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Rhode Island’s Governor signs adult-use cannabis into law

CONGRATULATIONS

Rhode Island is the 19th state to legalize adult-use cannabis

Gov. Dan McKee of Rhode Island signed the state’s adult-use cannabis bill into law on Wednesday, making it the 19th state to do so, per WPRI.

The law will also automatically expunge some cannabis convictions by July 24, 2024 and reserves 25% of retail licences for worker-owned co-ops and 25% for social equity applicants. 

“This bill successfully incorporates our priorities of making sure cannabis legalization is equitable, controlled and safe,” McKee said, adding that it’s “a win for our state both socially and economically.”


Enjoy Cannabis Daily each morning at 7 a.m.

DON’T TOKE ON TIK TOK

TikTok bans New York cannabis PSAs

A series of cannabis public service announcements asking New Yorkers to “be mindful of your smoke in public” among other messages have appeared on billboards, public transit vehicles, TV and social media networks. 

But according to the New York Office of Cannabis Management, TikTok has rejected the ads claiming they’re unsuitable according to the company’s advertising policy, per Rolling Stone. According to the state regulator, the social network’s younger demographic is exactly who they’re trying to reach with some of their messaging, which includes warnings that cannabis is still illegal for those under 21 because younger brains are still in development.

TikTok’s policy reads that it won’t host the “promotion, sale, solicitation of, or facilitation of access to illegal drugs, controlled drugs, prescriptive drugs, drugs for the purpose of recreation, homeopathy, enhancement, performance, including weight loss.”


HIGH TAXES

Stand for Craft report warns that excise taxes are destroying smaller producers

Canadian craft cannabis advocacy group Stand for Craft has published a report demonstrating how excise taxes are making it difficult for smaller cannabis producers to be economically sustainable.  

Written by Tantalus Labs’ Dan Sutton, Lucas Jenkins and Charlotte Bowyer, the report argues that larger companies are able to withstand low prices and pay out the $1/gram excise tax as their smaller competition falls to the wayside.

“Over the first three years of legalization, few firms of any size have generated breakeven income consistently,” they write. “Most independent operators are on the path to insolvency within the next 12 months. Without survivable income, independent craft growers will struggle to continue the trend of illicit market displacement and conversion, causing irreparable damage to the future of Canadian cannabis legalization.”


EU INVESTMENT

LYPHE Group raises £5 million for expansion

The UK’s LYPHE Group will expand into “multiple markets” with the £5 million the company raised in its latest round led by Leafy Tunnel, per BusinessCann.

The capital will be used to bring LYPHE’s vertically integrated medical cannabis company to Switzerland, Australia and Germany.

“The countries they are aiming to expand in, the way cannabis is administered is similar to the UK,” said Leafy Tunnel co-founding partner Bek Muslimov. “So the business model that they were able to nail in the UK seems to be replicable in the markets it’s targeting.”


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