In a story first reported by Boston Business Journal, BayCoast bank became the first bank to announce a partnership with a retail marijuana business in the State of Massachusetts.
Until this point, banks have been willing to work with dispensaries on the medical side of the business, but for the most part have avoided getting involved in retail partnerships. However, there are several adult use shops that claim to have banks accepting their deposits, they are just unwilling to disclose the names of these institutions for obvious reasons.
Plan for adult use market set to be announced
According to a report by the New York Post, Governor Andrew Cuomo is set to announce the details of his plan to create a recreational marijuana market in the State of New York during next Month's Executive Budget Address.
Last spring, Cuomo announced that he was going to begin looking into the possibilities of creating an adult use cannabis market in New York, including all the potential negative and positive consequences that could arise as a result. This was a drastic reversal from his opinion that marijuana is a dangerous "gateway drug", only a few years ago.
Issues 9 new licenses
Yesterday, the Department of Consumer Protection (DCP) issued a press release announcing the names and locations of the recipients of nine new licenses for the state of Connecticut's medical marijuana program (MMJ sales first started in 2014)
Competition for these new licenses was fierce, with the DCP receiving 73 applications, all hoping to be a part of this latest expansion.
This brings the total of licensed dispensaries in the state to 18, doubling since the program last expanded in 2016.
Mormon Church Intervenes
While the people of Utah have spoken (when they voted to legalize medical marijuana last month), apparently the government is not listening.
In a stunning reversal of the will of the people, Utah has scrapped the bill passed by voters and replaced it with a gutted, muted down version of the original proposal.
Prop 2, the ballot initiative designed to create a medical marijuana market in Utah, was initially passed during the November election. However, immediately following the vote, it became clear a legal battle was on the way. With the mormon church making it clear they had serious grievances with some aspects of the proposal, legislators on both sides of government conveyed similar concerns.
Country hopes to become 1st in EU
2018 has been a tremendous year for cannabis around the world. From the opening of the adult use market in California on January 1st, to full legalization in Canada this past July, this latest news extends its reach further across the globe.
Luxembourg's new incoming government has indicated that they will push for legalization during the next legislative session, which means the laws could be passed and on the books at some point within the next five years.