MARQUETTE, Mich. (WZMQ) – Cannabis has been recreationally legal in several municipalities across the country for almost 10 years. As regulations continue to shift, the NMU Cannabis Conference serves as a hub for those in the industry to talk about the shifts in market trends and the medical portion of cannabis use.
“From the regulatory perspective and the social justice perspective because we know especially from other states the communities that sort of talk about these issues proactively and along the way are communities that succeed,” commented NMU’s Dean for the College of Technology Dr. Steve VandenAvond.
Cannabis Regulatory Agency’s Executive Director Brian Hanna was one of the panelists discussing regulation in Michigan, he noted that although cannabis has ample years of stereotypes against the industry, there continues to be revenue growth and benefits for municipalities opting into the line of business.
“Some of the trends in the last two years is the tax benefits that come from regulated cannabis continue to increase, they go back to the roads, go back to schools go back to municipalities and counties,” commented Hanna.
Earlier this year, the Upper Peninsula alone received 2.8 million dollars from just cannabis tax. A concern brought up during the discussion was regarding THC-A, or tetrahydrocannabinolic acid, a non-intoxicating chemical present in cannabis. As it currently stands, this compound is unregulated, causing prices to drop.
“So their flooding the market with a product that one might not be tested so it’s not consumer safe and 2 wasn’t subject to all those high cost of entry,” commented Dickinson Wright PLLC Attorney James Martone.
All the operators licensed through the CRA have regulatory testing and fees that comply with their regulations, but when a compound in the plant isn’t regulated, those without licenses don’t have as many barriers to get established in the industry, an industry continuing to bring in billions of dollars within Michigan alone.
“A company out in say Nevada who’s selling a THC-A product isn’t having to go through that entire process isn’t necessarily going to the CRA to get their license,” continued Martone.
