420 with CNW — US Marijuana Sales Expected to Be in Excess of $31B in 2024

The United States anticipates surpassing $31 billion in regulated cannabis sales this year, according to recent projections from Whitney Economics, a hemp and cannabis consulting company based in Portland, Oregon. The estimate suggests that recreational and medical cannabis legal sales will reach approximately $31.4 billion this year, marking a $2.6 billion rise from the previous year, equating to a 9.14% yearly growth rate.

The forecast highlights challenges faced by the industry, including alterations in consumer spending ability, elevated interest rates and postponed enactment of regulations in new state markets post-COVID-19 pandemic. Despite these hurdles, the overall growth of the marijuana industry remains positive, albeit with a decline in marijuana sales witnessed in 10 states, signaling the necessity for new markets to sustain growth.

Whitney Economics’ head economist, Beau Whitney, noted that the most recent estimate is based on a previous market analysis the company carried out. The prediction of a steady increase in legalized marijuana sales has been well received by executives in the sector. However, the projections highlight how important it is that legal changes be made so that marijuana entities can operate similarly to those in traditional industries, including participating in interstate trade and having access to banking facilities.

Missouri-based Illicit Gardens’ head of marketing, David Craig, noted that the presence of cannabis in the economy is undeniable. Further, he stressed the urgency for states to lead the way in removing regulatory barriers for operators, particularly those operating across multiple states.

Sarah Carter, the head of Symple Seeds’ communications, praised the continued growth of the legal marijuana industry. She highlighted the significant $2.6 billion increase from the preceding year, underscoring the market’s momentum and potential. However, she emphasized the importance of tackling enduring problems, such as restricted financial access for marijuana enterprises, which not only hinder operational effectiveness but also present hazards to safety and discretion.

The U.S. House of Representatives has passed legislation on multiple occasions in recent years intending to provide standard banking services to cannabis companies that are subject to regulation. Currently, the Senate is debating an amended version of the banking measure: the Secure and Fair Enforcement Regulation (SAFER) Act. Chuck Schumer, the Senate majority leader, expressed his intention to expedite the passage of the measure last fall.

Carter reiterated the critical importance of resolving the banking issue to unlock the full potential of the industry. Access to banking services, she noted, would streamline operations, enhance financial transparency, instill investor confidence and promote regulatory compliance and responsible business conduct.

As the cannabis industry, including established companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), awaits federal action on easing access to banking services, it will have to make do with transacting in cash or patronizing the few state-based institutions willing to take them on as clients.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Partial Legalization of Cannabis in Germany to Take Effect in April

The German parliament has given the green light to partially legalize marijuana for recreational personal use, ushering in some of Europe’s most lenient cannabis regulations. The substance was made legal for recreational use in Malta and Luxembourg in 2023 and 2021, respectively. The Netherlands, on the other hand, which is renowned for having lax marijuana laws, has started toughening up on sales to visitors and nonresidents.

The German approval came following a landmark vote in the Upper House, or Bundesrat, where legislators endorsed the measure. Once the new regulations take effect on April 1, 2024, individuals will be allowed to obtain up to 25 grams of marijuana per day through regulated cultivation associations. Additionally, they can cultivate up to three cannabis plants.

While this move represents a progressive stance, especially in comparison to neighboring countries, the law still prohibits cannabis possession and use for individuals under the age of 18, maintaining a degree of caution.

The journey toward approval wasn’t without its challenges. Internal conflicts arose over the marijuana issue within the alliance, which includes the Greens, the Free Democratic Party and Chancellor Olaf Scholz’s Social Democrats. The initial plan to allow cannabis sales in shops was thwarted by the European Union, leading to the formulation of a secondary law aimed at piloting such sales in specific regions.

Ahead of the vote, Karl Lauterbach, the health minister, urged parliamentarians to support the contentious law, citing a surge in youth marijuana consumption sourced from the illicit market. However, opposition voices, such as Simone Borchardt from the Christian Democratic Union, raised concerns about the potential health risks, particularly for young people. Borchardt criticized the coalition government, accusing officials of prioritizing ideology over the nation’s interests.

Despite having already been passed by the Bundestag last month, the legislation still required Bundesrat approval, which it successfully obtained.

Advocates of the measure, such as the German Marijuana Association, highlighted the dangers associated with black-market marijuana, which can be contaminated with various substances, including heroin or synthetic cannabinoids.

