Today in cannabis news, Oklahoma puts up big numbers, legalization may be coming to Israel soon, and an agricultural biotech company in California is expanding through an acquisition.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
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First up, a New Report shows Medical Cannabis Sales in Oklahoma Hit Almost $300 Million in the First Five Months of 2020
According to MJ Biz Daily, as one of the largest and fastest-growing markets in the country, Oklahoma’s medical cannabis industry broke sales records in both April and May as consumers stocked up on products.
Oklahoma declared medical cannabis businesses essential during the pandemic, allowing dispensaries to provide curbside-pickup services to patients. In April, sales in Oklahoma shot up to $61.5 million, a 21% increase from March.
Sales rose again in May to reach nearly $74 million – a monthly figure that even far exceeds that of adult-use markets in Illinois, Massachusetts, Michigan, and Nevada.
With more than $275 million in medical cannabis sales in 2020 to date, Oklahoma’s market could easily eclipse $700 million by the end of the year – in the same ballpark as more populous states like Arizona and Florida.
Patients continued to enroll in Oklahoma’s medical cannabis program throughout the COVID-19 crisis – rising from roughly 272,000 in March to 297,000 registered by the end of May – though the recent monthly sales gains were driven by additional spending from existing patients.
For the first three months of 2020, the average patient spent $184 on medical cannabis products. In May, the average spend was $249, a 35% increase.
** In international news, Israeli Lawmakers Voice Support for Broad Cannabis Legalization
According to a Ganjapreneur article, Israeli lawmakers say they will advance legislation for broad cannabis legalization; the proposal would allow for cannabis use, purchases, and possession by people aged 21+.
Israel’s two parties making up the new government said in a joint statement on Tuesday that they would advance legislation “to resolve the issue of decriminalization and legalization” of cannabis, setting the stage for broad legalization in the country, the Times of Israel reports. The statement comes one week after the police minister supported the reforms.
In the statement by Prime Minister Netanyahu’s Likud Party and Defense Minister Gantz’s Blue and White Party, lawmakers said legalization would be conducted “via a responsible model that will be suited to the State of Israel and the Israeli population,” but did not elaborate.
Blue and White MK Ram Shefa and Likud MK Sharren Haskel will advance the legislation, which would allow cannabis purchases, possession, and use for people 21-and-older. Cannabis products would be sold at designated shops and there would be restrictions on advertising the products. Workers in security jobs would not be allowed to use cannabis, the report says. Some of the funds derived from sales would be used for education to explain the potential dangers of cannabis.
The government has not offered a timeline for the reforms but some report that it will likely take about four months for the legislation’s approval.
** Last up today, a California Hemp and Agricultural Biotech Company Purchases an Oregon Hemp Breeder
According to a report from Hemp Industry Daily, a Davis, California-based agricultural biotech company has entered a binding agreement to acquire a hemp breeding and seed company based in Oregon.
Arcadia Biosciences Inc. will purchase the commercial and genetic assets of Industrial Seed Innovations, including its seed varieties, germplasm library, and intellectual property.
According to the deal, three ISI hemp seed varieties – Rogue, Deschutes, and Umpqua – will be added to Arcadia Biosciences’ variety list and accelerate the company’s hemp breeding platform and seed-production capabilities.
The transaction also establishes a new breeding research and development facility in the Pacific Northwest for Arcadia Biosciences.
“Industrial Seed Innovations brings tremendous talent, an impressive intellectual property and genetics portfolio and a solid and synergistic customer base to Arcadia,” said Matthew Plavan, Arcadia’s president and CEO.
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**and my name is Alyson Ben-Yehuda, take care.
