The latest news regarding recreational cannabis contains a lot of exciting information:
- Recently, Colorado became the first state to offer drive-thru cannabis services. With cannabis now legalized in 29 states, drive-thru dispensaries are becoming more popular with three states currently adopting this practice that also includes Arizona and Nevada.
- On November 16, 2017, three California cannabis licensing authorities, proposed emergency regulations for commercial, medicinal and adult-use cannabis. Licensing and enforcement regulations are included, along with the introduction of a transition period, lasting from January 1st to June 30th of 2018.
- The National Basketball Association (NBA) is inching closer to dropping the ban on cannabis, as a former commissioner, David Stern, spoke in favor of players being allowed to use cannabis and met with former NBA player, Al Harrington, to discuss this point.
- Standard International boutique hotel group and cannabis-infused confection company, Lord Jones, have announced a partnership, resulting in a retail shop opening up in the lobby of Standard Hollywood in West Hollywood, California. Plans are to expand into other downtown Los Angeles locations and beyond as regulations allow.
- In an effort to be compliant with the cannabis legalization bill passed in November, intense work is in place to prepare for the January 1st opening of the state’s first legal cannabis market, including gathering information from citizens, business owners and stakeholders to decide what should and shouldn’t be included in the state’s legalization language with one set of rules for the industry to adhere to.
- When it comes to cannabis containers, plastic baggies may be a thing of the past. With prospects of the cannabis market reaching the $31 billion dollar level, every aspect of the cannabis industry is stepping up its game, including the packaging that must meet the new regulatory requirements, including child-resistant containers. In Colorado and Oregon, packaging must be opaque, so the product cannot be seen until the package is opened. This is a bit of a challenge because of the current focus on eye-appealing recreational cannabis packaging.
- Anticipated high taxes on legal cannabis could turn many consumers back into the black market, states a report from Fitch Ratings. According to the report, when cannabis becomes legal on January 1, 2018, the tax could be as high as 45% in some cases. This is still not as high as Washington state, that places a 50% tax on cannabis. The good news is, the report also mentions that Colorado, Oregon, and Washington all reduced their tax rates, following the legalization, to drive consumers back to the legal market.
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