Steffen Geyer, head of Berlin’s Hemp Museum, hailed the bill as a move toward a more reasonable and tolerant marijuana policy. Opponents of the law, however, pointed out that cannabis use among the youth might have negative consequences on the central nervous system and raise the risk of schizophrenia and psychosis.

The new regulation is still polarizing public opinion: a recent YouGov survey found 47% in favor and 42% against. This is a reflection of the ongoing discussion about legalizing cannabis and the necessity for rules that strike a balance between protecting individual liberties and public-health issues.

The legal changes to marijuana laws in Germany could eventually open opportunities for established companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) that have set their sights on expanding beyond their primary markets.

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420 with CNW — California Bill Seeks to Curtail Cannabis Employment Protections for Safety-Sensitive Jobs

A recent bill in California that was originally intended to amend the state’s current rules protecting workers from discrimination based on their use of legal cannabis has undergone substantial changes to rescind the protections for several workers, including those in animal control, law enforcement and coroners’ offices.

The initial measures passed in 2022 and 2023 limited the use of punitive measures against workers for marijuana use while they were off duty and prohibited companies from asking applicants about their prior cannabis usage. However, SB 1264, under Senator Shannon Grove’s sponsorship, seeks to carve out exceptions for certain job roles. These exceptions primarily impact positions involved in law enforcement, civil enforcement, public safety communications, evidence management, animal control, community services and coroner functions.

These changes come shortly after the Peace Officer Standards and Training Commission eliminated questions about cannabis from police recruitment applications.

Grove’s proposed changes were approved recently, and the bill awaits further review by the state’s Senate Rules Committee.

The existing employment protection laws, effective at the start of this year, prohibit employers from soliciting information regarding an applicant’s past marijuana use, barring specific exceptions. Similarly, employers are prohibited from discriminating against employees based on lawful off-duty cannabis consumption or positive drug tests for cannabinoid metabolites.

While these laws already feature exceptions for certain occupations, such as those in construction trades and positions requiring federal background checks, the recent amendment seeks to extend these exceptions to encompass a range of law-enforcement roles.

The discourse surrounding marijuana-related employment regulations has gained momentum nationwide alongside the legalization movement. In Ohio, for instance, Cleveland mayor Justin M. Bibb announced updates to the city’s drug-testing guidelines for job applicants, eliminating outdated language regarding pre-employment cannabis testing.

Similarly, Washington, D.C., implemented a law in July preventing private workplaces from penalizing employees for off-duty cannabis use. Michigan officials also recently revised the state’s employment regulations to exempt most government job applicants from pre-employment cannabis testing.

Meanwhile, California Governor Gavin Newsom has promised to keep advancing efforts to stabilize the cannabis industry in the state. He proposed in January that the government borrow $100 million from a marijuana tax fund intended for public safety and law enforcement to help cover a fiscal shortfall overall. The state’s legislature is reviewing various drug policy amendments that address issues like psychedelics as well as possibilities to expand the state’s marijuana market.

California has been a trendsetter on many matters, such as cannabis legalization. Established marijuana entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) may therefore watch the developments in the Sunshine state to see if what is happening there triggers similar changes in other state-legal marijuana markets.

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420 with CNW — Schumer Sends Out Petition Urging Public to Express Support for Cannabis Banking Legislation

Chuck Schumer, the Senate Majority Leader, is rallying public support for a bill focused on facilitating banking services for cannabis-related businesses through an online petition. In a recent communication concerning this endeavor, he reaffirmed his stance in favor of a comprehensive federal legalization of marijuana.

In the wake of continuing congressional discussions on budgetary appropriations, the SAFER Banking Act has come back into focus. Schumer, in an email communication, highlighted the challenges faced by state-licensed marijuana businesses in accessing banking facilities nationwide.

Schumer paints a picture of the predicament faced by these businesses, unable to access basic financial services such as credit lines or deposits due to the federal illegality of cannabis. Consequently, they are compelled to manage substantial cash reserves, a situation fraught with risks. Financial institutions remain wary of engaging with such enterprises given the conflicting legal landscape.

Further, he emphasizes the urgency of supporting the SAFER Banking Act to address these immediate concerns, employing a common tactic of online petitioning to galvanize support, leveraging it as a means for list-building and potential campaign fundraising.

Signatories are directed to a questionnaire probing their awareness of the marijuana banking issue, shedding light on the extent of the problem. The messaging underscores Senate Democrats’ commitment to assisting small businesses and rectifying the unjust legal status of cannabis. It solicits support to uphold the Democratic Senate Majority, hinting at donation avenues for those inclined to contribute.

