Edmonton, May 28-30, 2023

Due to the numerous requests from LPs. Micro and Craft growers along with some of the largest cannabis retail stores in the nation, Grow Up has decided to bring our award winning show to Alberta. We will be hosting our 7th Conference and Expo at the Edmonton Convention Centre in beautiful downtown Edmonton.

420 with CNW — Governor Signs Bill Legalizing Recreational Cannabis in US Virgin Islands

Cannabis News Wire, Media Partners

This post is presented by our media partner Cannabis News Wire

View the original article here.

The U.S. Virgin Islands is the most recent region in the nation to end cannabis prohibition after Governor Albert Bryan Jr. formally signed two bills legalizing marijuana and facilitating cannabis expungements. Bryan signed the bill just a few days before its 10-day deadline. He also used the occasion to issue a proclamation allowing people to seek pardons for previous cannabis possession convictions.

The governor stated that since the Bryan-Roach Administration started working, officials have operated toward the decriminalization of marijuana use for adults. He also noted that following the personal effort of the representatives in the 34th Congress and preceding legislatures as well as the initiatives of his team, the government has signed into law the Virgin Islands Marijuana Use Act.

According to Bryan, the legislation incorporates key elements of his original proposal, including a simplified regulatory structure for both treatment and adult consumption, enforcement authority for the Department of Marijuana Regulation, entrepreneurial and job creation for Virgin Islands inhabitants, and the establishment of a stream of revenue to help finance essential government programs and operations.

Key clauses in the USVI bill include:

  • Anyone over the age of 21 may possess up to two ounces of cannabis, 14 grams of marijuana products, and an ounce of cannabis-infused tinctures, edibles and ointments.
  • The law will establish the Office of Cannabis Regulation (OCR), which will be in charge of licensing cannabis businesses, regulating the market, and establishing guidelines for packaging, labeling and marketing.
  • There will be different license and permission categories, including those for cannabis producers, distributors, growers, microgrowers, testing facilities and onsite consumer establishments.
  • For every one of the region’s major islands, the Office of Cannabis Regulation will have a limit on the number of licenses it can issue. From Jan. 1, 2025, regulators may issue additional permits if a study is done proving that the extension is required to satisfy customer demand.
  • Cannabis users who use the substance for ceremonial purposes can seek their own growing licenses.
  • On marijuana acquired through dispensaries, there’s going to be a tax of at least 18%, but this won’t be the case for medicinal marijuana. The legislation also specifies licensing costs and imposes a tax of $0.5 per gram on marijuana growers who sell their product to any other licensees.
  • Cannabis-related products will be subject to a trace-and-track scheme.
  • The legalization measure also includes a number of equity provisions, such as priority application ranking for women, people of color, and business owners who have suffered service-related injuries.
  • The maximum THC content for edibles is 100 milligrams with a 10-milligram maximum per serving.
  • The ownership of a marijuana company must also meet residency criteria.

As this cannabis market gets underway, those who qualify to grow their own cannabis could benefit from the cutting-edge indoor cultivation equipment available on the market from several companies, including Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.

The post 420 with CNW — Governor Signs Bill Legalizing Recreational Cannabis in US Virgin Islands appeared first on CannabisNewsWire.

This post was originally published by our media partner here.