Jersey, Germany, Billionaires, and Cannabis | Loud Cannabis News – Feb 25, 2021
Getting Jolly in Jersey
Of all the United States, New Jersey is the most recent to officially permit recreational cannabis use. The New Jersey state legislature recently approved a series of bills that regulates the sale of cannabis to those of 21 and over. Gov. Phil Murphy was said to have signed the bills into action this week.
The New Jersey governor’s delivery in cannabis news this week came in succession to his 2017 campaign promise. Now, he signed for legislative cannabis for adults, and decriminalizes the possession of up to six ounces of the drug. Moreover, the new code solidifies criminal justice reforms that will upend how police officers interact with offenders under 21.
Despite New Jersey’s strong notions of ridding Reagan-era drug policies, progressive Democrats reportedly came close to rejecting the measures. That said, under the new rules, the state of New Jersey’s Cannabis Regulatory Commission (CRC) will oversee the applications for licensing of new and upcoming cannabis businesses.
This new legislation is said to establish an industry that brings economic opportunity to communities while establishing standards for safe products. It furthermore allows law enforcement to focus their resources on real public safety matters, as opposed to minor cannabis-related offences.
The legislation further promotes and allows for the reinvestment of cannabis revenues in designated areas. This also directs the CRC to promote diversity and inclusion in the realm of business ownership – and provides employment protection for those who engage in legal behavior regarding cannabis.
Germany gets High on Imports
Furthermore in cannabis news this week, we see Germany shifting away from the Netherlands and Canada, to include cannabis imports from countries with potentially lower production costs. These countries could include Uruguay and Portugal.
Simultaneously, as cannabis supply into Germany increases, so does the competition for producers and wholesalers. And in the light of this, the first medical cannabis products cultivated and manufactured in Germany itself are expected to hit the market soon.
It is estimated that domestic cultivators will supply Germany with a minimal 2,600 kilograms of medical cannabis per year. So, the best response to the competition must involve the tactical use of appropriate sales resources in addition to marketing of extract and isolate products which are all the more popular.
Cannabis is the New Bubblegum
Talking of cannabis news and business, the billionaire and bubble gum heir William “Beau” Wrigley Jr. is taking his cannabis company Parallel public to new heights. Wrigley believes his cannabis company could one day rival his family’s old business. The plan is to merge with a company backed by Scooter Braun.
While Scooter Braun will serve as a special advisor and help with branding and marketing, Wrigley, who is chairman and CEO of Parallel, will remain at the helm once the deal closes.
Wrigley told Forbes in an interview that he bets this can be bigger than the Wrigley company. This is much more than bringing joy to people’s lives. Wrigley’s great-grandfather founded the company in the late 1800s, and took over as CEO and chairman in 1999.
South Africa Well on Way to Commercialization
In Johannesburg, South AFrica, the Gauteng Premier David Makhura wants the province to be South Africa’s industrial processing hub for cannabis. Speaking during his State of the Province Address on Tuesday, Makhura touched on the provincial government’s plans to capitalise on the decriminalisation of cannabis for personal use.
The Constitutional Court decriminalised the use of cannabis in 2018, while the gap remains in the form of yet-to-be formally regulated. And with that said, it’s a wrap for this week’s cannabis news. Stay tuned for more each week!