THE BLUNTNESS: Cannabis News for the Week Ending June 12th

Cannabis Business

Oklahoma's Medical Marijuana Program Is On Fire

As previously reported, Oklahoma's medical marijuana program is one of the most successful and fastest growing in the country setting new sales records nearly every month. In May, that trend continued as sales reached $74 million , a +20% increase from April, a figure that surpasses the monthly revenues of adult use states such as Illinois, Massachusetts, Michigan and Nevada.

With cash strapped states looking for new tax revenues due to the coronavirus pandemic, you can bet Oklahoma's medical marijuana cannabis windfall will start to look all the more appealing.

Colorado Marijuana Social Equity Businesses Would Be Defined Under New Bill

Colorado lawmakers advanced a newly introduced bill on Wednesday that would create a statewide definition of which businesses qualify as marijuana social equity license applicants and are eligible for certain incentives. The legislation also amended a policy prohibiting those with felony convictions in the past three years from obtaining a marijuana business license.

Cannabis Industry

Cresco Labs Adds NBA Union Exec to Board

Cresco Labs, one of the largest cultivation, manufacturing and retail marijuana companies in the U.S., announced the appointment of Michele Roberts, Executive Director of the NBA's Players Association, to its board. Roberts has supported NBA players using medical marijuana for pain management.

With this appointment, Roberts becomes the first woman and first person of color to join Cresco's board.

And in a related NBA story....

After suspending recreational drug use testing during, the coronavirus hiatus , the NBA announced it will not test players for marijuana when play resumes July 31st, according to The Athletic's Sham Charania.

As one of the most progressive of all leagues, we can only hope the NBA is forging a new path for the rest of American professional sports to follow.

Pro Golfer Rickie Fowler Teed Up as Ambassador for CBD Brand LEVEL SELECT ™

Kadenwood, LLC, a California-based CBD company, announced the addition of PGA Tour Pro Golfer Rickie Fowler as its newest brand ambassador. As CBD and marijuana products go more mainstream, Fowler joins a long line of current and retired athletes, including Mike Tyson, Megan Rapinoe, Sue Bird and Al Harrington , who have secured endorsements or developed business partnerships in the industry.

Cannabis Legalization

Kansas Says NO Again

Kansas is one of four states that consider any marijuana product illegal, including CBD if it contains a trace amount of THC. And, it looks as if things are going to stay that way as a bill to legalize medical marijuana did not advance pass a special legislative session and died in committee. The setback for the state's cannabis health advocates has occurred despite Governor Laura Kelly's support for the legislation.

The Likeliest States for Legalization

New Jersey tops Motley Fool’s list of four states most likely to vote for their respective cannabis initiatives in the November election. For New Jersey, this looks like a sure bet considering support for recreational cannabis from the Governor, both legislative houses and over 60% of the state's population. Other states on their list include Arizona, South Dakota and - hold on to your seat - Mississippi.

Cannabis Culture

Could Cannabis Legalization be an Important First Step in Addressing America’s Systemic Race Issue?

In a blog post on norml.org entitled “Marijuana Legalization and the Fight for Racial Justice,” Erik Altieri, NORML Executive Director addressed the murder of George Floyd by Minneapolis Police Officers and its context in history. You can read the full story here.

Method Man Launches New Cannabis Business to Bring About Social Change in the Industry

Method Man, the award winning rapper, actor, and entrepreneur known for his work with Wu-Tang Clan, launched TICAL, a new cannabis venture looking to support Black ownership and businesses in the cannabis industry. TICAL, which takes its name from Method Man's 1994 solo album and is an acronym for "Taking Into Consideration All Lives", lived up to its promise launching exclusively in four California based, Black owned dispensaries