Medical Cannabis Sales Launch in Mississippi
Medical marijuana sales began today in Mississippi. Three dispensaries were open and ready to sell products to patients. There were some concerns that dispensaries would not have enough inventory available to begin selling to MMJ patients, but Good Day Farm provided flower to at least one dispensary. Good Day Farm will open its own dispensary location in Hattiesburg later this week and plans to have five more dispensaries throughout the state. In October 2022, state regulators anticipated MMJ sales would begin this month – although only 400 patients were registered at the time. There are now over 1,700 registered patients and sales are expected to reach $265 million in the industry’s first year.
NY’s Marijuana Social Equity Still Needs Capital
Under New York’s Marijuana Regulation and Taxation Act (MRTA), the first 150 retail cannabis licenses are earmarked for social equity applicants. The law also established a first-of-its-kind fund designed to provide funding for nonprofits and social equity applicants that need startup money to launch their businesses. New York pledged $50 million toward the $200 million investment fund, with the remaining $150 million to come from private investors. Originally, the deadline for securing the investment commitments was September 1, 2022. However, to date, the state has not secured the necessary funding. Reuben McDaniel III, the president and CEO of the Dormitory Authority of the State of New York, said, “We have a great investor base, we’re negotiating our final terms. We haven’t had our final close yet.”
North Dakota Lawmakers Approve Resolution to Encourage the Purchase of American Flags Made of Hemp
On Monday, the North Dakota House of Representatives approved a measure intended to motivate state residents to purchase American flags made of hemp. The resolution is a concurrent measure sponsored by five members of the House and three state senators. The legislation would not require that U.S. flags in the state be made of hemp, but the “whereas” section of the bill states that historians believe our first American flags were made of hemp and that the fabric from the crop is stronger than cotton and less likely to fade. If passed, the bill would officially encourage residents in the state to support small businesses and “demonstrate their patriotism” by buying flags made from hemp.