Illinois Could End its War on Cannabis as New Equity-Focused Legalization Bill Lands - MJ Global Report
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Illinois Could End its War on Cannabis as New Equity-Focused Legalization Bill Lands

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Illinois cannabis

The land of Lincoln could soon become the land of legal recreational cannabis ending its war on cannabis. Governor J.B. Pritzker introduced the legalization bill recently, and if passed it would mean 12.74 million more of the American people would get a modern and functioning cannabis marketplace.

The Massive Bill

Pritzker announced the 522-page legislation bill and Democratic lawmakers would allow individuals with the age of 21 years and above to purchase recreational marijuana in the state of Illinois at any given licensed dispensary. 

The state currently has a prohibition on cannabis with only an exception for medical use. However, with the new bill, Illinois residents would have a chance of possessing 30 grams of cannabis as well as grow a maximum of five plants at their homes. The nonresidents will be allowed to possess up to a maximum of 15 grams.

Notably, the plan is to expunge what the lawmakers have estimated to be 800,000 cannabis convictions and hence allow individuals with those convictions to work in the marijuana industry.

Also, there’s a $20 million low-interest loan program for the minority-owned businesses hence promoting social equity in the industry.

The Bill Boasts Support

The bill is an amendment to Senate Bill 7 that is sponsored by state Rep. Kelly Cassidy and state Sen. Heather Steans – both Democrats who had proposed similar measures in 2017 which eventually got turned down under the former Gov. Bruce Rauner who happens to be a Republican.

According to Steans, legalization will surely create state revenue which Illinois needs. For Pritzker, in his gubernatorial campaign equity-centric marijuana legalization was a top aspect of his platform.

Impacted Communities to Benefit

Pritzker notes that 25% of the sales revenue from cannabis will go directly to those communities which have been affected by discrimination in the prosecution of drug laws in the criminal justice system.

Also, 20% of the revenue will be for supporting services that are related to substance abuse as well as mental health. Another 35% will be directed to the state’s General Revenue Fund and another 10% to help Illinois’ stack of unpaid bills.

Unfinished Business

Several stocks are poised to benefit from the bill including Cresco Labs which is among the most significant cannabis operations in the United States operating in seven states. With its headquarters in Chicago, Illinois would be a key market.

Green Thumb Industries (GTI) is the other company to benefit in Illinois as it already has operations in 12 states. MariMed, a cannabis and hemp operations in America which initially provided advisory services to marijuana businesses will be another one to benefit.

However, as much as those stocks are poised to benefit, still there’s some unfished business. The bill has to pass both the houses of the state legislature.

Currently, it’s pretty likely that Illinois is to become the 11th state legalizing recreational pot with Democrats enjoying majorities in the House of Representatives as well as the Senate. Given that there hasn’t been any success for any effort to legalize by the legislature, the resistance will be immense. So the question stands, will Illinois overcome the opposition?

Photo by heather bozman from Pexels

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Cannabis News

Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) Tumbles 90%: What’s Behind The Dive?

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TGODF

A nearly 90% pullback from its all-time highs has brought Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) down to its record lows. The selloff in TGODF comes as Canada’s regulated cannabis industry struggles with a number of headwinds.

First, Canadian authorities aren’t approving the opening of new cannabis retail outlets fast enough. For instance, in Ontario, Canada’s most populous province with a population of more than 14 million people, there are just 24 cannabis shops. That means that while there is demand for cannabis in Canada, the shortage of shops, getting the products to customers remains a major challenge. In turn, that limits sales for cannabis producers like TGODF.

In addition to the shortage of cannabis shops, black market is another headwind that Canada’s regulated cannabis businesses like TGODF have run into. Experts estimates that black market accounts for 86% of cannabis sales in Canada, thereby chocking the regulated market.

In response to the sluggish development of Canada’s regulated cannabis market, which is caused by shortage of cannabis shops, TGODF has decided to slow down investment in its production capacity expansion.

Slowing down capacity expansion will see TGODF cut back on spending. In turn, the company expects this move and other actions in plans to take will reduce its cash burn and  set it firmly on the path to profitability in the near-term.

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Country doctors concerned on Ireland’s night walk to legalize cannabis

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Ireland cannabis

As proposals to liberalize cannabis laws are expected before Ireland’s cabinet in coming weeks, a panel of 20 doctors have raised distress over what they termed as ‘increasingly relaxed attitudes towards marijuana amongst the media, legislators, and commentators.’

The claim is that cannabis has now turned out to be the ubiquitous thing linked to drug-associated admissions to psychiatric hospitals throughout the country, mostly.

Furthermore, it’s the common drug that is involved in the new treatment sessions at a plethora of addiction services in Ireland. The doctors’ concern is that drug’s use during teenage increases risks of mental illness as well as impairments to thinking and memory.

Personal Possession of Cannabis

The proposals aimed at liberalizing the country’s drug laws are due to be brought to the Cabinet of the country in the coming days by the Minister of State for Drug Strategy Catherine Byrne.

The plans are that individuals caught with a little amount of the drugs will either be referred to a counseling or addiction service rather than being prosecuted.

The proposals came after a working group set in 2017 spent more than a year trying to examine alternative approaches to personal possession of illegal drugs. However, the group chaired by retired judge Garrett Sheehan didn’t produce an agreed report over the same issue.

Decriminalization

According to the doctors, decriminalization and legalization is different but agreed that both medical cannabis and decriminalization campaigns have all proven to…

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Former health execs accused of medical pot smuggling in Minnesota

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pot smuggling

After months of legal battles over the felony drug charges against the former chief medical officer of Vireo Health, Dr. Laura Bultman, and Vireo’s downtown White Plains dispensary, has been upheld.

A Court of Appeals in Minnesota upheld the charges rejecting the officers’ bid to toss the charges.  The appellate decision means that a trial is more likely now.

The Accusations

The two ex-Vireo senior execs were accused of smuggling medical marijuana from Minnesota to New York. The accusations note that the two used the firm’s armored automobile to move medicated cannabis oil between two states illegally.

After reviewing the case as to whether the laws addressed the smuggling of medical pot across the two-state borders well enough, the court ruled that the law didn’t allow the transfer.

The Legal Argument

According to the Minnesota regulations, the apparent smuggling case turns out to point out various legal arguments. For instance, the first argument could be either that some criminals desperately smuggled the medical cannabis in the armored SUV packed with almost $500,000 of cannabis oil.

The other scenario is that maybe respected corporate officers would have transported (behind the masks) the state-licensed medical cannabis from the Minnesota-based company to the affiliate in New York.

Some aspects of the case also have few other connections to the New York State’s medical cannabis program, like allegations that the cannabis oil was illegally sold to patients which were later tested…

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