Welcome back to The Week in Weed, your Friday look at what's happening in the world of legalized marijuana. This week, the big news comes from Ohio, where retail sales began on Tuesday. The Eastern Bank of Cherokee are planning to begin sales to the general public in September. New York has started cracking down on unlicensed dispensaries. We have a look at where Vice Presidential nominee Tim Walz stands on marijuana. And finally, do not look for cannabis at the Ohio state fair.
OHIO
Ohio opened a retail market for adult-use marijuana this week, ahead of the deadline to do so. Sales were brisk, as they always are on the first day that dispensaries open to the public. One man even slept overnight in a dispensary parking lot, just so he could be first in line to make a purchase. Cannabis businesses are anticipating that Ohio will be a profitable market.
We're definitely looking for a big bump. The nice part about Ohio is that you are connected to a number of these prohibition states, and some, we don't expect to be adult use anytime soon.
Verano President Darren Weiss
EASTERN BAND OF CHEROKEE
Speaking of new retail opportunities, we've been following the progress of cannabis sales on the tribal lands of the Eastern Band of Cherokee for some time now. Members of the tribe have been able to purchase marijuana since April 20th, and last month, we noted that all federally-recognized tribal members have been welcomed as customers. Meanwhile, the North Carolina legislature recently defeated a bill to legalize medical marijuana. The latest twist in the story is that the tribe will now open its dispensary to all adults in September.
NEW YORK
Anyone reading this blog is surely aware that New York's cannabis rollout has been less than smooth sailing. One of the state's big problems has been the proliferation of unlicensed dispensaries. Now, the state has taken serious action against these scofflaws. More than 1,000 illegal dispensaries have been closed across the state, with the vast majority in New York City. NYC's legal stores have seen a huge increase in revenue since the crackdown began.
GOVERNOR TIM WALZ
In our latest look at candidates and their stands on cannabis, this week, we turn our attention to the Democrats' new Vice Presidential candidate, Minnesota Governor, Tim Walz. Frankly, if you set out to find someone who checks all the boxes for the cannabis industry, you'd be hard pressed to do better than Walz. Not only did he sign Minnesota's legalization bill, but he was a proponent of cannabis reform measures while in Congress. The Harris-Walz ticket is the first to have two proponents of marijuana legalization.
AND FINALLY
If you were thinking that Ohio would follow California's lead on cannabis at the state fair, think again.
Be well everyone; we'll see you next week.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.