420 with CNW Archives - Page 178 of 310

ThursdayJun 03, 2021 4:20 pm

420 with CNW — Illinois Cannabis Equity Licensing Bill Passed by House

Last week, a bill to create new cannabis dispensary licenses in the state of Illinois was approved by the House. The bill, HB 1443, was sponsored by Rep. La Shawn Ford and will be used to address the shortcomings of the Cannabis Regulation and Tax Act of 2019, specifically the license lottery that has been delayed by legal disputes, controversy and the coronavirus pandemic, for more than a year. The measure would establish a pair of new cannabis dispensary lotteries, providing more than 50 licenses while addressing concerns about the initial 75 licenses cited in the 2019 legislation. The initiative…

ThursdayJun 03, 2021 4:20 am

420 with CNW — Report Finds Legal Cannabis Sales Have Raked in $8 Billion in Taxes

The young but fast-growing state-legal cannabis industry has proven to be quite a lucrative space. While opponents of cannabis reform offered a slew of reasons against legalizing cannabis such as increased drug use and criminal activity, statistics have proven them wrong. Not only has legal adult-use cannabis created more than 200,000 new job opportunities, becoming one of the fastest-growing job markets in the country, but it has also provided states with billions of dollars in tax revenue. According to a recent report from the Marijuana Policy Project (“MPP”), recreational cannabis has earned states close to $8 billion in tax revenue…

WednesdayJun 02, 2021 4:20 pm

420 with CNW — Wyoming Supreme Court Admonishes Prosecutor for Allowing False Testimony to Be Presented in Court

The Supreme Court in the state of Wyoming has admonished an attorney in Cheyenne for permitting a DCI agent to make a false testimony in a case against hemp growers. Last year during a hearing of the case, Special Agent Jon Briggs of the Division of Criminal Investigation gave a false testimony about an exchange he had with one of the defendants when officers conducted a raid on the operation. The defendant, a contract farmer by the name of Brock Dyke, presented to the agent test results that showed that the hemp crop was legal during the raid, which took…

WednesdayJun 02, 2021 4:20 am

420 with CNW — Cannabis Sector Expected to Boost US Economy by $92 Billion in 2021

According to an analysis published by MJBizFactbook, the cannabis sector is projected to add approximately $92 billion to the general U.S. economy this year. This figure was arrived at after crunching the numbers on the marijuana taxes and fees, jobs created, demand for real estate, and other knock-on factors. This projected impact of the cannabis industry would mark an increase of about 30 percent from the total impact of the sector upon the economy in 2020. In 2025, the broader U.S. economy will see a boost of $160 billion from this industry, according to the analysts. To arrive at the…

TuesdayJun 01, 2021 4:20 pm

420 with CNW — 4 Powerful Lessons Marijuana Extractors Learned During the Pandemic

When the Covid-19 pandemic broke out, the hemp and marijuana industries took a huge hit because they relied on overseas sources, particularly China, for everything ranging from processing equipment to cartridges and even carrier oils. If marijuana processors were to stay in business, they needed to change things fast. We discuss below some of the key lessons that extractors learned as the pandemic raged on. Diversifying Supply Sources Clear Cannabis, a Denver-based manufacturer of CBD and THC concentrates, saw its supply chains disrupted in a major way. The board chair, Richard Batenburg, explains that they had to take a hard…

TuesdayJun 01, 2021 4:20 am

420 with CNW — Missouri Legislators Advance Medical Cannabis Tax Deduction Bill to Governor’s Desk

In 2018, voters in the state of Missouri legalized medical cannabis. Despite this, the sale, distribution and cultivation of cannabis is still illegal in the state under federal law. This has created some challenges for the infant industry. For instance, cannabis companies in the state aren’t allowed to deduct business expenses on their taxes, despite being legal businesses. During a Senate hearing held earlier in this year, Senator Denny Hoskins raised the issue, noting that cannabis business owners who weren’t allowed to deduct business expenses on their tax returns had to pay significantly higher taxes. In the legislative session that…

FridayMay 28, 2021 4:20 pm

420 with CNW — New Study Suggests CBD Could Reduce Consumption of Alcohol

Cannabidiol (“CBD”) is one of more than 100 chemical compounds called cannabinoids, which are produced in the cannabis family. You've probably heard of THC (delta-9 tetrahydrocannabinol), the main psychoactive component responsible for cannabis' intoxicating effects. CBD, on the other hand, is not psychoactive, although studies have found that this cannabinoid is capable of alleviating a variety of medical conditions. While the research behind CBD's medical claims is limited, initial results have been quite promising, which has led to increased scientific interest in CBD's abilities. One of the more recent studies has uncovered something that could have wide-ranging implications for millions…

FridayMay 28, 2021 4:20 am

420 with CNW — A Brief Analysis of Colorado’s Cannabis Tax Revenue

In the year 2012, voters in the state of Colorado legalized adult-use cannabis and approved Amendment 64, which made it the first state in the country to have a legal recreational cannabis market. Since then, Colorado has made more than $10 billion in total cannabis sales. In 2020, while other industries suffered at the hands of the coronavirus pandemic, cannabis sales increased significantly in the state. In January this year, cannabis sales topped $180 million, which set a new record. In the last six years, the state has collected more than $1.5 billion in fee revenues and cannabis taxes. This…

ThursdayMay 27, 2021 4:20 pm

420 with CNW — Cannabis Prohibition Costs $53 Billion Annually in the US

When it was first initiated, the war on drugs had relatively noble goals: to eliminate the production, distribution, and consumption of psychoactive drugs, consequently reducing the number of people addicted to these drugs and stripping the criminal enterprises behind the drug trade of their resources. However, decades after former President Nixon declared the infamous war on drugs, the drug war is considered an unmitigated failure by most. Not only has it failed to curb drug use in the country and barely put a dent in the illicit drug trade, but it also has sent countless millions to prison for relatively…

ThursdayMay 27, 2021 4:20 am

420 with CNW — Jerrold Nadler Could File Revised MORE Act ‘Very Soon’

For the past couple of years, the cannabis industry in the United States has been slowly but surely gathering steam. More than 30 states have legalized marijuana for either medical or recreational use, with the state-legal cannabis industry employing thousands of Americans and providing states with millions of dollars in much-needed tax revenue. However, cannabis advocates have always had their eyes on legislation that would decriminalize the controversial drug at the federal level, and with Democrats controlling the Senate, House and White House, their dream may soon become a reality. According to Marijuana Moment, a key chairperson may be planning…