January 21, 2013

Weekly Wrapup: MMJ Industry on a Roll, Trends Signal Strong Year for Cannabis Business

Image for wrapup of medical marijuana news

There’s been a marked change in the nature of medical marijuana news so far this year: Most of it is now overwhelmingly positive.

For much of 2012, you couldn’t go a day without hearing about government raids, civil forfeiture threats, bans, moratoriums and legal challenges to state MMJ programs. On a couple particularly bad days, the entire industry seemed on the verge of collapse.

Now you can’t go a day without hearing about lawmakers proposing medical cannabis legislation, dispensaries starting up in new states, huge court wins for the industry and public opinion polls showing strong support for MMJ.

The shift dates back to the November elections, when the cannabis business as a whole made huge gains. Since then, the medical marijuana industry has regained some of its swagger and is once again on the up-and-up.

Last week, Medical Marijuana Business Daily highlighted two promising trends:

#1. Support for medical cannabis appears to be reaching all-time highs in several states, according to recent polls. A wide majority of voters in Hawaii¬† – which has MMJ laws on the books but does not allow dispensaries – favor the creation of a system to distribute the drug via regulated centers. Residents in Arizona back the state’s medical marijuana act, despite challenges by local officials, while support for medical marijuana is strong in New Hampshire, North Carolina and West Virginia. These survey results mirror national polls showing growing acceptance of medical cannabis across the nation.

#2. Another dozen states are poised to consider medical cannabis laws this year. Legislators have already introduced MMJ legislation in half-a-dozen states – with Kansas and Idaho joining the list just last week – and lawmakers in other states plan to do so soon. Many of these efforts could fail to gain much traction. But it’s possible one or two states will approve MMJ laws this year, which would represent a huge win for the industry.

These moves follow several other significant developments the week prior, including the revival of San Diego’s medical cannabis industry, more evidence that the federal crackdown is losing steam and a huge court win for Harborside Health Center in California.

Of course, anyone involved in the medical marijuana industry for more than a day knows the situation can change in the blink of an eye. The industry could very well be on its heels again in a few months. But the possibility of a complete reversal in the MMJ landscape looks low at this point, as the trends all point to a promising future.

Other top stories in MMJ Business Daily last week:

Washington State Seeks Cannabis Consultants

CT Proposes Medical Marijuana Rules

Guest Column: Community Involvement Can Pay Dividends

Post Your Comment:


Please note:
Comments are moderated by our editors who do their best to approve comments ASAP. As Marijuana Business Daily is focused on business, we approve comments that are specifically relevant to industry professionals. General opinions and questions about cannabis may not be posted.

150K Pounds of Legal Marijuana Sold in CO Last Year

Dispensaries and retail cannabis stores in Colorado sold nearly 150,000 pounds of marijuana flower last [click to continue...]

Medical Cannabis Demand Outweighing Supply in DC

supply and demand

Recreational marijuana has dominated headlines out of Washington DC this week, as the use, possession [click to continue...]

Another Lawsuit Over MMJ Licensing Process in Illinois

A company that got turned down for one of the Illinois’ 21 medical marijuana cultivation [click to continue...]

MJ Financial Services Firm Secures $2M Investment

A financial services firm that plans to serve the cannabis industry has secured $2 million [click to continue...]

Alaska’s Largest City Enacts MJ Concentrates Rules

Alaska

Alaska marijuana entrepreneurs who want to specialize in infused products or extracts will have to [click to continue...]

Washington DC Mayor Seeks to Ban ‘Cannabis Clubs’

With private marijuana use on track to become legal in Washington DC on Thursday barring [click to continue...]

Evicted MMJ Grower Wants Same Legal Protections as Farmers

Oregon is facing an interesting question tied to its medical marijuana law: Should evicted cannabis [click to continue...]

Report: Outlook for MJ Stocks Strong, But Many Could Stumble

cannabis stocks

Institutional investors will put money into cannabis stocks this year, though many publicly traded MJ [click to continue...]

Alaska Governor Seeks Marijuana Industry Oversight Board

Alaska Gov. Bill Walker has sent a bill to state lawmakers calling for the establishment [click to continue...]

Canadian Stock Regulators: Risk Disclosures Lacking

Canadian stock regulators have a word of warning for those investing in MMJ companies north [click to continue...]

Minnesota Medical Cannabis Workers Join Union

UFCW

At least half of Minnesota’s medical marijuana dispensaries will be unionized. The United Food and [click to continue...]

Kosher Medical Cannabis Certification in New York?

Dispensary owners in New York may have a niche customer base to tap when they [click to continue...]

U.S. Investment Fund Inks Another Deal With Canadian Grower

A U.S. investment fund has cemented its second deal with a Canadian cannabis grower this [click to continue...]

Some San Jose Dispensaries Refusing to Pay Tax

cannabis taxes

Dispensary owners in San Jose, California, are in a dispute with the city over unpaid [click to continue...]