The fate of the bill now rests with Schumer’s leadership. While the banking committee in the Senate endorsed the bipartisan measure months ago, its progression to the Senate floor hinges on scheduling. Nonetheless, there’s a palpable optimism among legislators regarding the measure’s prospects, buoyed by ongoing bicameral discussions.

Sherrod Brown, Chair of the Senate Banking Committee, has signaled the Act’s priority status despite acknowledging the complexities posed by prevailing House dynamics. Similarly, Tom Emmer, the House Majority Whip, although not a vocal advocate for marijuana reform, expressed a desire to advance the banking bill during a recent industry summit.

Disagreements over nonmarijuana provisions within the measure have stalled its advancement. Nevertheless, bicameral negotiations persist, with indications pointing towards an imminent resolution. Prominent sponsors from both parties have reaffirmed their commitment to shepherding the bill through Congress. Senator Maria Cantwell recently joined as the 36th cosponsor of the measure, further solidifying support within the chamber.

Should the bill proceed to the Senate this year, amendments are expected. Schumer has hinted at the possibility of incorporating provisions relating to gun rights for marijuana consumers and state-legal marijuana expungements.

The cannabis industry, including leading companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) has long yearned for equal access to banking services in the way that other legitimate businesses access these services, but it looks like it may take a while for the needed legal reforms to be enacted at the federal level.

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Building a Prosperous Future, Zoned Properties Inc.’s (ZDPY) Direct-to-Consumer Design in Cannabis Real Estate

Zoned Properties is a leader in cannabis real estate development, with a sophisticated PropTech stack to spearhead a direct-to-consumer real estate model
Zoned Properties reported a net profit of $114,523 during the quarter ended September 30, 2023
ZPDY has listed a property for sale at a price of $16 million, non-dilutive capital that will be used to continue to fund growth

The cannabis industry is experiencing explosive growth, but its infrastructure often lags behind. Green Zones – compliant locations and properly permitted real estate – are part and parcel to unlocking the industry’s full potential. This focus not only fuels the industry’s expansion by providing investment-ready properties, but also underscores a commitment to fostering responsible growth through community-focused infrastructure. Technology-driven companies like Zoned Properties (OTCQB: ZDPY) are playing a vital role as stewards of this green revolution.

Sowing Fertile Financial Ground

Zoned Properties’ acquires value-add real estate within the regulated U.S. cannabis industry with selective development innovation and aspirations to spearhead direct-to-consumer real estate leased to best-in-class cannabis retailers. The aptly named company has a deep understanding of all the hurdles and potholes to opening compliant cannabis operations and is now redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology.

In its efforts, the company has developed a national ecosystem of real estate services to support its real estate development process, including a commercial real estate brokerage and a national real estate advisory practice. Zoned Properties is a non-plant touching company, meaning it does not engage in any cannabis cultivation, distribution, manufacturing or sale or any federally regulated products, focused only on the requisite real estate and consultation services.

Bridging Gaps

Traditional financial institutions historically have been hesitant to invest in cannabis ventures due to regulations keeping marijuana illegal at the federal level although legal in some form (fully, medical, decriminalized, or CBD with THC) in 46 states. Zoned Properties helps assuage fears and bridges gaps by supporting green spaces that cater specifically to the needs of cannabis businesses.

Beyond financial and operational hurdles, cannabis businesses must navigate a labyrinth of regulatory complexities, especially when it comes to real estate requirements.

Bryan McLaren, Chairman and CEO of Zoned Properties, is uniquely qualified in sustainable and local cannabis real estate development. He has been certified as a Licensed REALTOR, Green Roof Professional, LEED Green Associate, and has been an active Forbes Contributor as part of the Forbes Real Estate Council. LEED (Leadership in Energy and Environmental Design) is the gold standard in sustainability, with certification exemplifying expertise in sustainable building and operations principles and a commitment to making places healthier, greener, and more equitable for all.

This type of leadership attracts established players seeking to scale up and creates opportunities for smaller businesses to enter the market with confidence. A cascade effect emerges. Well-located and compliant facilities become magnets for investment, unlocking capital for further development and propelling industry-wide growth.

