Marijuana Business Magazine July 2018

Florida The state plans to regulate medical marijuana edibles as it does other food products. The state agriculture department said cannabis producers will be subject to random inspections to ensure edibles are being made in facilities that meet federal sanitation guidelines. Meanwhile, medical cannabis companies in Florida are waiting on the state health department to set the rules for what forms edibles can take and how much THC will be allowed. Illinois Bank of Springfield, the main financial institu- tion serving Illinois’ medical marijuana businesses, announced it would stop working with the state’s MMJ industry, forcing local cannabis companies to deal in cash or find an alternative. The bank informed its clients this spring that their accounts would be closed May 21. The bank began its review into working with cannabis businesses in mid-January, shortly after U.S. Attorney General Jeff Sessions rescinded the Cole Memo. Maine After fits and starts owing to political squabbles, Maine is moving forward to launch its adult-use mari- juana market, likely by 2019 or 2020. State lawmakers voted overwhelmingly to override Gov. Paul LePage’s veto of a recreational MJ implementation bill. The leg- islation develops the regulatory framework for the sale and taxation of recreational marijuana, which voters approved in 2016. The compromise legislation permits municipalities to opt in and allow rec MJ sales. It also provides tax dollars for law enforcement and public awareness campaigns. Massachusetts While the state opened the permitting process for adult-use cannabis cultivation, a sizable business popu- lation that wants in has already been locked out: local farmers in towns or counties that haven’t allowed can- nabis growing. A provision in state law that gives local authorities the power to opt out of the industry is block- ing plenty of farmers from jumping in. As of late May, 65 counties or towns in Massachusetts had banned mari- juana companies entirely, while 161 had business mora- toriums that typically last until the end of 2018. 24 • Marijuana Business Magazine • July 2018