Thursday, November 2, 2017
“Insurance companies are conservative in nature, before entering any new market, they want to have the law of large numbers on their side, meaning they are able to study the trends and loss ratios of the different classes of business in the industry. This way they establish pricing models to rate the business according to the risk while still remaining profitable.”
Los Angeles-Based Attorney Ian Stewart On Cannabis Insurance Issue
“We commissioned the report to determine if the upcoming ‘gold rush’ with the legalization of cannabis would cut into our production capacity and found out it won’t affect our output or distribution channels. Even though greenhouses might seem like good places to grow cannabis, this report indicates that the entry costs and other factors are just too daunting to have much of an impact on an established and thriving industry like the cut-flower agribusiness.”
Michael LoBue, CalFlowers CEO In Their Commissioned Report On Licensed Production
High Taxes Could Drive Up Marijuana Prices And Bolster The Black Market In California, Analysis Says (CA – Cannabis Taxes)
The Washington Post (October 30, 2017) High taxes on legal marijuana in California could have the potential to turn many consumers away from the state’s cannabis shops and toward the black market, according to a report from Fitch Ratings. The credit rating agency estimates state and local taxes on marijuana, which will become legal in California on Jan. 1., could be as high as 45 percent in some cases. It would trail only Washington state, which levies a 50 percent tax on marijuana.
Confusion Coming With California’s Legal Cannabis (CA – Cannabis Industry)
Leafly (October 30, 2017) Ready or not, California kicks off recreational marijuana sales on Jan. 1. And, mostly, it’s not. Los Angeles and San Francisco are among many cities still struggling to fashion local rules for cannabis shops and growers. Without the regulations, there could be limited options in many places for consumers eager to ring in the new year with a legal pot purchase.
Los Angeles OKs Draft Of New Regulations For Pot Industry (CA – Cannabis Industry)
NBC Los Angeles (October 31, 2017) The Los Angeles City Council approved a draft of new regulations for the cannabis industry Tuesday, along with a string of other related measures as it looks to have its policy settled ahead of the drug becoming legal for recreational sale and use on Jan. 1.
California Cut Flower Production Not Affected By Legal Cannabis In CalFlowers-Commissioned Study Of Top Producing State (CA – Cannabis Study)
Globe Newswire (November 1, 2017) A new study to understand the potential impact of cut-flower agribusiness land usage with the January 2018 legalization of cannabis production in California concludes there is no evidence it will affect the state’s ability to produce nearly 80 percent of the nation’s cut flower production.
Insurance Companies, Not Laws, Are Preventing Widespread Cannabis Insurance (CA – Cannabis Insurance)
Cannabis Now (November 1, 2017) Not long ago, the marijuana industry had some of the best insurance coverage in the world. Cannabis firms were doing business with Lloyd’s of London, one of the oldest names in the underwriting world, until May of 2015, when the firm abruptly quit. Existing policies would not be renewed, and new policies would not be taken, Lloyd’s announced in a May 29, 2015 letter to its partners.
Getting Ready For California Recreational – Nutritional Submits CUP Application For Cannabis Manufacturing To The City Of Sacramento And Issuance Of Stock Options (CA – Recreational Cannabis)
Market Insider (November 1, 2017) Nutritional High International Inc. is pleased to announce that it has submitted a conditional use permit application with the City of Sacramento, Community Planning Department. As announced in a press release dated September 6, 2017, the Company has signed a purchase and sale agreement to acquire a property in Northern California, which such purchase is conditional on obtaining all requisite municipal license approvals to manufacture cannabis extracts and edible products.
Lifestyle Delivery Systems Outlines Business Strategy For Recreational Use In California (CA – Recreational Cannabis)
Investing News (October 31, 2017) The business of cannabis is expanding in the US, with over 25 states have legalized the drug either for medical or recreational use. California will legalize adult-use of cannabis beginning in 2018, opening the doors for many companies to meet the demand from the massive influx of consumers.
Seed-To-Sale Payment Hub PayQwick Raises $2.86 Million To Support Expansion (CA – Cannabis Industry)
Cannabis Business Times (November 1, 2017) PayQwick, Inc., the leader in seed-to-sale electronic payment hub for the legal marijuana industry, announced it has raised $2.86 million. PayQwick will use the funding to accelerate sales and product development as the company expands into California, Nevada, Michigan and Alaska, according to a press release.
Chris Christie Just Said Marijuana Will ‘Lead To More Death’ (DC – Cannabis Industry)
Civilized (October 31, 2017) When you think of Chris Christie, you don’t tend to think about rational, well-thought out political arguments. And his latest statements about marijuana will simply reinforce that image. Christie was in Indianapolis to discuss America’s opioid addiction as part of a commission created by President Donald Trump. During his speech, Christie began talking about marijuana legalization and how it would make the opioid crisis worse. In fact, he said it would “lead to more death.”
In New Interview, Expert Says It’s Unlikely Trump Administration Will Crack Down On Marijuana (DC – Cannabis Legalization)
Civilized (November 1, 2017) When you think of Chris Christie, you don’t tend to think about rational, well-thought out political arguments. And his latest statements about marijuana will simply reinforce that image. Christie was in Indianapolis to discuss America’s opioid addiction as part of a commission created by President Donald Trump. During his speech, Christie began talking about marijuana legalization and how it would make the opioid crisis worse. In fact, he said it would “lead to more death.”
Lawsuit Filed Against Arkansas MMJ Commission Over Initial Application Rejections (AR – Medical Cannabis)
Ganjapreneur (November 1, 2017) The Arkansas Medical Marijuana Commission is being sued by a group of industry applicants who claim that the regulators were incorrect in rejecting their applications during its initial assessment last month, the Arkansas Democrat-Gazette reports. The names of the plaintiffs were left out of the complaints to protect the anonymity of the process.
‘Hemp-Derived’ CBD Available At Lucky’s Market In Jacksonville (FL – Medical Cannabis)
First Coast News (October 31, 2017) A natural foods grocery chain in Neptune Beach is now offering over-the-counter cannabis derivatives to shoppers, essentially skirting state and federal law. The cannabidiol (CBD) products found on the shelves at the Lucky’s Market in Neptune Beach are said to be derived from hemp, a variety of Cannabis sativa with negligible concentrations of tetrahydrocannabinol (THC), the psychotropic cannabinoid that is responsible for making you “high.”
Canadian Government Allots $36.4M On Cannabis Public Education Campaign (Int. – Cannabis Education)
Ganjapreneur (November 1, 2017) The Canadian government plans to spend CA$36.4 million over the next five years on a cannabis public education and awareness campaign focused on youth and other at-risk populations, and drug-impaired driving. In March, Health Canada launched a digital campaign targeting parents, urging them to discuss cannabis with their children; the next phase will be geared toward youths aged 13 to 17 and young adults 18 to 24.