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Heartland Cannabis Business Update – October 18, 2019

Erika Gee
Erika Gee

Partner

Little Rock

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Hello, and welcome to another round up of the latest cannabis business news for Oklahoma, Missouri and Arkansas! This week, the Oklahoma Medical Marijuana Authority shared their latest sales statistics and, as always, they were impressive. To really see what's going on in OK, check out The Oklahoma Eagle's county-level breakdown. We've swept through the weeds to uncover the good stuff. Here's our roundup of the week's stories impacting the Heartland.

Oklahoma Medical Marijuana and Recreational Cannabis Business Roundup

Business News

Two Florida Medical Cannabis Licenses For Sale - Ganjapreneur

Two of Florida's high-priced medical cannabis licenses are up for sale for a proposed $95 million — $40 million for one, $55 million for the other (which includes a greenhouse and a higher allowance for retail locations).

US retail sales of CBD may increase 133% in 2019, surpass $10 billion by 2024 - Hemp Business Daily

The recent surge of consumer demand for CBD, coupled with increasingly easy access to CBD products, is expected to drive retail sales to about $1.1 billion-$1.3 billion in 2019.

Navigating Cannabis Staffing and Hiring Challenges - Cannabis Industry Journal

Discover the pain points of cannabis staffing, recruiting and hiring. Learn how to attract top talent to sustain your profitability in the growing industry.

Health News

How mainstream media botched the vape lung story - Leafly

No matter what the cause of the current deadly outbreak, it surely isn't cannabis. To suggest that cannabis—in vapor form or otherwise—has suddenly turned deadly is utter nonsense. It's also irresponsible.

Cannabis with Mold and Yeast Recalled at 144 Colorado Dispensaries - Green Rush Daily

Authorities in Colorado and Denver are urging consumers who may have compromised product not to consume it. Doing so could lead to health problems, they said.

A 'Significant' Number Of Patients Stopped Taking Benzodiazepines After Starting Medical Marijuana - Marijuana Moment

"Discontinuation was not associated with any measured demographic characteristic. Patients also reported decreased daily distress due to their medical condition(s) following prescription cannabinoids."

What Are the Benefits of CBD? - The New York Times

More than 60 percent of CBD users were taking it for anxiety, according to a survey of 5,000 people. Does it help?

National News

California to allow state tax deductions for cannabis businesses - Marijuana Business Daily

The measure will allow such state deductions, starting next year, for cannabis companies that file their taxes as sole proprietors or partnerships, Bloomberg reported.

Dietary Supplement Industry Pushes Congress To Allow CBD Product Sales - Marijuana Moment

"These actions are urgent given the strong consumer interest in CBD, the growth in products and sales, and the need for clarity among consumers, retailers, and manufacturers about the legal status of these products," the groups said.

Oklahoma Cannabis Business

Medical marijuana has generated $34.5M in tax revenue for Oklahoma so far - KOCO

With more than 214,000 patient and business licenses being given out so far, it has been a busy year for the Oklahoma Medical Marijuana Authority.

The Tax Take From Medical Marijuana, By County - The Oklahoma Eagle

The state's average for counties with retail dispensaries was $8.87 per person. Nine of the state's 77 counties do not have a licensed dispensary.

Marijuana 101: A Q-and-A for those who've never inhaled - Tulsa World

With medical marijuana legal in Oklahoma after the passage of State Question 788, a lot of people with no cannabis experience are wondering about the basics. This Q-and-A offers an easy-to-consume introduction for those wanting to learn more about marijuana.

Mandatory testing now required for medical marijuana sales in Oklahoma - KFOR

"Out of approximately 55 dispensaries I went to, only one of them had the correct testing, the full panel," Webb said.

Medical Cannabis In Oklahoma? Here’s One Doctors Statistics - Ounce Magazine

A recurring discussion I have with colleagues, the media, and patients is "What are the results?" I wanted to give a perspective on my current patient population, trends, and outcomes to date. At my current practice, Evolved Health and Wellness, we have a medical cannabis patient population of approximately 18,000 patients representing seventy-one of the states seventy-seven total counties.

Missouri Cannabis Business

Good Question: If recreational marijuana becomes legal here, what's the point of medical dispensaries? - KCTV

A new year will bring big change to pot laws in Missouri. Medical marijuana will be legal for the first time. But is it only a matter of time before the state also allows recreational use?

Harvest at Hemp Hill: Lexington farm gathers cannabis crop - The Missourian

Missouri finished its first hemp harvest in 82 years on Monday, the result of the state's first successful growing season since 1937.

Arkansas Cannabis Business

Cannabis dispensary stresses patient care, community - Texarkana Gazette

Bloom Medicinals' Texarkana dispensary will be the Florida-based company's seventh, joining five locations in Ohio and one in Maryland. It will be in the former Vincent's liquor store building at 410 Realtor Ave.

Everything to know about marijuana sales tax - THV11

Patients in Arkansas have spent approximately $14 million on medical marijuana. Based on these figures, the state will collect approximately $1.47 million in taxes to equal 10.5% of $14 million.

Bonus Section

$1.1 billion worth of cannabis sold in Canada's first year of legalization - Leafly

"Canadian licensed producers have sold approximately $1.1 billion worth of cannabis in the past 12 months, the equivalent to 105,000 kilograms—enough to fill almost two rail freight cars."

Mexico Marijuana Legalization Bill Ready by Late October, Senator Says - Weedmaps

That would mean that lawmakers are expecting to meet a Supreme Court deadline to end federal cannabis prohibition.

Cannabis Conversations with Executives: What's the Weirdest Pitch You've Heard? - Civilized

Most popular these days are pitches about putting CBD in nearly everything — toothpaste, pizza, items that don't necessarily need CBD. But that only scratches the service.

Here's How Long It Takes to Feel the Effects of CBD - Real Simple

According to Boris Shcharansky, the chief operating officer at Papa & Barkley, the length of time depends largely on the dosing method. Here's a simple breakdown.

Thanks for reading the Heartland Cannabis Business Update. See you next week!

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