420 with CNW Archives - Page 48 of 304

FridayDec 29, 2023 4:20 am

420 with CNW — Florida GOP Senator Files Medical Cannabis Bill for 280E Relief

Last week, a senator in Florida introduced a measure that would allow licensed medical-cannabis businesses to claim tax deductions. At the moment, legal marijuana businesses in the country aren’t allowed to claim deductions because of section 280E of the IRS code, which bars deductions from being claimed for illicit substances. Section 280E prohibits businesses from deducting business expenses from gross income linked to the trafficking of Schedule I or II drugs. Currently, marijuana is still classified under Schedule I of the Controlled Substances Act. The measure, filed by GOP senator Ana Maria Rodriguez, would add Florida to a growing list…

ThursdayDec 28, 2023 4:20 am

420 with CNW — Investment Bank Expects Cannabis to Draw Millions of Customers from Alcohol

Analysis by a multinational investment bank has found that cannabis has grown into a “formidable competitor” to alcohol and will draw tens of millions of users over the next five years while alcohol loses several million drinkers. The TD Cowen analysis estimates that marijuana sales will hit a whopping $37 billion in 2027 as more states legalize cannabis and launch legal sales. Alcohol has been the main drug of choice for most Americans for nearly a century, but the beverage has been fielding increasing competition from cannabis in recent years. With 24 states legalizing recreational cannabis so far, tens of…

WednesdayDec 27, 2023 4:20 pm

420 with CNW — Interest in Growing Cannabis Grows in Ohio After Legalization Law Takes Effect

Ohio became the 24th state to legalize recreational cannabis in America after a voter-approved recreational marijuana initiative took effect. But, even though adults aged 21 years and older are now allowed to possess up to 2.5 ounces of cannabis flower and 1.5 grams of marijuana extract, the state has no authorized cannabis retailers. Additionally, the state Division of Cannabis Control won’t start to process cannabis retailer applications until June 2024, meaning Ohio residents won’t have an avenue for legal adult-use purchases until late summer or even early fall. The silver lining is that the cannabis legalization measure allows eligible Ohioans…

WednesdayDec 27, 2023 4:20 am

420 with CNW — Feds Pour Cold Water on Efforts by Georgia to Sell Medical Cannabis in Pharmacies

Georgia’s ambition to become the first state to allow pharmacies to distribute medical-cannabis products faces a setback as the DEA issued a stern warning. On Nov. 27, 2023, the agency cautioned pharmacies that dispensing medical cannabis violates federal law, urging Georgia to reconsider its plans. The state’s pharmacy board, which initiated the acceptance of applications for dispensing medical cannabis products in October, has already granted licenses to 23 pharmacies in the state. The state’s medical marijuana commission, GMCC, acknowledges the federal directive. Despite state law permitting pharmacies to dispense medical marijuana, the commission, under the leadership of Andrew Turnage, cannot…

TuesdayDec 26, 2023 4:20 pm

420 with CNW — Governor Enacts Law Permitting Cannabis Cultivators to Sell to Patients Directly

Last week, Pennsylvania’s governor signed a measure that would allow all licensed medical cannabis grower-processors to sell their products directly to consumers. This came just days after the Senate approved the measure, which had been amended to grant independent dispensaries grower permits. Under the bill, the state’s health department will establish a process that allows the 10 independent cannabis grower-processors in the state to apply to acquire dispensary permits for direct commerce. In addition to this, the four independent dispensaries in the state can also obtain permits to grow products in-house. The bill, sponsored by Senator Chris Gebhard, replaces current…

TuesdayDec 26, 2023 4:20 am

420 with CNW — Employee Cannabis Protections Law to Take Effect in California Next Year

California workers will soon enjoy official safeguards against discrimination related to their off-duty and off-site marijuana use following a change to the state’s Fair Employment and Housing Act, known as AB 2188, greenlit by Governor Gavin Newsom on Sept. 18, 2022, and set to take effect at the start of 2024. Under the legislation, employers are barred from refusing employment, penalizing or terminating individuals based on their use of marijuana products outside of working hours. Despite California’s pioneering move in 1996 to legalize medical cannabis and its subsequent approval of recreational use in 2016, AB 2188 stands out as the…

FridayDec 22, 2023 4:20 pm

420 with CNW — Think Tank Says Legalizing Cannabis Federally Could Generate $8.5B in Taxes

A recent analysis from the Tax Foundation, a Washington, D.C.-based nonprofit think tank, suggests that the nationwide legalization of cannabis across all states could significantly boost annual cannabis tax revenue, projecting it to reach $8.5 billion. The foundation proposes a comprehensive federal and state taxation model for cannabis, aiming to keep costs low to discourage illicit sales while advocating for higher tax rates on more potent marijuana products. The current state-by-state approach to marijuana taxation, according to the report, is chaotic. Therefore, there is a need for a reevaluation of the existing framework considering both public health and revenue implications.…

FridayDec 22, 2023 4:20 am

420 with CNW — Federal Survey Reaffirms State-Level Cannabis Legalization Hasn’t Changed Teen Use Patterns

A new survey has determined that the use of marijuana in teens hasn’t increased even as more states legalize the drug’s use across the country. The survey was funded by the National Institute on Drug Abuse (NIDA) and carried out by researchers at the University of Michigan. It determined that rates of past-year marijuana use remained stable for all grades that took part in the survey, even as more cannabis markets opened and expanded for adults countrywide. During a webinar last week, NIDA’s chief of epidemiological research Marsha Lopez stated that no significant increases had been observed with no increase…

ThursdayDec 21, 2023 4:20 am

420 with CNW — Marijuana Professionals Foresee Bumpy, Exciting 2024

After the post-pandemic downturn caused many businesses in the cannabis industry to struggle, many marijuana professionals are now predicting a more lucrative 2024. The post-COVID period saw the addition of several more states to America’s nascent marijuana industry, and the country made significant strides in its efforts to legalize marijuana at the federal level. In addition, President Joe Biden issued a mass pardon for marijuana offenders, and his administration has indicated that it is seriously considering rescheduling the controversial plant at the federal level. Industry professionals are now looking at 2024 with renewed optimism even though the state-legal cannabis industry…

WednesdayDec 20, 2023 4:20 pm

420 with CNW — Missouri Expunges 100K Marijuana Cases in Year One of Legal Cannabis Sales

Recent data shows that officials in the state of Missouri have thus far expunged more than 100,000 cannabis cases from court records. Under the law, misdemeanors had to be automatically expunged by June 8, 2023, and felonies had to be cleared by Dec. 8, 2023. The deadline for felony expungements, which lapsed last week, wasn’t met by all courts, however, with clerks still reviewing decades of old cases. In an interview, Dan Viets, a lawyer and coordinator of Missouri NORML, stated that courts would need additional time to finish the task and noted that it could be years before all…

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