RSS Marijuana Investing News
  • Marijuana News Is Moving December 19, 2018
    News content on Marijuana.com is being reborn as Weedmaps News at news.weedmaps.com. While our URL has changed, you can still find breaking news, political coverage, science explainers, and deep dives into the culture of cannabis. The Marijuana.com archives remain available, with the exception of recent selections that have transferred to Weedmaps News. While Marijuana.com won’t […]
    Nicolas Juarez
  • Rights Groups, Unions Call for Ending Marijuana Prohibition December 14, 2018
    A coalition of major civil rights organizations, labor unions and other groups is calling on Congress to completely remove marijuana from the Controlled Substances Act and divert revenue to communities that have been harmed by the enforcement of cannabis prohibition.   “Pass legislation de-scheduling marijuana with racial equity and justice reform components,” reads one recommendation […]
    Marijuana Moment
  • How Trump Government Shutdown Threat Could Affect Marijuana December 13, 2018
    President Donald Trump is threatening to shut down the government if Democrats refuse billions of dollars in funding for a border wall — but the consequences of that action would extend far beyond border security. WASHINGTON (AP) — Trump threatens gov't shutdown in heated meeting with Dem leaders over border wall, squabbling over election results. […]
    Marijuana Moment
  • Elon Musk Confesses: ‘I Have No Idea How To Smoke Pot’ December 12, 2018
    Elon Musk got himself into a bit of trouble after smoking marijuana during an appearance on Joe Rogan’s podcast in September 2018. The move reportedly led to NASA launching an investigation into his company SpaceX’s “workplace safety” and “adherence to a drug-free environment.” But now, in a new interview 60 Minutes, the Tesla founder indicated […]
    Marijuana Moment
  • Cannabis May Qualify for Study Grants as ‘Natural Product’ December 11, 2018
    Federally funded research into marijuana seems to be escalating, with one government agency recently posting a roundup of current “cannabinoid-related funding opportunities” for studies investigating the plant’s therapeutic potential. The National Center for Complementary and Integrative Health (NCCIH) on Dec. 8, 2018, shared a list of four research grant opportunities for studies on “natural products” […]
    Marijuana Moment
  • Surgeon General: Schedule I Hinders Researching Marijuana December 7, 2018
    U.S. Surgeon General Jerome Adams said the federal government should rethink how it classifies drugs like marijuana Dec. 6, 2018, voicing concern that the plant’s current status as a strictly controlled Schedule I substance inhibits research. Adams, who’s previously expressed interest in expanding research into the use of cannabinoids for therapeutic purposes, made the comment […]
    Marijuana Moment
  • Colorado County Considers Canceling Cannabis Convictions December 6, 2018
    BOULDER, Colo. (AP) — Prosecutors in a Colorado county are preparing to dismiss and seal thousands of marijuana possession convictions after state voters legalized the use and sale of cannabis in 2012. The Boulder Daily Camera reported that the Boulder County District Attorney’s Office as part of a “Moving on from Marijuana” program has identified […]
    Associated Press
  • GOP House Leader Calling for Legal Marijuana in Rhode Island December 5, 2018
    The Republican leader in Rhode Island’s House of Representatives thinks the state should fully legalize marijuana. But while that news would typically bode well for reform efforts in state legislatures, the problem is that the Democratic speaker isn’t quite on board — and the House is dominantly controlled by Democrats. In an interview with Rhode […]
    Marijuana Moment
  • ‘Compromise’ Medical Marijuana Bill is Made Into Law in Utah December 4, 2018
    Utah lawmakers approved a controversial medical marijuana bill in a special session Dec. 3, 2018. There’s your final vote on the medical marijuana “compromise.” #utpol pic.twitter.com/w9Ip3KQE8E — Robert Gehrke (@RobertGehrke) December 3, 2018 During the Nov. 6, 2018, election, Utah voters passed a separate medical cannabis initiative, Proposition 2, that would allow patients with certain […]
    Marijuana Moment
  • Study: Vaporizing Flower Produces A More Intense High Than Traditional Smoking Methods December 4, 2018
    Vaping marijuana flower gets you higher than smoking it, according to a new study published in an American Medical Association journal. To test the difference, researchers started by recruiting 17 people who’d consumed cannabis in the past year but had abstained for at least one month. Each individual participated in six sessions that lasted 8 1/2 […]
    Marijuana Moment
mentor36 May 7, 2019

Last weekend, Illinois Governor J.B. Pritzker announced the introduction of a bill that would legalize adult-use cannabis, allowing medical dispensaries to begin sales for anyone over the age of 21. According to the Chicago Sun Times, the major focus for Governor Pritzker on legalizing cannabis is on things like social equity and criminal justice.

Illinois Governor J.B. Pritzker

Rather than touting the tax dollars that could be raised, like other state governments are often eager to highlight, Governor Pritzker’s announcement was about racial equality and helping those disproportionately affected by the drug war. “We are taking a major step forward to legalize adult use cannabis and to celebrate the fact that Illinois is going to have the most equity-centric law in the nation,” Governor Pritzker told members of the media during a press conference. “For the many individuals and families whose lives have been changed, indeed hurt, because the nation’s war on drugs discriminated against people of color, this day belongs to you, too.”

The legislation includes a provision for automatically expunging about 80,000 convictions related to cannabis, allowing those with convictions to work in the newly-legal Illinois cannabis industry. It also includes a provision for license applicants to be designated as social equity applicants, where lawmakers are hoping to encourage minority-owned business growth. They plan on waiving fees as well as helping social equity applicants get better access to capital and business loans.

This is not the first time that Democrats in the Illinois state legislature have attempted to legalize adult-use cannabis. Back in 2017, state Representative Kelly Cassidy and state Senator Heather Steans, the two lawmakers sponsoring this bill, sponsored a legalization bill that failed to garner support. Back in late January of 2019, Governor Pritzker, Rep. Cassidy and Sen. Steans announced their plans for legalization. Introducing this bill to the legislature this week takes their plans and the state of Illinois one step closer to adult use legalization.

During the press conference, Sen. Steans mentioned they want to make sure revenue from the new market will benefit residents of Illinois. According to the Chicago Sun Times, the bill allows for 25% of tax revenue would go to helping those disproportionately affected by the drug war and 20% would go to mental health and substance abuse treatment.

That revenue, an estimated $170 million, will mainly come from licensing fees in 2020. Cannabis products with less than 35% THC content would be taxed at a fixed 10% rate, while products with more than 35% THC would be taxed at 20%. The bill would also allow people in Illinois to grow up to five plants at home.

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