Funding for New Dispensaries

Zoned Properties is a bit of an anomaly in the OTC world. For starters, in the quarter ended September 30, 2023, ZDPY reported $720,450 in revenue and $114,523 in net income. The company not only has revenue, profits, and impeccable management, it has a portfolio to support growth without diluting shareholders. For instance, this month the company listed its cultivation property in Chino Valley, Arizona for sale at a purchase price of $16 million. As management prioritizes a direct-to-consumer real estate strategy, the legacy property is deemed non-core and slated for sale. “We believe that this strategic shift will position us to capitalize on the growing demand for retail dispensary properties in the cannabis real estate industry with strong cap rates creating long-term shareholder value,” said McLaren in a news release on the listing.

The company can allocate the capital for new opportunities, such as the transaction ongoing in Arizona. Zoned Properties is under contract to acquire an investment property in Surprise, Arizona after initial site work being completed by the selling developer. The company has parlayed that into revenue, via a long-term, absolute-net lease agreement with a best-in-class Arizona cannabis company, Sunday Goods, to operate a retail dispensary. An absolute-net lease agreement, also known as a triple-net lease (NNN lease) with a twist, is a commercial lease agreement where the tenant shoulders a significant burden of the property’s expenses.

Zoned Properties has centralized its properties so far to Arizona, Michigan, and Illinois, with intentions to expand the domain in 2024. The company can boast a 100% occupancy and a weighted average lease term over 10 years with a commercial cannabis tenant. Rental revenue is expected to exceed $2.5 million this year.

For more information, visit the company’s website at www.ZonedProperties.com.

NOTE TO INVESTORS: The latest news and updates relating to ZDPY are available in the company’s newsroom at https://cnw.fm/ZDPY

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420 with CNW — Another Federally Backed Study Finds Recreational Marijuana Legalization Doesn’t Increase Youth Use

A recent study supported by federal funds has found no clear link between the legalization of cannabis for adult use and an increase in its consumption among middle schoolers.

To investigate the impact of legal sales on youth usage, researchers conducted a comparative analysis of middle-school usage rates in New Mexico and Nevada, utilizing data from state-conducted surveys in 2017 and 2019. Notably, during this period, Nevada permitted adult-use cannabis sales while New Mexico restricted its use to medical purposes only.

Across both states, the study uncovered rises in the percentages of middle schoolers who had experimented with marijuana and those who reported using it within the past month.

In Nevada, the proportion of students admitting to ever trying marijuana increased from 9.7% in 2017 to 13.3% in 2019. Similarly, past 30-day usage surged from 6.3% to 8.9%. Meanwhile, in New Mexico, lifetime usage rose from 14.1% to 17.4%, with past 30-day usage climbing from 8.9% to 10.5%.

Despite these concerning trends, researchers refrained from directly attributing the rise to legalization. They stated that they didn’t discover convincing evidence linking cannabis legalization with an immediate spike in use among middle school students in Nevada, which is consistent with earlier research.

However, they deemed the general rise in cannabis use among middle-schoolers in both New Mexico and Nevada within the said period troubling due to the known health risks associated with early initiation of cannabis use.

The study, which was supported by a grant from the National Institute on Drug Abuse (NIDA), involved cooperation between researchers from the New Mexico Health Department and the universities of New Mexico and Nevada. Analysis across the two states revealed that female students, individuals of nonwhite ethnicity and those attending low-income Title I schools exhibited higher likelihoods of both past 30-day and lifetime marijuana usage.

The authors suggested that their findings were consistent with existing literature, which suggests that cannabis usage might serve as a coping mechanism for discrimination and poverty, with adolescent females increasingly reporting higher usage rates compared to males.

In terms of policy implications, the study underscored the importance of targeting prevention efforts toward groups at heightened risk rather than solely focusing on the legal status of cannabis for adults.

However, the researchers acknowledged certain limitations of their study, including the inability to account for the potential influence of neighboring states with differing marijuana policies, such as California and Colorado. Additionally, the study did not delve into the frequency of usage or changes in marijuana use disorder.

Several studies have been published dispelling the misconception that cannabis legalization permitting companies such as SNDL Inc. (NASDAQ: SNDL) to operate results in more teens accessing marijuana products. The data is consistent in showing that this isn’t the case.

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NECANN Maryland Cannabis Convention & Expo 2024, Baltimore, MD

Entrepreneurs, influencers, advocates, patients, investors, service providers, educators, and consumers of the cannabis spectrum, are all invited to attend the first-ever Cannabis Convention of Maryland that focuses on networking, learning, and discovering new cannabis products and services for the greater Maryland community.

