Cannabis Law Newsletter by HK Cannabis Law – January 7, 2022

In today’s HK Cannabis Law Newsletter, we present news on the latest state-level legalization efforts, increased M&A activity in the cannabis industry, including the industry’s first leveraged buyout and an acquisition deal that resolves litigation between the two companies, the end of the federal cannabis cultivation monopoly, and more!

  • The DEA has authorized two cannabis companies to harvest marijuana for research purposes, ending a five-decade federal cannabis cultivation monopoly and paving the way for future research on the health-risks and medicinal qualities of cannabis.

  • Multi-state operator MariMed has reached an agreement to acquire Maryland-based Kind Therapeutics.

  • The announcement of MariMed’s acquisition of Kind Therapeutics comes on the heels of an opinion issued, but not formally published, by the Maryland Court of Special Appeals last month, upholding a preliminary injunction in favor of MariMed in pending litigation between the two companies over the collapse of their negotiations for a joint venture.

  • The cannabis industry sees its first leveraged buyout deal in Curaleaf Holding’s acquisition of Bloom Dispensaries.

  • Cannabis M&A activity is expected to continue accelerating in 2022.

  • Medical marijuana legalization will be a top priority of Democratic leaders in Kentucky in the upcoming 2022 legislative session.

  • Cannabis activists in Oklahoma are working to get recreational cannabis legalization on the ballot in 2022.

  • Democratic senators in Iowa have proposed a constitutional amendment to legalize recreational marijuana, which they hope to get on the ballot in 2024.

  • Activists in Wyoming collected insufficient signatures to put decriminalization and medical marijuana legalization on the ballot in 2022 and are now targeting 2024.

  • California’s Department of Cannabis Control is now accepting requests for license fee waivers from equity business applicants.

  • A new report from the Marijuana Policy Project shows that cannabis sales since 2014 have produced $10.4 billion in tax revenue, with more than $3 billion reported (so far) for 2021.

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