VIRGINIA CACANABIS
Virginia House panel rejects GOP’s effort to legalize retail cannabis sales
Benzinga reports that Virginia legislators on Tuesday rejected a measure to legalize marijuana for recreational use, and to establish a framework of sales.
The bill HB1464 which aimed to establish a retail framework was defeated by a vote of 5-2. Republicans opposed it. HB1750 that would have allowed Virginia Cannabis Control Authority (VCCA) to issue marijuana licenses in 2024 as well was defeated.
JM. Pedini is NORML Development Director. He said that without a regulated marketplace, cannabis consumers have no way of knowing if they’re getting a product that has been tested and found to be safe or a product contaminated by adulterants.
We will face a major problem if we do nothing. Virginians must be protected from illegal markets.
OKLAHOMA ECONOMY
Oklahoma could generate nearly half a billion dollars in cannabis tax revenue over the next five years
Marijuana Moment reports that a recent analysis shows Oklahoma could generate nearly half a billion dollar in sales of adult-use marijuana within the first five year period if voters approve reform next month.
Over half of these revenues are expected to come from the 15 percent excise tax on marijuana products for adult use. The first five years should see sales of adult-use marijuana products reach $1.8 billion.
Andrew Livingston, director of research and economy at Vicente Sederberg. He said that while marijuana tax revenue is not a panacea, it could be used to fund many government services. Oklahoma is facing a March special election that could have an enormous impact on its economy. The state is at risk of losing hundreds of millions in tax dollars as well as thousands of jobs.
EUROPEAN CANNABIS STOCKS
European cannabis stocks review: Akanda announces ‘first significant revenue’, Jazz Pharma reimbursement & Kanabo climbs
BusinessCann’s latest European cannabis stock report explores developments at Akanda Pharmaceuticals Kanabo, and Jazz Pharmaceuticals.
The share price of Akanda has risen sharply in the last week. The stock price has risen by nearly 80% since Thursday. Ben Stevens from BusinessCann notes that the stock price is below the $4 listed price, and still a long way off the $1 needed to avoid delisting the NASDAQ at the end of March 2023.
Additionally, Jazz Pharmaceuticals announced its drug Epidyolex has now been ‘recommended for reimbursement’ in the UK for a new condition, and Kanabo, which has seen its jump nearly 60% since last week to reach highs not seen since May 2022.