Colorado-grown hemp makes up more than half of U.S. domestic hemp production, said Duane Sinning, assistant director of Colorado Department of Agriculture’s plant industry division, and interest in the crop has grown exponentially since it became legal. The market is worth millions of dollars, but it’s difficult to get a more specific idea of its value because the industry is changing so rapidly and prices fluctuate so quickly, Sinning said.
Essentially, the tribes are being asked to submit to the authority of California cannabis officials to enter the regulated MJ industry set to launch in January.
The situation has some in the tribal community crying foul.
“Under the state regulatory system, it seems that those licensees of the state will not be permitted to obtain (MJ) product from anyone who isn’t licensed by the state,” said Mark Levitan, a California attorney who represents three tribes already operating in the state’s medical cannabis industry.
Eisenberger says he, his wife and his family are shareholders in a local licensed production facility he won't name.
He saw it as an "investment opportunity" about six months ago, he says, and "I thought it was a good idea."
Eisenberger's investment came to light on Wednesday, when he declared a conflict of interest in a debate about marijuana production facilities on farmland. Council members declare conflicts when they stand to benefit financially from decisions.
A California company hopes to develop a $30M hemp processing plant in western Kentucky. Kings Royal Biotech of San Diego, California along with an unnamed Chinese partner plan to begin the processing of more than a thousand acres of hemp in Carlisle and Hickman Counties, with the 2018 Hemp harvest.
African countries are now seeing the economic value of legalizing cannabis. According to a UN survey, over 10,000 tons of the plant are already being produced in the continent each year which could translate to billions of dollars in the legal cannabis market.
The Complete List Of Qualifying Health Conditions For Medical Marijuana In Every State (Alphabetically)
“We do not understand why the same principle, of a low tax for marijuana, is not being applied to tobacco,” said Jorge Araya, President and CEO of Imperial Tobacco Canada. “Right now, 70 percent of the price of a cigarette goes to the government. It’s absolutely draconian.”