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Miami Herald
7 days ago
- Business
- Miami Herald
Ohio's revenue and pitfalls provide insight amid Pennsylvania's marijuana legalization battle
A preview of a possible future policy debate in Pennsylvania - with such questions as: "Should we let them grow 12 pot plants or six?" and "What about all those Poison Control calls?" - now is playing out in Ohio. The Buckeye State was the most recent of Pennsylvania's neighbors to legalize recreational marijuana. About 10 months into the new era, lawmakers in Columbus already want to overhaul the law that made cannabis legal. It's happening just as Pennsylvania lawmakers are reaching crunch time in their own marijuana musings. Gov. Josh Shapiro, a legalization advocate, tucked $500 million-plus in anticipated revenue from legalization into his proposed 2025-26 budget, and the deadline for state budget approval is June 30. Ohio, like Pennsylvania, has allowed medical marijuana sales for years. But reviews of how things have gone since recreational sales began on Aug. 6 are decidedly mixed. "I am not sure they did anything right," Tim Johnson, a consultant who has testified in the Statehouse in Columbus, said of the law's creators. Johnson, a retired Ohio law enforcement officer, consults for the marijuana industry and advocates for veterans, consumers and patients. Ohio's law got on the books via a Nov. 7, 2023, voter referendum. Tom Haren, an attorney with a Cleveland firm and a leading proponent of the ballot measure, praised its success. Naysayers, he said, have been proven wrong. "As expected, a dispensary shows in somebody's neighborhood, and all of the boogeymen that the prohibitionists warned about never show up," Haren said. Almost a year into the experiment, Ohio lawmakers have proposed changes to the revenue flow; putting a cap on the number of dispensaries; changing the licensing setup; and reducing the number of plants that can be grown in a home from 12 to 6. The activity in Ohio has the attention of Pennsylvania lawmakers. And it has fueled proponents' arguments that potential tax revenue is leaving Pennsylvania as marijuana buyers head to other states. Pennsylvania is "late to the game" but can "learn from the mistakes" elsewhere, Democratic Rep. Rick Krajewski of Philadelphia told a House committee in Harrisburg on May 5. A 173-page legalization bill he sponsored passed the Democratic-controlled House that week, but was then voted down by a Republican-controlled Senate committee. Ohio's 2023 approval happened via an "initiated statute" process in which non-lawmakers who feel an issue has been mishandled or ignored can have a proposed law put to a vote of Ohio residents. At the time of the Ohio vote, four other Pennsylvania neighbors - New Jersey, New York, Maryland and Delaware - had all made recreational cannabis use legal within the previous three years. The Ohio ballot measure passed by a 57% to 43% margin. The law created a Division of Cannabis Control to oversee the system. It set a specific limit on the level of tetrahydrocannabinol, or THC, content permitted; allowed the growing of 12 marijuana plants in a home where two or more people who are over 21 reside; and set an "adult use cannabis tax" of 10% on marijuana purchases made at dispensaries. It also left the state's medical marijuana program intact. How it has worked in Ohio As of May 24, Ohio's 10-month-old recreational industry had sold 81,900 pounds of marijuana for nearly $540 million via nearly 7.5 million individual transactions. The 147 licensed dispensaries pay an initial fee of $70,000 and another $70,000 every two years for license renewal. Another 12 dispensaries are operating on provisional licenses. There are also 37 holders of licenses for growers and cultivators. The most popular level of that license has an annual license renewal fee of $200,000. Testing labs also must be licensed. What Ohio did not do, according to Johnson, was protect consumers, patients and workers. In fact, Johnson said the Ohio law created an "entrapment program" for users because it failed to increase what he described as the ultra-low levels of metabolized marijuana that currently exist in state law as measuring sticks for intoxication. Hence, Johnson said, someone who uses a small amount of marijuana one day may still have a threshold-breaking blood- or urine-test level weeks later. For employers, he said, this means a lot of positive drug tests among prospective employees. "Employers are starting to find out, 'Hey, we've got to stop testing for THC so we can hire people,'" Johnson said. The Ohio statute allows the Legislature to change the referendum-adopted law, and multiple change bills have been submitted. Haren, who views the Ohio program as a success, said it helped to build it off the existing medical marijuana infrastructure. Medical sellers were able to accommodate additional requirements under the new recreational law and - in Haren's view - operationally flip a switch and sell to both markets. "The only real difference is who is