Emerging Markets Roundup: March 2023

In an industry that moves a mile a minute, keeping tabs on breaking news can be tough. That’s why each month, we track down some of the most noteworthy new happenings spanning everything from legalization in new markets, to policy updates in legacy markets, to advances at the national level. Check out a selection of stories we think cultivators should know about this month…

• Lawmakers in Hawaii recently approved an amended version of measure SB 669, officially advancing the adult-use legislation to the Senate floor. Amendments to the bill include an expansion of the cannabis products allowed for personal use, restrictions on cultivation facility size, and the establishment of civil penalties for unlawful activity. As it currently stands, the proposed law would allow adults over the age of 21 in the Aloha State to possess up to 30 grams of cannabis, and cultivate up to six plants for personal use. Read more at MarijuanaMoment…
   
• The New Jersey state Assembly recently passed Bill A3946 which, if signed into law, would enable cannabis businesses to make certain business deductions at the state level. The legislation’s aim is to decouple tax provisions in the Garden State “from federal prohibition on cannabis business deductions”, which currently restricts licensed cannabis operators from benefitting from the same tax relief as other businesses in the US due to the plant’s status as a Schedule 1 drug. Read more at Cannabis Business Times…
   
• North Carolina lawmakers have advanced Senate Bill 3, proposed legislation that would legalize medical cannabis in the Tar Heel State. Now headed to the Senate floor, the NC Compassionate Act would allow patients with qualifying conditions legal access to cannabis with a doctor’s recommendation and would cap state-licensed producers at a total of ten. Read more at MJBizDaily…
   
• A recent study conducted by Whitney Economics found that two bills aimed at changing Virginia’s hemp industry could wind up costing more than 4,000 people their jobs. The bills, which were intended to crack down on Delta-8 products in the Old Dominion state, introduce requirements for testing, packaging, and labeling as well as limitations on hemp products allowable for sale. Adult-use was legalized in Virginia in 2021, but the state has yet to establish a regulatory framework for the sale of non-medical cannabis. Read more at WTVR.com…
   
• The Justice Department just announced the launch of an online portal in which those with federal cannabis convictions can apply for a pardon. This move comes five months after President Biden’s announcement that he was pardoning all federal offenses of simple marijuana possession. While individual governors and/or legislature determine whether and how to pardon cannabis offenses at the state level, benefits to the recipients of a federal pardon include the return of their voting rights and proof that can help when seeking employment. Read more at Leafly.com…

Got a hot tip on emerging market news happening in your region? Drop us a line at mandy.spivey@metergroup.com so we can cover it!

And be sure to stay tuned for more news and important topics for cultivators, operators, investors, and anyone who wants to stay on the forefront of this amazing time in the world of cannabis and crop steering.