Connect with us

Business

The Cannabis Industry’s Most Influential Event of the Year

Published

on

This is a sponsored post by the National Cannabis Industry Association’s Cannabis Business Summit & Expo.

Become a part of the nation’s fastest growing industry this July 25-27 as the National Cannabis Industry Association celebrates five years of bringing together the best and brightest minds at their annual Cannabis Business Summit & Expo in San Jose, CA. See for yourself why industry leaders are calling #CannaBizSummit “a powerhouse of networking and marketing opportunities.” If you are interested in the business of cannabis, this is one event you don’t want to miss.

Register Today!

Prices Increase May 21

“This summit is a once in a lifetime opportunity to meet with like-minded fellow cannabis industry colleagues.” – Karl Keich, Executive Director at Canna Consulting Group

These days, it’s all about who you know, and what better way to get to know people than in a room where all 7,500+ work in the same field? Having an impression on your peers significantly increases the chance for future opportunities and exposure, especially in such a tight-knit industry. We provide an unparalleled opportunity to create lasting business relations with cannabis executives from across the nation.

“Whether you’re in lighting, whether you’re into the manufacturing or the tech. It’s all here, all relevant companies that you can do business with.” – Damien Payne, Firesale

Whether you’re interested in showcasing your products to an audience with the proven highest concentration of legitimate buyers and sellers in the industry, or looking to shop all your business needs, NCIA has got you covered. Shop the SOLD OUT 120,000+ square foot expo floor which features 350+ industry-leading brands displaying their latest products, services, software, and hardware in an effort to aid you and your hunt to solve your business woes.

“Hear from the best of the best speaking in sessions here.” – Jeannette Ward, Director of Data & Marketing at MJ Freeway

Utilizing the knowledge of others gives you a professional competitive edge. You’ll never have enough seniority that you know everything about your industry – especially an industry that evolves as rapidly as the cannabis industry. By harnessing and applying information gathered by your competitors, and keeping up with the latest best practices, you’re sure to stay at the top of your industry. NCIA panels feature a diverse lineup of speakers from cannabis law, tech, and more. With more than 150 thought leaders in five purposefully-constructed tracks, you’re sure to learn something new, and by learning directly from those who are paving the way for us to conduct business, you will receive the most up-to-date information about regulations and policies before the competition, conveniently placing you at the forefront of the industry.

“This show really unites people who are really trying to scale their business and really trying to be an innovator by collaborating with everyone else. NCIA might be the epicenter of the cannabis business-to-business realm.” – Sergio Castro, Convectium

Strengthen this incredible community by learning how fellow attendees have continued their implementation of education and elevation of the industry. Mingle with like-minded professionals with similar business struggles and successes. Learn which strategies work and which aren’t worth your time.

Advocacy. Education. Community.

These three pillars are at the core of the National Cannabis Industry Association. Since day one, NCIA has worked hard to create events that are simply unmatched in quality to ensure that you and your cannabusiness succeed. This three-day educational event is your opportunity to:

• Advocate for YOUR Business – There is strength in numbers; discuss YOUR business needs directly with NCIA as well as how you can make a difference in the movement to reform cannabis policy.

• Educate Your Team – By keeping up on the latest industry best practices, not only will you be enhancing your sales techniques, but you’ll also be sure to stay at the top of the cannabis market.

• Strengthen Your Community – Together, through education and a strong sense of community, we can elevate this industry and eradicate the stigma around cannabis.

The Cannabis Business Summit & Expo experience is one unparalleled by any other industry event. NCIA is in the business of helping you grow YOUR business. Whether you’re an industry pro or a emerging entrepreneur, arm yourself with the latest tips and tricks from across the industry. Tickets are going fast – Don’t miss out.

Register Now

Use Code MOMENT15 to Save 15%

Prices Increase May 21

This is a sponsored post by the National Cannabis Industry Association’s Cannabis Business Summit & Expo.

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.

Business

Illinois Saw Record-Breaking Marijuana Sales In June, Including From Out-Of-State Visitors

Published

on

In the middle of a global pandemic and one of the worst unemployment crises in American history, Illinois marijuana retailers saw their busiest month on record in June, racking up more than $47.6 million in total sales.

No matter how you slice the data, released by the state on Tuesday, recreational cannabis sales last month shattered existing records in the state, which began legal sales to adults on January 1 of this year. Stores in Illinois sold nearly a million (994,545) cannabis items in June—5,000 more than any previous month—and brought in record sums from in-state residents ($35.3 million) and out-of-state visitors ($12.4 million) alike.

