The legal weed business is growing even faster than most people thought it would when certain U.S. states started legalizing recreational marijuana a few years ago. According to a new report released by Arcview Market Research, legal weed sales jumped about 33 percent between 2016 and 2017 with total sales topping $10 billion. That number is expected to jump significantly in 2018 once California officially legalizes recreational marijuana.
California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.
While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.