Virginia sends legalization to the Governor’s desk 🌿

VIRGINIA
Virginia legislature sends legalization to Governor’s desk

Driving the news: Last year, Virginia Gov. Glenn Youngkin vetoed a legalization bill that passed the state legislature and issued a statement riddled with falsehoods and misinterpretations about cannabis. 

What happened: Well, the state legislature is trying again. 

Both chambers passed identical legislation to legalize cannabis sales in the state, sending legalization back to Youngkin’s desk.

But Youngkin has already signaled he plans to veto legalization yet again. The bill passed the House 55-34 and the Senate 21-18. 

Why it matters: Possession of up to one ounce of cannabis is legal in Virginia, and the state has an existing medical cannabis market.

Legalizing sales, and capturing the associated tax revenue, is the obvious next step, if Youngkin comes to his senses. It’s a relatively populous state, with 8.62 million people, and many cannabis firms have invested heavily in the state’s medical market.

It’s one of the few states where possession is legal but sales are not. 

That means people are combusting and inhaling unregulated products, with no information as to whether they are safe from pesticides or other contaminants. It brings up a lot of questions about consumer safety and the supply chain of cannabis in the state. 

-JB

“A man who was getting baked while bare of any clothes was seriously injured when his weed pen exploded, a lawsuit filed Friday claims,” reports Oregon Live, breaking down the details of a $230,000 lawsuit filed against a vape manufacturer. The plaintiff says the vape exploded in his hands while he was in the bathroom “in a state of undress,” spraying burning chemicals into his eyes. 

Read the rest.

Minnesota to allow tribes to become significant players in the cannabis market 🌿

Pending compacts between Gov. Tim Walz and 10 of the state’s 11 tribal nations would allow tribal governments to license businesses to become significant players in the cannabis market with off-reservation stores, cultivation and manufacturing, writes MinnPost. Some critics say this will give the tribes a “pseudo-monopoly” in the state. 

Many California intoxicating hemp products are unsafe ⏰

A new report highlighted by Politico found that many products available in California’s intoxicating hemp market failed to meet established potency standards — with some products containing upwards of 325 mg of THC. California Gov. Gavin Newsom issued emergency regulations in September prohibiting the sale of most intoxicating hemp products.

Ohio recreational cannabis sales hit $319 million in six months 💸

Recreational cannabis sales in Ohio exceeded $319 million in the first six months of sales, per the state’s Division of Cannabis Control. Some Ohio lawmakers are looking to increase the tax rate from 10% to 15%, along with other changes to the state’s regulations. Read more. 

Former NBA player and Kansas State star Michael Beasley arrested for cannabis 

Former NBA player Michael Beasley was arrested on cannabis possession charges and released on bail in Kansas on Sunday, after returning to his alma mater to catch his old team play. He released a statement apologizing for the incident on Instagram. Unfortunately, in states like Kansas, you can still be arrested for weed. 

Illinois sells $2 billion worth of cannabis — and drives $500 million of tax revenue 💰

Illinois sold $2 billion worth of cannabis in 2024, about double New York. Those sales created nearly $500 million of tax revenue for the state, CBS reports.

Fintech company Plaid partners with Green Check 🤝

Fintech company Plaid is partnering with cannabis-focused fintech Green Check Verified to provide cannabis industry service providers with enhanced access to financial data. The company said in a press release that the partnership will enable businesses to develop innovative financial solutions and improve services within the cannabis sector.

Chicago Atlantic secures $100 million credit facility 🥊

Chicago Atlantic, a major investor and lender in the cannabis industry, secured a $100 million revolving credit facility, maturing in 2028, to support its portfolio growth with an interest rate of SOFR + 3.00%. 

Safe Harbor lends $1.5 million to Missouri cannabis firm 🚀

Safe Harbor Financial, a cannabis banking company, provided a $1.5 million secured credit facility to a Missouri cannabis operator, as part of a $5 million loan package aimed at refinancing high-interest debt for four dispensaries.

Ayr Wellness opens Miami and Ohio dispensaries 🦩

Cannabis retail firm Ayr Wellness announced the opening of two new dispensaries: A medical cannabis dispensary in Miami-Midtown and a recreational dispensary in Niles, Ohio. The company also announced it closed its Key West dispensary.

Metrc renews contract with Massachusetts 👍

Metrc has renewed its contract with Massachusetts to continue providing its track-and-trace system for the cannabis industry.

Canadian cannabis firm Organigram (OGI) reported its first-quarter results: A $23 million net loss on $42.7 million revenue, a 17% sequential increase. Check out the full results here.

Cannabis supply chain and retail software firm Flourish is hiring a content and email marketing manager. Check out the job description here.

Opinion: Strong social equity programs improve cannabis regulations | Crain’s

Trump welcomes return of medical marijuana patient freed from Russia at White House, without mentioning US cannabis prohibition | Marijuana Moment