Regulatory Compliance Is Now More Accessible for the Cannabis and Hemp Insurance Market and More

Regulatory Compliance Is Now More Accessible for the Cannabis and Hemp Insurance Market

#cannabisregulation – “Regulatory compliance is the single most important risk management tool for any cannabis or hemp company and its insurer. Companies that make compliance a strategic priority significantly reduce their potential liability and the risk of litigation. Those companies that cut corners on compliance present a higher risk for fines, license revocation, property and product liability risks, recalls, and lawsuits with customers, competitors and vendors.

From an insurance underwriting perspective, it is critical to understand the extent to which any cannabis or hemp company makes regulatory compliance a business imperative. This is particularly true when one considers the impact of expected changes to the regulated marijuana industry and the hemp-cannabinoid product market over the next year or two….”

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California Gives Up on the Illegal Cannabis Market: Another Update

#californiacannabis – “California published Q4 2023 data just a few weeks ago. In a press release, the Department of Cannabis Control (DCC) director claimed (without strong evidence, I should say) that the state was “effectively decreasing the illegal cannabis market”. Here is the state’s own data for Q4 2023 and 2023 as a whole:

UCETF Operations Q4 2023 CY 2023
Search Warrants Served 24 188
Pounds of Cannabis Seized 13,393.65 189,854.02
Retail Value of Cannabis Products Seized $22,294,571.41 $312,880,014.35
Cannabis Plants Eradicated 20,320 317,834
Firearms Seized 26 119
Money Seized $35,195.25 $223,809

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Biden Administration Official Disputes Rumors Of Imminent Marijuana Scheduling Decision Amid Heightened Speculation

#cannabispolitics – “Amid swirling rumors about the possibility of an imminent cannabis policy announcement from the White House, a Biden official told Marijuana Moment on Tuesday that they’d “wave off” the speculation.

Industry stakeholders and several prominent cannabis journalists have signaled in recent days that an announcement—possibly pertaining to the ongoing review into marijuana scheduling—is coming within days. But that’s not the case, the source says….”

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Mass. Atty Gets 2 Years For ‘Corruptly’ Pushing Pot Bribe Plot

#cannabiscorruption – “A former Massachusetts attorney “violated his oath corruptly” by bribing a police chief with payments to his brother to win a local marijuana license for a client, a federal judge said Wednesday as he handed down a two-year prison term.

During a hearing in Boston, U.S. District Judge William G. Young also ordered Sean O’Donovan to pay a $150,000 fine and serve three years of supervised release, during which time he is barred from attempting to regain his ability to practice law.

A jury convicted O’Donovan in October of a fraud and bribery scheme designed to secure one of three retail marijuana licenses awarded by the City of Medford, a suburb of Boston.

The jury was shown multiple secretly recorded videos of O’Donovan meeting with the brother of the Medford police chief. The lawyer’s initial request to have the chief simply read the license application submitted by his client, cannabis retailer Theory Wellness, morphed into an agreement that the chief would alter his ranking because O’Donovan promised to pay the brother $25,000, the videos showed…”

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Fontana approves development permit for city’s first retail cannabis storefront

#californiacannabis – “Over a year after greenlighting cannabis sales in Fontana, the city is preparing to grant the first of three operational permits and has approved a development permit for Embarc, a chain of neighborhood-style cannabis shops.

In July 2022, the City Council approved retail cannabis sales in Fontana, limiting the number of retailers to three: one north of Baseline Avenue, a second between Baseline and Valley Boulevard, and the third south of Valley.

Embarc is the first to receive a development permit and likely will receive the first of Fontana’s three operational permits, Monique Carter, a city spokesperson, said in a Jan. 26 email.

The development permit allows the retailer to make minor interior and exterior improvements at the location, 9132 Sierra Ave. The development permit is conditional, based on whether the retailer receives another permit to begin operations….”

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