We're now officially in winter, which means it's time to catch up on all the big cannabis news from December. Here are 10 of the biggest stories you may have missed last month.
1) New York recreational cannabis sales begin: On Thursday at 4:20 p.m., New York Governor Kathy Hochul announced the commencement of public sales for regulated cannabis in the state, with its first sale made to a city official just hours prior. As such, Housing Works Cannabis Company became the inaugural certified dispensary to kick off its operations and open its doors to customers!
2) CO psychedelics legalization takes effect: With Colorado Gov. Jared Polis’s (D) declaration, the results of the voter-approved psychedelics ballot measure have been formally certified, and it is now officially legal to possess and grow personal use amounts of psilocybin, ibogaine, mescaline, and DMT under state law.
FULL STORY: https://www.marijuanamoment.net/co-psychedelics-legalization-takes-effect-newsletter-december-29-2022/
3) Marijuana’s black market is undercutting legal businesses: Legal weed markets across the country are struggling to compete with non-taxed, illicit businesses, where consumers get better deals, despite potential health risks.
FULL STORY: https://www.cnbc.com/2022/12/23/marijuana-black-market-undercuts-legal-business.html
4) Marijuana keeps getting cheaper, and that’s becoming a growing problem for the industry: If you thought navigating the governmental regulations was one of the cannabis industry's most significant hurdles in 2023, peep into pricing raw marijuana flower. Consumers are demanding lower retail and wholesale prices due to competition with the black market, making it difficult for growers to achieve an equilibrium between demand and supply. Thus, legal retailers must relentlessly keep a check on their price points or otherwise risk being pushed out of business by illegal outlets.
FULL STORY: https://www.bloomberg.com/news/newsletters/2022-12-19/cheap-marijuana-is-a-big-problem-for-cannabis-companies
5) A dying US cancer patient used cannabis to ease the pain. His hospital called the police: The recent incident involving a cancer patient in Kansas has caused public outrage and raised concerns about the state's stringent cannabis laws. In mid-December, police officers arrived to issue the man a citation for drug violation after hospital staff had already confiscated his vaping device and cannabis product. This heartbreaking story is yet another reminder of how desperately we need reform on our current marijuana policies, which don't accurately reflect today's society or its understanding of medical marijuana use.
FULL STORY: https://www.theguardian.com/society/2022/dec/28/police-cannabis-citation-dying-cancer-patient-kansas
6) As Biden Issues A Handful Of New Marijuana And Drug Pardons, Advocates Demand He Release Current Prisoners: President Joe Biden has continued to demonstrate his commitment to criminal justice reform by granting six pardons on Friday, including those with marijuana or other drug convictions. This follows the mass pardon he issued in October for Americans who had committed federal cannabis possession offenses.
As part of President Biden's commitment to criminal justice reform and equitable clemency action, his recent actions have given advocates hope that we will continue seeing meaningful change throughout 2021. It is particularly heartening to see a formal pardon for those such as John Dix Nock III, who was previously convicted of offenses like mistakenly renting housing space to someone growing marijuana - something the White House has acknowledged in this case. Any form of presidential relief is cause for celebration!
FULL STORY: https://www.marijuanamoment.net/as-biden-issues-a-handful-of-new-marijuana-and-drug-pardons-advocates-demand-he-release-current-prisoners/
7) Mike Tyson and Evander Holyfield to launch ‘Holy Ears’ cannabis-infused edibles: On Monday, boxing legends and former adversaries Mike Tyson and Evander Holyfield broke their long-standing silence on their infamous heavyweight championship matchup to announce an exciting collaboration: a cannabis-infused edible line called "Holy Ears." The edibles are sure to be well received 25 years after the match where Tyson was disqualified for biting off a piece of Holyfield's ear.
FULL STORY: https://www.cnbc.com/2022/11/14/mike-tyson-and-evander-holyfield-launch-holy-ears-cannabis-edibles.html
8) FDA Mulls Over CBD Regulation: The Wall Street Journal, citing agency officials, reported this week that the FDA is “studying whether legal cannabis is safe in food or supplements and plans to make recommendations for how to regulate the growing number of cannabis-derived products in the coming months.” “Given what we know about the safety of CBD so far, it raises concerns for FDA about whether these existing regulatory pathways for food and dietary supplements are appropriate for this substance,” Janet Woodcock, the Food and Drug Administration’s principal deputy commissioner, told the Wall Street Journal.
FULL STORY: https://hightimes.com/news/fda-mulls-over-cbd-regulation/
9) Google Updates Policy To Allow Hemp, CBD Products with Certification: Google is partnering with LegitScript to create a certification program for non-ingestible CBD manufacturers. LegitScript CEO Scott Roth explained how the certification aims to create a standard for the cannabis industry.
“When people see the LegitScript seal on your product or website, they know that you operate safely and transparently,” said Roth. “In an industry that is still seeing widespread problems with products that are tainted, substandard, or illegal, it’s more important than ever to give consumers confidence that the CBD products they’re purchasing have been properly vetted.”
FULL STORY: https://hightimes.com/news/google-updates-policy-to-allow-hemp-cbd-products-with-certification/
10) Thailand’s Legal Cannabis Market to Reach $9.6 Billion by 2030: The Thailand legal cannabis market size is expected to reach $9.6 billion by 2030, according to a new report from Dublin-based market data and statistics company, Research and Markets. In June 2022, the Thai government decriminalized the distribution, cultivation, consumption, and marketing of all the parts of the cannabis plant, opening new revenue-generating opportunities for industries in the country. Key players who have stepped to the forefront include THC Thailand Group, Medipharm Labs, Cresco Labs, Elixinol Thailand, Tilray, Extracts, Bol Pharma, and Canopy Growth.
FULL STORY: https://globalcannabistimes.com/thailand-legal-cannabis-market-to-reach-9-6-billion-by-2030/
So there you have it! December was certainly a busy month for the cannabis industry, with significant newsworthy developments around the world. We can't wait to see what 2023 has in store! Make sure to check out BDDWholesale.com for the best smoke shop supplies on the market!
Thank you for reading, and see you soon!