Destroying $350 million worth of cannabis
Quick recap: California businesses had six months after the start of legal recreational marijuana sales to become fully compliant with the state’s regulations. The recreational market kicked off on January 1st of this year, so July 1st was the big deadline. Dispensaries had massive sales throughout June, attempting to clear out non-compliant products. They weren’t able to sell everything. Now, cannabis businesses have to destroy an estimated $350 million worth of non-compliant marijuana products. Oh, and they have to capture the destruction on video. Seriously.
Senator Schumer’s marijuana bill
If you’ve been waiting for Senator Chuck Schumer’s cool new cannabis bill, here it is. The recently-introduced Marijuana Freedom and Opportunity Act would remove cannabis from the Controlled Substances Act, resulting in decriminalization of the drug. For added street cred, Senator Bernie Sanders is a co-sponsor. Read more about this bill here.
Goop, Gwyneth Paltrow’s New Age-y lifestyle brand, has announced a partnership with dispensary chain MedMen. The two companies will work together to craft a line of Goop-branded cannabis products. I’m going to be disappointed if there’s not at least one item called “goop-y ganja.”
Vermont legalizes recreational cannabis
On July 1st, it became legal for residents of Vermont to possess, grow and use small amounts of recreational cannabis. As of now, there are no plans for a statewide recreational marijuana marketplace. Learn more about Vermont’s cannabis law here.
Nevada’s marijuana millions
Nevada has hit one year of legal recreational marijuana sales, and what a year it has been. Cannabis businesses raked in over $340 million in revenue, which vastly exceeds early predictions. Way to go, Silver State.