use market to develop, and until then, expect the state’s existing medical program to expand, and for more businesses to be approved as key-players adjust to the states evolving MMJ regulations.
Support of an adult-use market continues in Illinois
On Thursday afternoon, Cook County State’s Attorney Kimberly Foxx used Twitter to voice her support for Senator Heather Steans adult-use proposal.
Through a number of tweets, Foxx highlighted data that clearly points to a systematic biasm in Illinois’s criminal justice system, which continues to put people of color behind bars.
Foxx’s last tweet officially announced that her office will immediately begin to pursue expungement of all low level cannabis convictions.
“State’s Attorney Kimberly Foxx has a stellar record of fighting for criminal justice reform in Cook County. Expunging records of people convicted of non-violent, cannabis-related misdemeanors is an excellent first step and will aid in removing obstacles to employment and housing. Her support is a vote of confidence, and I look forward to working with her as we craft the best piece of legislation possible,” said Steans in an official response.