Illinois marijuana sales by month

Illinois Department of Financial and Professional Regulation

Tax figures are set to be released later this month by the state Department of Revenue. Until then, they’re difficult to accurately estimate. Unlike many other states to have legalized cannabis, Illinois collects different tax rates based on product type and potency. Local jurisdictions can also impose taxes of their own.

While some might be surprised to see such high sales figures in the midst of a global pandemic, the strong sales month is hardly an isolated incident. Sales in May also set new records after a relatively slow March and April. Prior to May, the top sales month was January, when stores first opened. On the inaugural day of legal sales, this past New Year’s Day, customers bought more than $3.1 million worth of products.

Oregon, which began commercial sales to adults in 2015, has also seen record cannabis sales this year amid the coronavirus pandemic. Relative to 2019, an unusual spike in sales came in March, which officials attribute to consumers stocking up on products as stay-at-home orders took effect. Oregon then saw a record-high sales month in April, the first full month under the coronavirus lock lockdown, boosted in particular by sales around April 20.

Oregon marijuana sales during COVID-19

But while Oregon analysts expect the strong sales to continue awhile longer, they warned this spring of a coming downturn as COVID-19’s consequences—on both Oregon’s population and its economy—work to diminish consumer demand and purchasing power.

“Expectations are that some of these increases are due to temporary factors like the one-time household recovery rebates, expanded unemployment insurance benefits, and the shelter in place style policies,” the state’s Office of Economic Analysis said in a May report. “As the impact of these programs fade in the months ahead, and bars and restaurants reopen to a larger degree, marijuana sales are expected to mellow.”

For states, the busy cannabis sales have brought in record tax revenue at a time when many cities and states need it most. As the Chicago Daily Herald reports, state sales taxes are off by more than $181 million compared to the 2019 fiscal year. Also down are hotel taxes ($64 million), automobile taxes ($7 million) and public utility taxes ($64 million).

While Illinois cannabis tax revenue for June has yet to be reported, it’s likely that amount will also set a record given its close relationship to total sales.

The state has consistently brought in tens of millions of dollars from legal marijuana sales each month since sales launched. Per state policy, 35 percent of that money goes to the state’s general fund, 25 percent goes to aid communities disproportionately affected by the war on drugs, 20 percent goes to substance use treatment and mental health programs and 10 percent goes toward the state’s bill backlog.

In May, Illinois officials announced they would use $31.5 million of marijuana tax revenue to fund restorative justice grants to communities harmed by the drug war. “Equity is one of the administration’s core values,” said Lt. Gov. Juliana Stratton (D), who made one of the state’s first legal cannabis purchases, “and we are ensuring that state funding reaches organizations doing critical work in neighborhoods most impacted by the war on drugs.”

Marijuana Tourism Will Boost Tax Revenue, Illinois Governor Says In State Of The State Speech

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.
Continue Reading

Business

Summer Dreams Of Marijuana-Infused Slushies Are Melted By Oklahoma Regulators

Published

on

Bad news for Oklahoma medical marijuana patients trying to beat the summer heat with a marijuana-infused slushy: State regulators say the icy beverages “are unlikely to meet requirements set forth in Oklahoma statutes and rules” for cannabis products.

As the weather heats up, THC-infused slushy machines have been popping up at more and more Oklahoma dispensaries. Made by companies such as Glazees, which offers flavors such as watermelon and blue raspberry, the THC-infused drinks sell for about $12-$15.

But despite their popularity with some patients, regulators say the slushies fail to comply with a number of state rules, such as a requirement that products be packaged in child-resistant containers. Dispensaries themselves also “are not allowed to alter, package, or label products,” regulators said.

State rules further require that all medical marijuana products be tested in their final form. “In this instance, the finished product is the slushy mixture to be dispensed to patients/caregivers, not the syrup,” regulators said. “If water, ice, or any other substance is added to the product, additional testing is required to ensure the product is safe for consumption and final-product labeling is accurate.”

Regulators didn’t specify how adding water or ice to cannabis products could affect consumer safety, however.

The Oklahoma Medical Marijuana Authority (OMMA) issued the update on Thursday in what it called a “slushy-machine guidance” memo. The office said it had received “multiple inquiries regarding the processing and dispensing of marijuana-infused slushies on-site at medical marijuana dispensaries.”

The memo was silent, however, on the likelihood of enforcement. As of Friday morning, slushies still appeared on menus for some Oklahoma dispensaries.

It’s not the first obstacle encountered by Oklahoma marijuana businesses, which began popping up across the state voters passed a medical marijuana law in 2018.

Earlier this year, lawmakers passed a wide-ranging medical cannabis expansion bill, which would have allowed out-of-state residents to obtain temporary licenses, permitted licensed businesses to deliver marijuana to customers and eliminated jail time for for first-time possession convictions. But Gov. Kevin Stitt (R) then vetoed the bill, and lawmakers didn’t hold a vote to override the action.