eligible to buy it," he said. Children, poisonings and hospitals Still, the broader Ohio discussion isn't over on whether recreational marijuana is a good thing. Testimony submitted to Ohio lawmakers a few weeks ago by a group of medical leaders at the state's children's hospitals sounded an alarm. "The number of accidental poisonings reported to Ohio Poison Centers for all age groups has increased 20-fold from baseline levels prior to the introduction of retail medical marijuana in early 2019," they said, with younger children suffering the most. Symptoms can include hallucinations, confusion, loss of consciousness and respiratory failure. In 2024, they said, nearly 500 children under 6 years old were seen in emergency rooms after ingesting a THC-based product. The much-respected Cleveland Clinic maintains a list of marijuana risks on its website that include an increased chance of auto crashes; increased chance of injury among adults over 65; contamination with pesticides or other harmful substances; and an addiction rate of about 1 in 10 adult users. Aaron Baer, president of the Columbus-based nonprofit Center for Christian Virtue, said his advice to Pennsylvania lawmakers is to "run away from this as fast as you can, for your kids' sake." In terms of academic achievement, economic development and helping people in poverty, it is difficult to argue that having more marijuana users benefits a state, he said. "It goes contrary to everything else we say we care about," he said. How other states did it Among Pennsylvania's neighbors, West Virginia is the only state that has not decriminalized recreational marijuana. And while the other states changed their laws in somewhat quick succession, they did it in different ways. In 2021, the governors of New Jersey and New York each signed bills that allowed marijuana use, and in 2022 Maryland voters passed a ballot referendum on the issue with 67% of voters in favor. In 2023, Delaware Gov. John Carney put out a statement that said he remained concerned about marijuana legalization, and "especially about the potential effects on Delaware's children, on the safety of our roadways and on our poorest neighborhoods." Carney declined to sign two bills that reached his desk - one to remove all state-level penalties for simple possession and the other creating regulations - and the bills lapsed into law. In Harrisburg, legalization concepts continue to percolate after the May 13 Senate committee shootdown of the House-passed bill. The Senate and House return to Harrisburg for voting sessions starting Monday. _____ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
20-05-2025
- Business
- Yahoo
Health In Tech to Participate as Gold Sponsor at American Trust Investment Services National Conference 2025
STUART, Fl., May 20, 2025 /PRNewswire/ -- Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced that CEO Tim Johnson and CFO Julia Qian will represent the company as a Gold Sponsor at the American Trust Investment Services National Conference 2025, to be held June 16–18, 2025, at the Andaz Hotel in San Diego, California. Hosted by American Trust Investment Services, this exclusive event will bring together registered representatives, advisors, and preferred sponsors for an immersive three-day conference focused on business growth, collaboration, and innovation in financial services. As a Gold Sponsor, Health In Tech will showcase its leading AI-backed underwriting technology and self-funded healthcare solutions designed for small and mid-sized businesses. "We're excited to join the 2025 American Trust National Conference as a Gold Sponsor," said Tim Johnson, Chairman & CEO of Health In Tech. "This event provides a unique opportunity to connect with influential advisors and share how our platform is enhancing transparency, efficiency, and affordability in healthcare benefits." HIT will actively participate in one-on-one meetings, engage with attendees in the vendor room, and present its strategic vision to raise awareness of its platform and highlight its role in driving innovation across the healthcare industry. About Health In Tech Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at About American Trust Investment Services American Trust Investment Services, Inc. ("ATIS") is a privately owned boutique broker-dealer and investment advisory firm serving clients nationwide. ATIS offers a full range of traditional and alternative investment solutions, including wealth management, insurance consulting, and access to capital markets. With clearing services through RBC and custodial relationships with leading financial institutions, ATIS is committed to supporting advisors through integrity, flexibility, and personalized service. Learn more at Use of Forward‑Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. Investor ContactInvestor Relationsir@ View original content to download multimedia: SOURCE Health In Tech Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
GTCR Announces Investment in JMG Group
