Tag: marijuana

Most of the businesses growing, processing and selling cannabis across the United States are small independently-held entities. That may change in 2019 which looks like a big year for industry mergers, acquisitions and expansion. Large companies, like those in the food, tobacco and pharmaceutical industries have mostly stayed on the sidelines, held back by regulatory concerns, but are now expected to enter the market. The cannabis industry still has a mom and pop feel but that could change rapidly.

Cannabusinesses have been small, primarily because their products can’t be transported across state lines.

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The cannabis industry’s hope for California to establish a bank for the sector was dashed Thursday with the release of a highly anticipated report that said such a move would place state funds and workers at risk with no guarantee of success.

The conclusions of the 151-page report delivered to a cannabis banking working group led by state Treasurer John Chiang derail attempts to establish a public bank for marijuana companies when state lawmakers reconvene in Sacramento in January.

Supporters hoped a favorable report would provide momentum for the Legislature to clear the way for such a bank to help bring the multibillion-dollar cannabis industry — still mostly a cash-only business almost one year after marijuana was legalized for recreational use in California — into the financial mainstream.

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The last year was a 12-month champagne toast for the legal marijuana industry as the global market exploded and cannabis pushed its way further into the financial and cultural mainstream.

Liberal California became the largest legal U.S. marketplace, conservative Utah and Oklahoma embraced medical marijuana, and the U.S. East Coast got its first commercial cannabis shops. Canada ushered in broad legalization, and Mexico’s Supreme Court set the stage for that country to follow.

U.S. drug regulators approved the first marijuana-based pharmaceutical to treat kids with a form of epilepsy, and billions of investment dollars poured into cannabis companies. Even main street brands like Coca-Cola said they are considering joining the party.

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Albany, N.Y./Rochester, N.Y. – Governor Andrew Cuomo says legalizing recreational marijuana will be a priority in the new year.

That is raising questions about what will happen to those who have past marijuana convictions.

Advocates say these convictions have kept people from getting housing, jobs or pursuing higher education.

However, to nullify past convictions, attorneys say separate legislation would have to be introduced.

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