In this week’s cannabis news round-up, Luxembourg legalizes adult-use cannabis; adult-use sales top $100 million in Arizona; a new report shows the extent of Oklahoma’s oversupply of medical marijuana; and “American Pot Story: Oaksterdam” makes its Hollywood debut.
Luxembourg has become the second European Union country to make cannabis possession and cultivation legal for personal use. The new law, which was approved by a vote of 38 to 22, allows adults to possess three grams of cannabis for personal use and grow up to four plants.
While the personal use of cannabis has been legalized, possessing, consuming, transporting or purchasing cannabis in public areas is still not allowed. The penalties for violating these restrictions have been reduced, with fines ranging from €25 ($27) to €500 ($544) for quantities up to three grams. However, if the possession exceeds three grams, individuals may face criminal proceedings lasting from eight days to six months, along with fines ranging from €251 ($273) to €2,500 ($2,722).
MP Josée Lorsché, a member of the Green Party and the Judiciary Committee, expressed that the next phase of cannabis reform in Luxembourg will involve developing regulated systems for cannabis production and sales, which the government will manage.
Luxembourg decriminalized cannabis in 2001 and legalized medical cannabis in 2018.
New data reveals that adult-use cannabis sales in The Grand Canyon State surpassed $100 million in March, the first time the significant milestone has been reached since sales began in 2021. Meanwhile, the medical cannabis market has remained relatively stable around the $30 million mark per month.
The market has shown notable growth, with reported totals surpassing the medical market in two of the past three months. In April, recreational sales reached nearly $86.5 million, while March sales just fell short of $101 million. This marks the first time the recreational market has reached the nine-figure mark since its launch in January 2021.
Previously, combined medical and recreational sales surpassed $100 million in March 2021, with medical sales slightly exceeding $73 million and recreational sales hitting $59 million. Since then, monthly cannabis sales have consistently exceeded $100 million, but this is the first time that one market segment has achieved this milestone individually.
Adult use sales for December 2022 through February 2023 amounted to $93.4 million, $91.3 million and $84.5 million, respectively. On the other hand, medical sales have experienced a consistent decline since reaching a peak of $73.3 million in April 2021 compared to $30.3 million on April 2023.
A recent study conducted by the Oklahoma Medical Marijuana Authority (OMMA) has revealed that the Sooner State’s medical market has an oversupply that is at least 32 times higher than the demand from patients.
The report, based on surveys with more than 1,300 cannabis consumers across Oklahoma, confirms what many in the industry suspected: the state is facing a significant oversupply issue with regulated cannabis. Its MMJ market experienced rapid growth with limited regulations and enforcement, resulting in the emergence of unlicensed operators.
To address the oversupply issue, regulators and lawmakers have taken measures such as extending the moratorium on issuing new medical cannabis business licenses until August 1, 2026. Law enforcement has also shut down numerous illegal grow operations across the state.
As of the latest OMMA statistics, Oklahoma has 6,563 registered growers, a decrease of over 500 since January. By the end of May, the number of registered medical patients stood at approximately 356,000.
The award-winning documentary American Pot Story: Oaksterdam made its Hollywood debut on June 29 at the historic TCL Chinese Theatre at the famous Dances With Films (DWF: LA) Festival.
Demand for tickets was so high that the screening quickly sold out, and it had to be moved to a larger theater within the complex to accommodate attendee numbers.
Directed by renowned filmmakers Dan Katzir and Ravit Markus, American Pot Story: Oaksterdam tells the full, untold story of the Oakland-based underdogs who risked everything to spark a global revolution in cannabis policy.
Katzir and Markus spent a decade with OU Founder Richard Lee and Executive Chancellor Dale Sky Jones during their campaign efforts to get California’s Prop 19—a measure to legalize cannabis—on the ballot in California.