NECANN organizes the foremost cannabis events, with a robust platform for cannabis enthusiasts to connect with industry experts and peers, presenting critical knowledge to expand businesses. NECANN has offered growth opportunities to the local communities throughout the northeast and beyond since 2014. It has boosted the cannabis economy by creating a hub of resources and communication available to the local markets.

Traders and service providers from the Maryland community can exhibit their products and services to gain visibility among the investors and key business experts of the cannabis industry. They can showcase their unique products at the exhibitor booths and pitch their businesses and products directly to investors, consumers, and others. Newbies quickly expand their knowledge base by connecting with industry veterans visiting the convention.

The attendees will witness an impressive lineup of powerful speakers and industry leaders. They will share useful insights about the current industry trends and important issues of the cannabis trade. These industry veterans will discuss engaging topics that impact & concern the cannabis community in Maryland.

The dedicated NECANN team works hard to give the attendees a wholesome and productive experience of networking, with meaningful exchanges among the attendees. Available information includes myriad topics covering every aspect of the cannabis industry, ranging from inventory, legal issues, packaging, insurance, regulations, security and testing, to cultivation, marketing, and more.

The Maryland Cannabis Convention & Expo promises to be a one-of-a-kind experience, where the cannabis community explores, discovers, and exchanges must-know information about the business of cannabis.

To know more, please visit https://cnw.fm/FR68o

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420 with CNW — New York to Evaluate Struggling Cannabis Industry as Hiccups Allow Illicit Market to Flourish

Kathy Hochul, the governor of New York, has issued an order to reassess the state’s adult-use cannabis licensing program due to various setbacks. Those hurdles, including lawsuits and administrative challenges, have not only stood in the way of the legal marijuana market but have also led to the proliferation of illicit sellers.

The assessment aims to identify ways to expedite license processing and facilitate quicker business openings. Additionally, the assessment will conduct a comprehensive review of the state’s Office of Cannabis Management’s (OCM) organizational structure and procedures.

Hochul, a member of the Democratic Party, has openly complained about the launch process of recreational cannabis in the state, referring to it as a failure. Since the commencement of sales in 2022, just a little more than 80 legal dispensaries have been established.

The initial phase of the legalization law allocated retail licenses exclusively to nonprofit organizations and people with previous cannabis-related convictions. Additionally, it introduced a $200 million equity fund aimed at assisting applicants adversely impacted by the drug war in setting up dispensaries.

However, the licensing procedure encountered legal obstacles and implementing the equity fund faced delays, thereby impeding the legal marijuana market from thriving. Consequently, unauthorized dispensaries began to emerge throughout the state, particularly in New York City. The situation became so problematic that Hochul requested online platforms such as Yelp and Google refrain from listing these illegal establishments.

Despite efforts to regulate the market, the regulatory bodies struggled to cope with the overwhelming number of license applications. The OCM, responsible for processing licenses, has only 32 employees dedicated to reviewing applications, while it has received about 7,000 applications last year.

This decision to review the program came shortly after a senior official at the agency was sent on administrative leave after allegations from the NY Cannabis Insider that the agency had exhibited biased enforcement practices, particularly targeting a cannabis processor. Commissioner Jeanette Moy of the Office of General Services, along with other state officials, will spend at least 30 days immersed in the agency as part of the assessment process. Together, the team will develop plans to improve the agency’s operations and set performance standards for subsequent projects.

OCM’s executive director, Chris Alexander, acknowledged the progress made in building an equitable marijuana market but emphasized the need for improvement in the agency’s operations. He expressed confidence in Moy’s leadership abilities and her capacity to steer the agency in the right direction.

The delays in having a flourishing legal marijuana market in New York is potentially stifling opportunities for local ancillary companies operating similar to Innovative Industrial Properties Inc. (NYSE: IIPR) that would have sprouted and carved out a niche for themselves in this state.

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Astrotech Corp. (NASDAQ: ASTC) and AgLAB Inc. Use Mass Spectrometer Technology to Significantly Enhance Hemp and Cannabis Production Yield and Profit

The cannabinoid market value in 2023 was $22.23 billion and is expected to grow at a CAGR of 15.3%, resulting in an estimated market value of $60.36 billion
The global mass spectrometry market will reach $6.77 billion in 2024 and is expected to grow at a CAGR of 6.25%, reaching $9.17 billion by 2029.
Astrotech and subsidiary AgLAB Inc. are using mass spectrometry to boost the profitable yield of hemp and cannabis production

The United States has seen a rising awareness of the health and therapeutic benefits of cannabinoids, prompting an expected market increase of 15.3%, from $22.23 billion in 2023 to an anticipated $60.36 billion by 2030 (https://cnw.fm/srapD). Focused on optimizing and improving higher yields, Astrotech (NASDAQ: ASTC), a science and technology development and commercialization company, and its wholly-owned subsidiary AgLAB Inc., have developed a mass spectrometer designed for use in the hemp and cannabis market.

