On Friday, Christian Bax submitted his resignation from the Office of Medical Marijuana Use, planning to leave by August 10th. Bax’s tenure was tumultuous, filled with litigation ranging from smoking marijuana to licensing issues. I often heard from patients that their wait for cards was excessively long, dispensaries were understocked, and many felt Bax was to blame. This change in leadership is great news. Deputy Director Courtney Coppola has been named the interim director.
The agency is so bogged down in litigation that the state has allocated $13.3 million for legal fees, a new seed-to-sale tracking system, and new license application reviews. This should help expedite an already long and drawn out process, and law makers have taken note. Businesses interested in Medical Marijuana and those already in the application stages should start to see improvements within the next few months.
The state announced it has enrolled over 100,000 patients in June, opening the door for four more licenses to grow and sell marijuana. However, the system is still imperfect leading to delays, issues with supplies at dispensaries, and the looming “smoking” litigation.
In other news, 3 Boys Farms sells to CannaCure/Scythian. The Canadian company will buy 60% of the shares before the end of August, with an option to acquire the rest of the company by the end of the year. The marijuana industry on a global scale is extremely lucrative, and our firm is keeping tabs on the mergers and acquisitions occurring internationally.