LOS ANGELES — Deep in Gov. Gavin Newsom's new budget is a figure that says a lot about California's shaky legal marijuana market: The state is expecting a lot less cash from cannabis taxes. The Democrat's proposed spending plan, released Thursday, projects the state will bank $355 million in marijuana...
Legal Marijuana Industry Toasts Banner Year
PORTLAND, Ore. — The last year was a 12-month champagne toast for the legal marijuana industry as the global market exploded and cannabis pushed its way further into the financial and cultural mainstream. Liberal California became the largest legal U.S. marketplace, conservative Utah and Oklahoma embraced medical marijuana, and the...
Report Quashes Hopes for California-Backed Marijuana Bank
SACRAMENTO — California would likely lose money and face insurmountable federal hurdles if it tried to create a state-backed bank for the marijuana industry, according to a report released Thursday by the state treasurer. The report puts an end for now to hopes California could find a way to get...
Tobacco Giant Strides Into Vape Market with $13B Juul Stake
Altria, one of the world's biggest tobacco companies, is spending nearly $13 billion to buy a huge stake in the vape company Juul as cigarette use continues to decline. The Marlboro maker said Thursday that it will take a 35 percent share of Juul, putting the value of the company...
With OK from Congress, US Hemp Market Set to Boom
PORTLAND, Ore. — Hemp is about to get the nod from the federal government that marijuana, its cannabis plant cousin, craves. A provision of the farm bill that received final approval in Congress on Wednesday removes hemp from the list of federally controlled substances and treats the low-THC version of...
Medical and Recreational Cannabis Finally Get the OK in Fresno
More than two decades after California voters legalized medicinal marijuana, the Fresno City Council finally followed suit Thursday. On a 5-2 vote, with Steve Brandau and Garry Bredefeld opposed, the council approved an ordinance regulating the production and sale of cannabis — including recreational marijuana. It provided a long-awaited political victory...
With Council Poised to OK Recreational Cannabis, What Will Mayor Do?
With the Fresno City Council slated to pass regulations for the cannabis business on Thursday (Dec. 13), Mayor Lee Brand remains against allowing recreational shops in the city. After an initial debate last week, the council will vote to adopt regulations allowing multiple aspects of the marijuana business in the...
Marlboro Maker Places $2.4 Billion Bet on Marijuana
NEW YORK — One of the world's biggest tobacco companies is diving into the cannabis market with a $2.4 billion buy-in. Marlboro maker Altria Group Inc. is taking a 45 percent stake in Cronos Group, the Canadian medical and recreational marijuana provider said Friday. Altria will pay another $1.4 billion...
Can ‘Craft Weed’ Compete With ‘Big Marijuana’?
You’ve heard of Big Pharma and Big Tobacco. How about Big Marijuana? The drug’s growing legalization is raising concerns among small-scale marijuana farmers and retailers that the corporatization of weed may be right around the corner. For example, earlier this year NASDAQ became the first major U.S. stock exchange to...
Measure A: Dream for Corporate Marijuana, Nightmare for Community
The fight against legalized marijuana is far from over. With Measure A on this November’s ballot, we get an up close and personal look at what deceptive, dangerous and detrimental politics look like as the well-being of Fresno residents is discarded in favor of corporate profits. Measure A is a...