The local cannabis industry generated $173,267 in application and license fees from fiscal year 2022 to the first two months of FY 2024, CNMI Cannabis Commission Managing Director Mikiotti Evangelista told the House Committee on Cannabis.
Evangelista provided the committee with industry updates on Tuesday. With him were acting Cannabis Commission Chairman Juan Iguel, Vice Chair Journie M. Hofschneider and Executive Secretary Natasha Palacios. The House Cannabis Committee chairman, Rep. Diego Vincent F. Camacho, and members asked Evangelista and the commissioners about where the industry stands now in terms of income.
Earlier this month, former Cannabis Commission Chairman Joe Palacios, whose re-nomination is expected to be confirmed soon, told the Saipan and Northern Islands Legislative Delegation that the CNMI cannabis industry was generating between $1.2 million and $1.3 million a year since 2019. He was referring to the total revenues generated by licensed cannabis growers, retailers, lounge operators and processors.
During the committee meeting on Tuesday, Evangelista told the House panel that the CNMI cannabis industry "has seen growth in the past few years."
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