GTCR partners with CEO Nick Houghton and Synova to accelerate JMG's expansion across the UK insurance market CHICAGO, May 13, 2025 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire leading UK insurance broker JMG Group ("JMG" or the "Company"), in partnership with existing investor Synova LLP ("Synova"), a leading European mid-market investor. GTCR and Synova will collaborate to support JMG's strong existing management team, led by CEO Nick Houghton, which will continue to operate the business and retain substantial equity ownership. Headquartered in Leeds, United Kingdom, JMG Group is a leading UK insurance broker providing comprehensive risk management solutions to small and medium-sized enterprises and high-net-worth individuals. Founded in 2020 through a partnership between CEO Nick Houghton and Chairman Tim Johnson, JMG has rapidly scaled into a top 30 UK broker, placing over £350 million in gross written premium annually. With a team of over 750 insurance professionals across the country, JMG has a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth. JMG represents the latest partnership in GTCR's long history of investing in the insurance ecosystem. GTCR previously founded brokerages Alliant Resources and AssuredPartners and invested in high-net-worth insurance brokerage Winged Keel, insurance carrier Ironshore and insurance technology and data companies itel, Solera and UK-based Premium Credit Limited. This partnership with JMG further builds on that track record as GTCR continues supporting leading platforms across the entire insurance value chain. "JMG is an exceptional business with a proven track record of M&A execution and organic growth, driven by the outstanding leadership of Nick Houghton and his team," said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. "At GTCR, we empower talented leaders to drive transformational growth in great businesses, while preserving the values and culture that made them successful. We believe Nick and the JMG team exemplify this approach, and we are excited to partner with them to support the next phase of growth, drawing on insights from our decades of successful investments in the insurance sector." "From the start, we've built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service. That foundation has fueled our rapid growth and made JMG a natural home for entrepreneurial brokerages across the UK," said Nick Houghton, CEO of JMG Group. "With the GTCR partnership, we're joining forces with a team that shares our long-term vision and core values, and we look forward to leveraging their expertise to accelerate our growth and continue delivering lasting value to our trusted clients." "The JMG partnership builds on GTCR's successful track record of backing proven leaders and high-quality businesses across Europe, particularly in markets like the UK insurance sector where we have deep history across several deals, including Premium Credit Limited and Callcredit Information Group. That history creates domain expertise and conviction regarding the sector's strong long-term fundamentals," said Michael Hollander, Managing Director at GTCR. "We're excited to support JMG in partnership with Synova during this next chapter and help accelerate their continued growth in a market and geography we know well." The transaction is expected to close in the third quarter of 2025. Morgan Stanley & Co. LLC and Jefferies Group LLC acted as financial advisors, and Kirkland & Ellis LLP acted as legal counsel to GTCR. About GTCR Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit Follow us on LinkedIn. About Synova Synova is recognized as one of Europe's most innovative growth investors, generating market leading returns investing in companies valued between £20 and £250 million in the UK, Ireland, and continental Europe. Synova has been consistently recognized as one of the best performing global managers by industry benchmark, Preqin, and was recently awarded Private Equity House of the Year at the 2025 Private Equity Awards. About JMG Group JMG Group was established in 2020 following a management buyout of JM Glendinning Insurance Brokers led by Group CEO Nick Houghton and backed by Synova. The JMG Group has ambitious growth plans, built upon supplementing strong organic growth with a series of complementary strategic acquisitions. Now operating with a team of over 750 colleagues across 45 offices – stretching from the highlands of Scotland to the south coast of England – JMG Group has built its reputation as one of the UK's leading insurance brokers through its quality team and range of client services. GTCR Media Contact:Prosek PartnersJosh Clarkson / Ryan Smith212-279-3115 pro-GTCR@ Synova Media Contact:press@ View original content to download multimedia: SOURCE GTCR Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
09-05-2025
- Sport
- USA Today
UFC veterans competing in MMA action May 9-10
