420 with CNW Archives - Page 118 of 297

TuesdayMay 17, 2022 4:20 pm

420 with CNW — IRS Official Discusses Cannabis Sector’s Current Financial Challenges

The U.S. IRS Taxpayer Advocate, an agency under the Internal Revenue Service (IRS), has published a blog post in which the agency discusses the tax obligations that marijuana companies have and the efforts which are being taken at the Congressional level to resolve some of those challenges. The blog post pointed out that, although companies in the cannabis industry are expected to meet their federal tax obligations, the firms aren’t at liberty to deduct many of the expenses that firms in other industries normally deduct when determining their tax obligations. This disparity stems from the fact that under federal law,…

TuesdayMay 17, 2022 4:20 am

420 with CNW — Thai Government to Distribute Marijuana Plants for Home Cultivation

The government in Thailand has announced that it plans to distribute one million free marijuana plants in June as it marks the commencement of a new law permitting the cultivation of marijuana at home. This announcement was made by the nation’s health minister. Anutin Charnvirakul, Thailand’s health minister, took to Facebook to make his announcement on May 8, 2022. He said that the government wants marijuana to be grown like any other household crop. The rule he referred to is expected to take effect on June 9, 2022. This new legislation paves the ground for individuals to notify the authorities…

MondayMay 16, 2022 4:20 pm

420 with CNW — Capitol Hill Warms to Marijuana Banking Amid Crime Wave

Jordan Brown, age 29, was shot and killed on March 19, 2022, during an armed robbery while he worked his shift as a budtender in Tacoma, Washington. He was an employee at a company called World of Weed. Joshua Chase, the proprietor of Oakland-based Oakanna, took a shot in his foot on April 24. Brian Garcia was also fatally shot by armed robbers in Los Angelese nearly a fortnight ago. These and other such incidents have captured the attention of the media and drawn the eyes of the country to the pressing need to allow marijuana companies to gain access…

MondayMay 16, 2022 4:20 am

420 with CWN — Report Shows High Taxes, Marijuana Deserts Stoking California Black Market

According to a recent report by Reason Foundation, the high taxes levied on state-approved marijuana products as well as the “marijuana deserts,” or localities and municipalities that have banned cannabis sales, have helped the black market to thrive within the state. Geoffrey Lawrence, the managing director of Reason Foundation, says approximately 80% of the localities in California have enforced bans or some form of restriction on marijuana cultivation and sale. He also says that retail outlets are few and far between for the more rural regions of the state. This makes it hard for residents in these areas to access…

FridayMay 13, 2022 4:20 pm

420 with CNW — Edmonton Startup Finds Success Recycling Marijuana Containers

When the marijuana legalization wave started sweeping through several U.S. states and neighboring countries, there was concern about what would be done about all the waste from the packaging products in which cannabis is sold. [Re] Waste, an Alberta-based startup in Canada, has come up with an answer that is minting money for the company. Started in Corey Saban’s garage, [Re] Waste now operates out of a spacious warehouse located close to Edmonton’s international airport. The company is grateful for all marijuana consumers who have shown that they are enthusiastic about recycling. These cannabis users take the empty marijuana containers…

FridayMay 13, 2022 4:20 am

420 with CNW — Tips to Help You Get Your Cannabis Firm Ready for Sale

As hopes rise that the United States could soon legalize marijuana federally, many cannabis business owners are dreaming of the upcoming M&A frenzy that could provide a profitable way out of the startups they have founded. However, experts point out that only those marijuana companies that were properly prepared for eventual sale will attract the best deals. We discuss below some tips that can help a cannabis company prepare itself for sale. Mind your people, papers and profits To prepare your cannabis business for sale, pay close attention to the employees at the firm. Most people looking to buy a…

ThursdayMay 12, 2022 4:20 pm

420 with CNW — California Cannabis Firms Sell Assets, Narrow Focus

When the recreational marijuana industry was launched in California, the trend was for every company to be vertically integrated. This meant that everything was handled in-house from cultivation and manufacturing to packing, retail sales and distribution. As the industry has matured, the shortcomings of vertical integration have become all too apparent, and companies are divesting themselves of many divisions and operations in order to focus on their key competencies. NorCal Cannabis is one example of a marijuana company that has taken the route of shedding excess weight from its operations. In the beginning, NorCal went the vertical integration route, operating…

ThursdayMay 12, 2022 4:20 am

420 with CNW — Schumer Has Talked to Six GOP Senators About Bill

While speaking at a marijuana parade and rally in New York City last Saturday, Senate Majority Leader Chuck Schumer revealed that he had so far talked to half a dozen Republican senators about his upcoming federal legalization bill for marijuana. The annual NYC Cannabis Parade and Rally attracted notable attendees such as Jerrold Nadler, the chair of the Judiciary Committee in the U.S. House of Representatives. Nadler’s bill seeking to end cannabis prohibition federally was approved by the full House in April. During his speech at the rally in his home state, Schumer reassured event attendees that he was committed…

WednesdayMay 11, 2022 4:20 pm

420 with CNW — Illinois Cannabis Sales Resume Upward Trajectory

The recreational marijuana market in Illinois seems to be getting over the dip it experienced at the beginning of the year, state records show. According to figures released by the Department of Financial and Professional Regulation (IDFPR), a total of $132 million was registered from the adult-use cannabis sales made during the month of April. After enjoying strong sales toward the end of last year, there was an unexplained slump in the sales reported during January and February this year. However, the records for March and April indicate that the slump may be a thing of the past and the…

WednesdayMay 11, 2022 4:20 am

420 with CNW — Momentum Builds to Pass Marijuana Banking Bill in Senate

The number of Democratic and Republican senators showing their support for including marijuana banking in the COMPETES Act is growing, and this suggests that not all is lost in regards to enacting a marijuana policy reform this year. It should be noted that the marijuana banking bill was left out of the Senate version of the Innovation & Competitiveness Bill approved by the Senate, but it was included in the version passed by the House of Representatives. A bicameral conference has been established to work on the language of the final text, which will be forwarded to the desk of…