Oklahoma activists also filed a proposed marijuana legalization ballot measure in December, but it’s unlikely the campaign can gather enough signatures to put the measure before voters this November. Their signature-gathering was largely delayed due to the coronavirus pandemic, and only last week did the state Supreme Court rule that the campaign could initiate petitioning. Supporters now have about 90 days to gather nearly 178,000 signatures from registered voters.

Virginia Lawmakers Announce Plans To Legalize Marijuana, One Day After Decriminalization Takes Effect

Photo courtesy of Max Pixel

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.
Continue Reading

Business

Yelp Blocks Marijuana Businesses From Two Key Advertising Features

Published

on

Yelp is no longer offering two key advertising features to marijuana-related businesses, the company confirmed to Marijuana Moment.

Two cannabis businesses have shared an email from Yelp announcing the policy change. It states that the company had “unfortunate news” and that it will be removing both the “Business Highlights and Portfolio advertising options for cannabis-related businesses, effective immediately.”

“We will be removing these programs from your Yelp page over the course of the next few business days,” the email continues.

The Berkeley Patients Group (BPG), which is the longest-running cannabis dispensary in the country, told Marijuana Moment on Wednesday that it has already seen a significant impact since receiving the notice two days earlier.

“This is yet another blow for us—amidst a devastating pandemic, no less,” BPG Director of Marketing Lauren Watson said. “Yelp was one of only a few effective advertising channels available to legal cannabis companies, and now, without warning, we’re being shut out. Just two days after the new policy was implemented, we’re seeing over a 60 percent decline in page views.”

In a tweet, the chief technology officer of cannabis delivery company Bud.com shared a screenshot of the email from Yelp.

“It’s frustrating to pay taxes and compete with unlicensed folks who can advertise digitally against you,” he said.

The Business Highlights service allows individuals to pay to feature up to six descriptors on their page showing what “makes their business unique” such as “family-owned.” The separate Portfolio option is another paid feature where businesses can include photos of projects they’ve completed “to showcase their quality of work, expertise, and specializations along with additional details such as cost and project timelines.”

A Yelp spokesperson told Marijuana Moment that the company made the policy change in February—though these two marijuana businesses said they only received notice of the change this week. Just prior to when the company says it made the decision to block marijuana firms from the premium products, an NBC News investigation found that Yelp’s site included pages for unlicensed cannabis dispensaries, prompting the launch of the verification process.

The company allows “cannabis businesses on our platform in all states where it is either recreationally or medically legal, as it’s important that consumers have access to first-hand information about these businesses,” the spokesperson told Marijuana Moment.

The representative did not directly reply to a question about the reasoning for the policy change. Instead, they discussed how Yelp does not “take revenue from cannabis businesses that have not purchased our Verified License product.”

“By verifying their license to operate, Yelp is able to confirm to consumers that the business has satisfied the requirements of their local regulator to operate legally,” they said. “Once verified these businesses are then eligible to purchase Yelp’s enhanced profile product only, at this time.”

Asked for clarification about whether verified marijuana businesses are eligible for the two advertising services mentioned in the email announcing the change to current clients, the spokesperson confirmed they are not.

“If a cannabis company purchases Verified License, they’re then only eligible to purchase Yelp’s enhanced profile product, at this time,” they said.

The company did not immediately respond to a follow-up question about why at least some businesses were not notified about the policy change until this week even though the company says it made the decision four months ago.

“This is just one more example of prohibition discouraging companies from working with legal cannabis businesses, depriving them of the basic and vital services enjoyed by every other industry,” Morgan Fox, media relations director for the National Cannabis Industry Association, told Marijuana Moment. “Given Yelp’s size and accessibility, this unfortunate decision will certainly be a blow to many cannabis businesses which are already hurting because of the pandemic, as well as lack of access to relief funds and other financial services.”

“Thankfully, there are some other services out there that can provide business information to consumers which are either tailored to cannabis or are willing to work with related businesses,” he said.

While Yelp provides the verification service for licensed marijuana businesses, the cannabis-focused directories Weedmaps and Leafly have both taken steps in recent months to prevent unlicensed shops from being advertised on their sites. WeedMaps said it removed about 2,700 listings for illegal dispensaries as of January and Leafly reported that it booted about 1,000 as of September 2019.

Nevada Pardons More Than 15,000 People With Marijuana Convictions Under Governor’s Resolution

Photo element courtesy of Flickr/StickerGiant.

Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.
Continue Reading
Advertisement

Marijuana News In Your Inbox

Support Marijuana Moment

Marijuana News In Your Inbox

Do NOT follow this link or you will be banned from the site!