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420 with CNW — Wisconsin Governor Releases Budget Request That Features Cannabis Legalization

Wisconsin Governor Tony Evers (D) recently unveiled the state’s biennial budget proposal, which once more includes language supporting the legalization of both medical and recreational cannabis. The governor made it known that he intended to include the adult-use proposal in his request, despite a top Republican lawmaker’s warning that doing so might jeopardize talks on more moderate medical marijuana legislation.

He also stated that he would not be persuaded to drop the proposal owing to the fact that he promised to work for comprehensive legalization during the campaign and a majority of state voters support the change in law.

However, passing adult-use legislation through the GOP-controlled House will be a difficult task.

The main elements of Evers’ cannabis legalization proposal include:

  • Wisconsin residents who are 21 years of age or older may buy and possess up to two ounces of cannabis for personal use. Nonresidents, on the other hand, may possess a quarter ounce.
  • Those who are 21 years old and older may also cultivate up to six marijuana plants for personal use.
  • Patients on medical cannabis may include those with incapacitating medical conditions.
  • Cannabis market regulation and business license issuance would fall under the purview of the Department of Revenue, which supported legalization in its budget proposal this year.
  • A 15% tax would be imposed on marijuana wholesalers, and a further 10% tax would be applied to adult-use marijuana sales at the retail level. The excise tax would not be collected from medical cannabis patients.
  • Proceeds from sales would go to a community reinvestment fund, which would support mental-health and substance-abuse treatment programs.
  • Individuals could petition the courts for a new judgment or for the expungement of their record for convictions involving actions that the law has made legal.
  • Labor peace agreements would be necessary for marijuana companies with more than 20 workers.
  • The DOR would have to institute competitive scoring in the licensing procedure, giving preference to candidates who can show they will make an effort to provide stable jobs for residents and ensure employee and customer safety, etc.
  • Employees who use marijuana outside of work would be protected from discrimination.
  • The bill would also do away with THC drug testing as a prerequisite for acquiring public benefits.

The governor’s office forecasts that legal cannabis sales will bring in $44.4 million in “segregated tax revenue” for the state in the 2025 fiscal year and an increase in state general fund tax revenue of $10.2 million.

Meanwhile, other companies such as India Globalization Capital Inc. (NYSE American: IGC) are focused on running R&D programs aimed at bringing to market cannabis-based formulations that are more efficacious in treating chronic pain and other indications.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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.

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