The Non-Crackdown on Out-of-State CBD Comes to an End

About a month ago, I noted that the State wasn’t really walking the walk. At the time, the State had only recently began informing CBD vendors that any food products containing CBD derived from hemp grown outside of Maine could not be sold in Maine. This ended up being much ado about nothing. As the law changed yesterday and LD 1749 takes effect, it doesn’t appear that the State ever took any real steps to enforce what it interpreted as a prohibition on out-of-state CBD. Practically speaking, none of this matters anymore, since the prohibition on out-of-state CBD is now officially over. However, I’m re-posting here a Bangor Daily News op-ed from the  several weeks ago which begs the state for a more consistent policy with regards to CBD.

For your consideration: Maine Needs Consistent Policy on Hemp and CBD

Mainers May Be Hot to Invest in Marijuana, but Out-of-State Money Is Still a Necessity

The website patch.com has posted a report that Maine is the no.1 state for marijuana investments. This doesn’t mean that Maine has the most investor dollars in marijuana, but just that Maine investors are more interested on average in marijuana stocks than investors in other states. I took interest in this report because it brings us back to our concerns over Maine’s restrictions on out-of-state investment in marijuana businesses. Sure, a high percentage of Maine residents are interested in the pot sector, but there just aren’t that many Maine investors compared to other states, and even fewer high-dollar investors. 

Starting a sophisticated marijuana business takes a lot of capital and banks are lending to this sector, so investment is needed. By necessity, the bulk of this investment needs to come from out of state to really jumpstart Maine’s adult use sector. Overly restrictive laws that prohibit this investment will only stifle the industry.

State Audit Gives New Hampshire Therapeutic Cannabis Program a Failing Grade

The results of a June legislative performance audit show that, in 2018, the State of New Hampshire failed to issue identification cards within the statutory deadline of five days after approval on 98.4% of the applications for the Therapeutic Cannabis Program. On average, in 2018, identification cards were received within 14 days after approval of the application. The 2018 numbers are an improvement over 2017, when the State failed to provide any identification cards within five days of application approval. The average turnaround time in 2017 was more than 24 days after application approval.

The failure, since inception, to provide adequate staffing and funding for the Therapeutic Cannabis Program has led advocates to push for a home-grown option. The House and Senate passed HB 364 this spring, providing a home-grown option, but Governor Sununu vetoed the bill on August 2, 2019. The House will have an opportunity to override the veto on September 18, but the prospects for success are small.