During the process of converting cannabis biomass into distillate, valuable cannabinoids are typically lost resulting in reduced profits. AgLAB’s Maximum Value Processing (“MVP”) Method that uses the powerful AgLAB-1000-D2 mass spectrometer to test and to accurately configure the distillation system for optimal efficiency.

The AgLAB MVP mass spectrometer and its rugged design is built to withstand the demands of the factory floor. The AgLAB-1000-D2 model offers real-time potency tests during each distillation batch cycle. During the distillation process up to 20 tests per hour can be achieved providing almost instant, real-time results which is used to adjust parameters, such as temperature, feed rate, and vacuum, to optimize potency and increase yields for each batch. Currently testing results can take days to complete resulting in little intelligence towards processing efficiency.

“This product and method fill a void by providing an easy and accurate real-time analysis that is used to make the right adjustments and improve the yields,” an AgLAB employee, was quoted as saying in a press release about AgLAB’s 1000 series (https://cnw.fm/G0nkA).

AgLAB’s method has been extensively tested and has shown impressive results, including increased revenue and profit margins. Internal studies have shown an average revenue improvement of $5,000 per 200 kg of crude, with a 24% profit increase. Furthermore, a case study revealed a 32.9% increase in distillate mass, translating to significant weekly and annual revenue gains.

For more information, visit the company’s website at www.AstrotechCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to ASTC are available in the company’s newsroom at https://cnw.fm/ASTC

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420 with CNW — Colorado Bill Seeking to Silence Social Media Posts on Marijuana Raises Concern

A conservative think tank in Colorado has voiced worries about a proposed measure that could have an impact on internet discussions of cannabis and associated products, including hemp. The bill, SB24-158, covers various aspects of internet regulations, including content policies and age verification. A noteworthy clause in it targets social media companies, mandating that they immediately take down any content that sells, promotes or endorses narcotics that are considered illegal.

The definition of “illicit substance” in the bill is expansive, encompassing not just illegal drugs but also substances regulated in the state. It broadly refers to controlled substances categorized under schedules I to V as per state law. Consequently, the bill’s impact would extend to state-legalized cannabis, specific psychedelics legalized through a recent ballot measure, and even some over-the-counter (OTC) medications, including cough syrups containing controlled substances such as codeine.

Additionally, the measure places restrictions on the amount of THC and the ratio of CBD to THC in specific hemp products, imposing restrictions on hemp-derived products meant for human consumption.

Should the bill become law, businesses would be obliged to declare the prohibition of promoting, selling or advertising illicit substances on their social media platforms.

The R Street Institute has expressed concerns about the proposed legislation, claiming that its ambiguous language addressing marketing and the expansive categorization of illegal substances could cause misunderstandings and possible violations of free expression. It points out that the strict language in the measure may make it more difficult for people to openly express positive opinions about cannabis online or for companies involved in the marijuana industry.

Further, the institute argues that these kinds of limitations would be unconstitutional under the First Amendment since the state would have chosen to outlaw the promotion or advertising of these substances in all media if there were actual risks involved. Instead, it highlights Colorado’s history of embracing cannabis legalization and culture, citing examples such as the auctioning of cannabis-themed license plates with terms such as “GOTWAX,” “HASH” and “420.”

SB24-158, which is expected to be reviewed by the Senate Business, Labor and Technology Committee, is primarily supported by Democratic lawmakers, including Senators Dafna Michaelson Jenet and Chris Hansen, along with Representative Meghan Lukens.

Under the proposed legislation, social media companies would need to update and publicly disclose their policies by July 1, 2025. Any policy amendments would require prompt online publication within 14 days of going into effect. Additionally, the companies would be mandated to provide annual reports to Colorado’s state attorney general confirming compliance with the bill’s provisions regarding regulations and definitions of illicit substances.

The broader marijuana industry, including established entities such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), is likely to be concerned that retrogressive bills like the one is Colorado are being filed and considered.

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