420 with CNW Archives - Page 175 of 301

MondayApr 26, 2021 4:20 pm

420 with CNW — Is Regulating Cannabis by Potency a Good Move?

As more and more states legalize cannabis in the United States, a debate on whether to regulate cannabis by its potency also appears to be gaining steam. Generally, many states that have legal cannabis markets base their tax on weight or sales price. However, the state of New York signed a legislation in March, under which recreational cannabis will be taxed based off its THC amount. For those who may not be familiar with THC, this is the primary intoxicating chemical in marijuana. When the state of Illinois began recreational cannabis sales in 2020, it also enacted a potency-related tax.…

MondayApr 26, 2021 4:20 am

420 with CNW — Medical Cannabis Firm Sues Oklahoma over Tracking System

A DR Z Leaf dispensary in the state of Oklahoma recently filed a suit in an attempt to stop the execution of a cannabis tracking program in the coming weeks. The litigation, which was filed by the medical cannabis operator, also disputes whether the state’s Department of Health is operating ultra vires by implementing the seed to sale system and making it mandatory for more than 10,000 medical marijuana businesses to pay for it. The business filed the suit in the District Court of the Okmulgee County last week and questions the legality of the contract between Metrc, an organization…

FridayApr 23, 2021 4:20 pm

420 with CNW — Latest Pew Survey Shows Overwhelming Support for Cannabis Legalization

The past few years have seen more and more states pass legislation legalizing recreational and medical cannabis. Presently, 36 states have legalized medical cannabis, 17 have legalized the use of recreational cannabis, and 13 states, including the U.S. Virgin Islands, have decriminalized recreational use. A large swathe of America is clearly behind legalizing and decriminalizing marijuana, and a new survey by Pew Research Center has the numbers to prove it. Conducted from April 5–11 this year, the survey found that 60% of Americans who are of age support both recreational and medical cannabis while 30% support only medical use. Only…

FridayApr 23, 2021 4:20 am

420 with CNW — California Cannabis Firms Can No Longer Advertise on Billboards after Latest Court Ruling

Although the state-legal cannabis industry is insanely lucrative, cannabis businesses have a lot stacked against them. From lack of access to banking services to being banned from advertising on most channels, companies in the cannabis space have to take great care not to run afoul of the countless laws that govern legal cannabis markets. In California, marijuana businesses were dealt a major blow last November after a court ruled that they weren’t allowed to advertise on billboards along all interstate and state highways crossing the state’s border. Judge Ginger Garrett of the San Luis Obispo County Superior Court made the…

ThursdayApr 22, 2021 4:20 pm

420 with CNW — Idaho House Rejects Constitutional Amendment to Ban Cannabis Legalization

A bill that would have hindered the legalization of cannabis and other substances without the approval of two-thirds of the state’s legislature was rejected in Idaho last week. The proposed amendment, which had already been cleared in the Senate, did not attain the 47 votes it needed to be approved in the House. If it had attained the two-thirds majority needed, voters in the state would have had the chance to vote on it next year. During the two-hour debate held before voting, legislators in the House, a majority of whom are Republicans, disagreed on two themes: the damage cannabis…

ThursdayApr 22, 2021 4:20 am

420 with CNW — US Congress Passes Marijuana Banking Bill

Earlier this week, Congress approved the SAFE Banking Act, a law that would make it possible for financial institutions such as banks to conduct business with cannabis companies that are licensed in states which allow marijuana for either recreational or medical use, or both. This law is intended to remove the fear banks have of being penalized by federal authorities since marijuana is currently illegal at the federal level. The legislators in the House of Representatives passed the bill in a 321-101 vote, and now the bill will be sent to the U.S. Senate for consideration. The bill provides clarification…

WednesdayApr 21, 2021 4:20 pm

420 with CNW — Study Finds Illinois Was Fifth-Top Cannabis Tax Earner in 2020

A study that was carried out recently found that in 2020 the state of Illinois generated $175 million in cannabis sales tax, which is the fifth-highest amount in the country. This amount makes up 0.4% of the state’s total 2020 revenue. At the moment, 16 states across the nation have now fully legalized cannabis, with 11 of these imposing retail sales taxes on cannabis and cannabis products. The study, which was released by the U.S. Drug Test Centers, also found that youth and adult usage of cannabis grew in the past year. The state of Illinois had initially awarded 75…

WednesdayApr 21, 2021 4:20 am

420 with CNW — Governor Evers Encounters Pushback Against Proposal to Legalize Marijuana

Governor Tony Evers of Wisconsin included plans to legalize marijuana in his budget plan this year. However, his Badger Bounceback budget is encountering some resistance, especially the proposals on medicinal and recreational cannabis. In his proposal, Evers suggests that residents of the state who are at least 21 years of age should be allowed to possess up to two oz. of cannabis and also grow up to six cannabis plants for recreational use. The plan indicates that nonresidents of Wisconsin may only carry a maximum of 0.25 oz of cannabis. The proposal also has provisions on reforms to the criminal…

TuesdayApr 20, 2021 4:20 pm

420 with CNW — New Poll Finds That Most Connecticut Voters Favor Cannabis Legalization

With legislation to legalize cannabis in the state of Connecticut advancing through the legislature, a survey recently found out that cannabis reform has strong support among state residents. The survey was conducted March 23–31, 2021, and involved 1,000 Connecticut residents. The poll, which was released earlier this week by Sacred Heart University, revealed that nearly 66% of residents in the state supported the legalization of marijuana for adult use, with only 27% opposing reform. If the policy change is approved, 62% of the respondents stated that those who had been convicted of cannabis possession and other related charges prior to…

TuesdayApr 20, 2021 4:20 am

420 with CNW — IRS Terminology Every Cannabis Entrepreneur Should Know

The Internal Revenue Service (“IRS”) is a United States government agency that is responsible for collecting taxes and enforcing tax laws contained in the Internal Revenue Code. Below are a few terminologies that the agency uses — and which every cannabis business needs to know. Tax Deficiency This is basically the difference between what the IRS has determined is owed to the federal government based off of its records and what a taxpayer reports on their return. The Audit Technique Guide/Participant Guide These guides are internally written and published by the IRS and are used to assist agents in auditing…