Home Business Community Colleges in NY Get Funds to Create Cannabis Job Programs, Arkansas...

Community Colleges in NY Get Funds to Create Cannabis Job Programs, Arkansas MMJ Companies Face RICO Lawsuit Over Fraudulent THC Potency, and Wholesale Flower Prices in Colorado Hit All-Time Low

575
0
NY-community-colleges-receive-funding-for-cannabis-education
Getty

Community Colleges in NY Get Funds to Create Cannabis Job Programs

Last week, New York’s Governor Kathy Hochul announced the distribution of $5 million in funding to community colleges for the creation and development of programs to prepare students for jobs in the cannabis industry. New York is preparing to launch its legal cannabis market later this year, and Governor Hochul said that this short-term funding will help create a skilled workforce for the up-and-coming industry. This support will also help achieve the governor’s goal of ensuring there is equitable opportunity in the state’s nascent marijuana industry. One college in the City University of New York system will receive $2 million in funding, and three community colleges in the State University of New York system will each receive $1 million to support cannabis education courses and programs. 

Arkansas MMJ Companies Face RICO Lawsuit Over Fraudulent THC Potency

Four Arkansas medical marijuana companies are embroiled in a federal civil lawsuit. The lawsuit alleges that the companies knowingly conspired to defraud medical marijuana patients in the state by lying about potency test results for their cannabis products. The class action lawsuit was filed by three medical marijuana patients on July 12th of this year. They claim that a state testing lab was lying about the amount of THC in cannabis products on behalf of at least three marijuana cultivators. The lawsuit was filed under the Racketeer Influenced and Corrupt Organizations Act (RICO), which has been used against marijuana companies for years because of the federally illegal status of cannabis. 

Wholesale Flower Prices in Colorado Hit All-Time Low

The price of wholesale cannabis flower in Colorado has hit a new low, indicating a market that is oversaturated with the plant. According to data, the price per pound as of July 1st was $709. That amount is down 46 percent from a year ago when the price per pound was $1,309. Before this, the lowest price for wholesale flower was $759 per pound in October 2018. The data points to a price depression for the cannabis market, which is also reflected in the marijuana sales decline that Colorado has seen over the past year.