Here’s what’s catching our eye in cannabis news this week:
The Sacramento Bee is reporting that so far California hasn’t collected as much in marijuana taxes as was projected, having earned just $34 million of the projected $175 million in revenue expected between January and June of this year.
On May 8 Utah’s “Right to Try” medical cannabis bill went into effect, allowing terminally ill patients to see if it’s an effective treatment for them. It’s a small step for now, but there is also talk of getting a broader medicinal cannabis program going in Utah with organizers of the Utah Medical Cannabis Act having already turned in enough signatures to qualify it to be on the ballot during the next election. If passed, this new law would allow patients with a list of specific serious medical conditions to use medical marijuana.
Earlier this week at the University of California, San Diego, the Center for Medicinal Cannabis Research (CMCR) announced receipt of a $4.7 million grant to study cannabidiol, or CBD, treatment for its potential benefits on those with autism. It marks the largest private donation toward cannabis-related research in the United States, to date.
All of these stories are very significant to the industry for very different reasons. The money isn’t coming in like expected, but research, which has historically been next to impossible to get off the ground, is finally happening, while states typically known for being conservative, are leaning in to the powerful medicinal aspects of cannabis. While all these stories touch on vastly different aspects of the cannabis industry they have one huge commonality – progress is being made.
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