The Business of Cannabis: What does it mean for you?

A Growing Industry

The industry around cannabis, hemp, marijuana, CBD is growing. Eleven states and Washington D.C. have legalized recreational marijuana, and 33 states, including CT, have legalized it for medical purposes. Since the passage of the 2018 Farm Bill, which legalized growing hemp, its derivative cannabidiol (CBD) has been marketed in oils, creams, foods and beverages and developed into an industry of its own.

The explosion of the cannabis market and the shifting position of state governments on the role of marijuana brings forward significant questions related to state vs federal law, regulation, trade, health and safety.

As governments navigate these complex legal waters, opportunities and impacts are being identified in the private sector as well. The industry is presenting financial opportunities to those with ready capital, but banking laws are governed by federal restrictions. The differences in state and federal law also impacts employment law and those working on government contracts.

As these issues extend beyond those engaged in the industry, state governments are coming together to share their experiences in this complicated regulatory environment.

Learn about our state’s management of the industry from Michelle Seagull, Commissioner, CT Dept. of Consumer Protection, and gain insight on successes and challenges in Massachusetts from Kay Doyle, Esq., Commissioner, Cannabis Control Commission when they speak at the Chamber’s Business Breakfast on January 30, 7:30 – 10 a.m. at the Holiday Inn Norwich. In addition to the speakers’ presentation beginning at 8 a.m., there will be a mini-expo of those engaged in the industry ready to share information.

Connecticut’s Medical Marijuana Program

Commissioner Seagull will discuss Connecticut’s Medical Marijuana Program, regulated by the state’s Department of Consumer Protection, Drug Control Division. While the program was signed into law in May of 2012, medication first became available to patients in September of 2014. At that time, there were under 3,000 registered patients with only 11 conditions. Now, the program has expanded to support nearly 40,000 patients with 36 conditions approved for adults, and 10 for patients under 18, which make up a very small sliver of the state’s patients. The program has also grown from six dispensary facilities to 18. The program is the first in the nation built on a true medical model and does not break the relationship between a certifying practitioner (physician or APRN), pharmacist, and patient. The dispensary facilities are also regulated similarly to pharmacies.

“We’re proud to see that the medical marijuana program has grown thoughtfully, and is supporting so many people in Connecticut with severe debilitating conditions. We know that it’s incredibly valuable for families to have more options for treatment, and to ensure that the medication they are getting is made with pharmaceutical quality checks in place, and is overseen carefully by the state,” said Commissioner Seagull.