UFC veterans competing in MMA action May 9-10 Check out which veterans of the UFC are competing in combat sports across the globe this week. This week, the UFC returns to Canada for its May pay-per-view event. UFC 315 takes place at Bell Center in Montreal. The event features two title fights: a welterweight championship fight between Belal Muhammad and Jack Della Maddalena, and a women's flyweight championship between Valentina Shevchenko and Manon Fiorot. Elsewhere, many other combat sports events are taking place, featuring several familiar names who have competed under the UFC banner. Check out which veterans of the global MMA leader are competing May 9-10. Scroll below to see how the UFC veterans fared last week, and see the names and details of this weekend's competitors. Upcoming event information from Tapology. Last week's results Karl Williams: Split decision loss vs. Oleg Popov at 2025 PFL World Tournament 4 Tim Johnson: Submission loss vs. Alexandr Romanov at 2025 PFL World Tournament 4 Rodrigo Nascimento: Split decision win vs. Abraham Bably at 2025 PFL World Tournament 4 Alexandr Romanov: Submission win vs. Tim Johnson at 2025 PFL World Tournament 4 Antonio Carlos Jr.: Split decision win vs. Karl Moore at 2025 PFL World Tournament 4 Rob Wilkinson: TKO loss vs. Phil Davis at 2025 PFL World Tournament 4 Phil Davis: TKO win vs. Rob Wilkinson at 2025 PFL World Tournament 4 Muhammad Mokaev: Knockout win vs. Bolat Zamanbekov at Karate Combat 54 (karate) Sam Alvey: Knockout win vs. Tyrone Spong at Karate Combat 54 (karate) Hunter Azure: Unanimous decision win vs. Alvaro Quiroga at United Fight League 6 Kyle Stewart: Submission loss vs. Randall Wallace at United Fight League 6 Lipeng Zhang: Unanimous decision loss vs. Lucas Gabriel at ONE Fight Night 31 Bruno Souza: Submission win vs. Hector Fajardo at Urijah Faber's A1 Combat 27 Gustavo Lopez: TKO win vs. Simon Bruknar at PML 15 Chase Sherman: May 3 vs. Demarcus Kemp at Off the Hook Boxing Series 1 (boxing) – official results pending Rashad Coulter: May 3 vs. Andres Montoya at Cinco de Mayo Showdown (boxing) – official results pending John Dodson: Unanimous decision loss vs. Takaki Soya at Rizin: Oromo Matsuri Yanis Ghemmouri (12-3 MMA, 0-2 UFC) Next fight: May 9 vs. Izzeddine Al Durban at 2025 PFL MENA 1 Last MMA fight (also last UFC bout): TKO loss vs. Payton Talbott at UFC 303 on June 29, 2024 Record since UFC exit: 0-0 Michel Prazeres (27-6 MMA, 10-4 UFC) Next fight: May 10 vs. Evgeniy Galochkin at ACA 186 Last MMA fight: Unanimous decision loss vs. Renat Lyatifov at ACA 175 on May 17, 2024 Last UFC fight: Submission loss vs. Shavkat Rakhmonov at UFC Fight Night 190 on June 26, 2021 Record since UFC exit: 1-2 Maxim Grishin (33-10-2 MMA, 2-3 UFC) Next fight: May 10 vs. Evgeny Egemberdiev at ACA 186 Last MMA fight: Unanimous decision win vs. Oleg Olenichev at ACA 182 on Dec. 15, 2024 Last UFC fight: Unanimous decision loss vs. Philipe Lins at UFC on ESPN 46 on June 3, 2023Record since UFC exit: 1-0 (1 NC) Hacran Dias (27-12 -1 MMA, 3-5 UFC) Next fight: May 10 vs. Marat Balaev at ACA 186 Last MMA fight: TKO loss vs. Abdul-Rakhman Temirov at ACA 179 on Sept. 8, 2024 Last UFC fight: Unanimous decision loss vs. Jared Gordon at UFC Fight Night 119 on Oct. 28, 2017 Record since UFC exit: 4-6 Mickael Lebout (24-12-3 MMA, 1-2 UFC) Next fight: May 10 vs. Amin Ayoub at KSW 106 Last MMA fight: Unanimous decision win vs. Romain Debienne at KSW 101 on Dec. 20, 2024 Last UFC fight: Unanimous decision loss vs. Stevie Ray at UFC Fight Night 76 on Oct. 24, 2015 Record since UFC exit: 10-7-1 Cody Pfister (16-10-1 MMA, 1-3 UFC) Next fight: May 10 vs. Chance Beck at Peak Fighting 44 Last MMA fight: Submission loss vs. Chance Beck at Peak Fighting 34 on March 16, 2024 Last UFC fight: Unanimous decision loss vs. Scott Holtzman at UFC Fight Night 91 on July 13, 2016 Record since UFC exit: 4-4 MMA, 1-1 kickboxing Jose Johnson (16-10 MMA, 1-3 UFC) Next fight: May 10 vs. Jovanis Rodriguez at WFC 175 Last MMA fight (also last UFC bout): Submission loss vs. Felipe Bunes at UFC Fight Night 249 on Jan. 11, 2025 Record since UFC exit: 0-0 Anthony Hamilton (21-12 MMA, 3-7 UFC)
Yahoo
02-05-2025
- Sport
- Yahoo
2025 PFL 4 video: Alexander Romanov finishes Tim Johnson in under two minutes
Alexander Romanov has arrived in PFL. At 2025 PFL World Tournament 4, Romanov (19-3) made quick work of fellow UFC veteran Tim Johnson (18-12). He finished the fight with a standing guillotine choke at 1:53 of Round 1 to advance to the semifinal round. View this post on Instagram A post shared by Professional Fighters League (@pflmma) Romanov, 34, competed 10 times for the UFC from September 2020 to November 2024. Despite winning his last UFC fight, Romanov was not renewed after he fought out his contract. Johnson, 30, has now lost three fights in a row after a successful PFL debut in June 2024. Alexandr Romanov def. Tim Johnson via submission (guillotine choke) – Round 1, 1:53 Oleg Popov def. Karl Williams via split decision (28-29, 29-28, 29-28) Sullivan Cauley def. Alex Polizzi via TKO (elbows) - Round 1 , 1:36 Rodrigo Nascimento def. Abraham Bably via split decision (28-29, 29-28, 29-28) This article originally appeared on MMA Junkie: Video: Alexander Romanov finishes Tim Johnson in under two minutes
