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This week, Square Inc. announced that it will allow U.S. businesses to sell CBD products on its platform, while tracking payment and inventory management. Elsewhere, in Pennsylvania, Rep. David Delloso proposed legislation that would legalize adult-use cannabis and distribute it through state-run stores.
Here, we’ve rounded up the 10 headlines you need to know before this week is over.
- Federal: HeavenlyRx Ltd., a global hemp and CBD company, has entered into a signed letter of intent to acquire the national CBD brand PureKana. Under the agreement, HeavenlyRx will acquire a majority ownership stake from the company's founding members with the acquisition expected to close by the end of 2019. Read more
- Square will now allow U.S. businesses to sell CBD products on its platform, while tracking payment and inventory management. The payment platform officially launched payment processing services for the industry Oct. 3, after previously offering the services as part of a beta program. Read more
- Minnesota: Minnesota lawmakers are seeking public input on adult-use cannabis legalization through 15 “Be Heard on Cannabis” discussions, which were announced late last month. House Majority Leader Rep. Ryan Winkler (DFL-Golden Valley) hosted the second discussion in North Minneapolis on Sept. 25, where attendees throughout the Twin Cities discussed the importance of adult-use legislation that ensures local communities have control of cannabis production. Read more
- Connecticut: The state’s Board of Physicians accepted the addition of chronic pain and Ehlers-Danlos syndrome to Connecticut’s medical cannabis program. The board also discussed adding night terrors-parasomnia to the list of qualifying conditions, although the condition was ultimately not recommended. Read more
- Illinois: Illinois officials released a “disproportionately impacted areas” map of regions in the state where adult-use cannabis business applicants would get preference under the law’s social equity provision. Illinois began accepting a new round of applications for cannabis cultivation and dispensary licenses Oct. 1. Read more
- Rep. Bob Morgan (D-Deerfield) introduced legislation Oct. 2 that would require all CBD products to meet standard testing requirements set by the state’s Department of Agriculture. The bill mandates that any untested products for sale in the state be removed from both brick-and-mortar and online retailers, and those not in compliance would be fined $1,000, with increased fines for subsequent violations. Read more
- Pennsylvania: Rep. David Delloso has proposed legislation that would legalize adult-use cannabis for adults 21 and older and distribute it through state-run stores. House Bill 1899 would amend the state’s liquor code to allow for adult-use cannabis and use the current state retail system to sell it, and also includes expungement provisions that would clear the records of those previously arrested, charged or convicted under Pennsylvania’s Controlled Substance, Drug, Device, and Cosmetic Act. Read more
- California: Most California voters want a cannabis dispensary close to home—a licensed storefront operating in their own city—according to a new UC Berkeley Institute of Governmental Studies poll conducted for the Los Angeles Times. All told, 63 percent of California voters are interested in seeing more dispensaries open shop nearby. Read more
- Nevada: Las Vegas’ NuWu will open Nevada’s first cannabis tasting lounge Oct. 5, allowing customers to sample products as they would at a craft brewery or wine tasting room. Las Vegas city officials approved the lounges earlier this year, but Gov. Steve Sisolak signed a bill in June that overhauled how Nevada’s cannabis industry is regulated, which placed a hold on licensing cannabis lounges (NuWu is located on sovereign tribal land and thus subject to tribal authority). Read more
- Canada: Canopy Growth Corporation has completed an all-cash transaction to purchase a majority stake in BioSteel Sports Nutrition Inc., a producer of sports nutrition products. The transaction provides Canopy Growth with a platform to enter the sports nutrition and hydration segment, and lays the groundwork for the adoption of CBD in future product offerings, including products to be sold in the U.S. Read more
