420 with CNW Archives - Page 88 of 298

TuesdayJan 17, 2023 4:20 pm

420 with CNW — Illinois Notches Another Cannabis Milestone with $1.5B in Recreational Marijuana Sales Last Year

Cannabis sales in the state of Illinois surpassed $1.5 billion last year. The state’s Department of Financial and Professional Regulation revealed that recreational marijuana sales in 2022 totaled $1,552,324,824. This represents a 12% increase compared to sales recorded in 2021, which stood at $1,379,088,278. The strongest sales were recorded in December2022, with data showing that adults in Illinois purchased 3,446,978 cannabis products worth $143,899,826. This is quite an increase, especially when compared to December 2021 sales, which stood at $137,896,859. Figures released by the department also show that out-of-state visitors accounted for $42,363,394 in cannabis sales while residents in the…

TuesdayJan 17, 2023 4:20 am

420 with CNW — Five Reasons for Cannabis Industry to be Optimistic in 2023

It is natural to be nervous about the new year due to widespread concern about the state of the world and its economy. But despite the uncertainty surrounding these hazy prospects, there is a silver lining for cannabis enthusiasts. While federal legalization of marijuana did not happen in 2022 as some had hoped, there are reasons for optimism. Cannabis users have a lot to be happy about right now, including the fact that marijuana is now legal for adult use in some red states, significant ballot initiatives are being considered, and support is growing for legalization. Here are five things…

FridayJan 13, 2023 4:20 pm

420 with CNW — Legislators in the US Virgin Islands Approve Bill to Legalize Recreational Marijuana

Legislators in the U.S. Virgin Islands recently passed a bill to legalize cannabis for recreational use. This move brings the total number of U.S. territories and states that have legalized the recreational use of marijuana to 21. The possession of an ounce of marijuana was decriminalized in the Caribbean Island territory almost a decade ago in 2014, with the legislature approving a bill to allow the medical use of cannabis years later, in 2019. At the moment, the medical use of marijuana has been legalized in 37 states. However, the drug still remains illegal at the federal level because it’s…

FridayJan 13, 2023 4:20 am

420 with CNW — 2022 Sales Bring Recreational Marijuana Sales in Massachusetts to Almost $4B

Cannabis has proven highly lucrative for most states with legal marijuana programs. Thanks to immense demand from the public, cannabis retailers in states such as California and Colorado have been selling billions of dollars’ worth of cannabis products to customers. State governments win big in such scenarios because they often receive hundreds of millions or even billions of dollars in cannabis taxes. Massachusetts is one of the latest states to rake in billions in cannabis sales. Data from a recent report released by the state’s Cannabis Control Commission shows that the state collected a whopping $1.42 billion in adult use…

ThursdayJan 12, 2023 4:20 pm

420 with CNW — Montana Earns More Than $200M from First Year of Adult-Use Cannabis Sales

A recent report by Montana’s Department of Revenue (DOR) provided an analysis of the state's first year of legalized recreational cannabis sales. According to the data, marijuana sales for both personal and medical purposes totaled $303,563,878 in 2022. Adult-use marijuana generated $202,947,326 of the total, while medical cannabis generated $93,616,552. The department reported total sales of $25,653,687 in December, which remains at par with the averages of each month all year long. Although the overall figures haven't changed a lot, adult-use transactions have increased their market share from 58% at the beginning of the year to nearly 77%. According to…

ThursdayJan 12, 2023 4:20 am

420 with CNW — Italian Army to Boost Medical Cannabis Production

To become self-sufficient in the production of medical marijuana, Italy is cultivating plants with covert nutrients in military-grade sterile environments. According to DefenseNews, Italy's army aims to produce more than 1,500 pounds of high-quality marijuana or about 50% of the estimated 3,300-plus pounds that the nation needs each year to meet the needs of those who use it to manage their chronic pain from diseases such as Parkinson's disease or cancer. Cannabis is imported into Italy from Canada, Holland, Germany and Denmark. With the opening of the military facility in Florence, however, the country hopes to produce a premium product…

WednesdayJan 11, 2023 4:20 pm

420 with CNW — New York’s Recreational Cannabis Market Faces Hurdles

In April 2021, New York legalized recreational cannabis sales for people aged 21 and older, becoming the 15th state in the country to approve adult-use cannabis sales. Eligible New Yorkers would now be able to possess up to three ounces of cannabis or 24 grams of concentrates with no legal repercussions. While the legislation didn’t outline a specific schedule for recreational sales, they were expected to begin sometime in 2022. Lawmakers behind the bill and reform advocates predicted that the move to legalize adult-use marijuana in New York could prove to be extremely lucrative, creating a market worth an estimated…

WednesdayJan 11, 2023 4:20 am

420 with CNW — Report from White House Draws Attention to Law Enforcement Concerns on Marijuana

Cannabis policing has been an extremely controversial issue in American history. While the war on drugs was ostensibly launched to cripple the criminal organizations behind the illicit drug trade, Black and Brown communities were disproportionately affected by the antidrug campaign. Decades later, the drug war has decimated marginalized communities for minor drug charges and has long been declared an unmitigated failure. Even though the move to legalize cannabis across the country has been praised by criminal and racial justice activists, the cannabis reform movement hasn’t received everyone’s support. The White House recently issued its annual drug enforcement report to Congress…

TuesdayJan 10, 2023 4:20 pm

420 with CNW — US Border Patrol Sees 95% Drop in Cannabis Seizures as Legalization Spreads

Marijuana seizures at the borders dropped significantly in 2022, an implementation shift that solicitors attribute to the legalization movement at the state level. Border marijuana confiscations have dwindled drastically in the last 10 years, from 2million pounds in 2012 to a little more than 150,000 pounds in 2022. Several factors may possibly explain this, including one being a shift in priorities for the enforcement agencies, though experts deem the trend as reduced demand for smuggled illicit cannabis as more states moved to legalize cannabis. In 2014, maiden recreational marijuana shops were opened in Colorado and Washington, starting a reform currently…

TuesdayJan 10, 2023 4:20 am

420 with CNW — GOP Congresswoman Files Measure to Amend IRS Code So Cannabis Businesses Can Obtain Tax Relief

Last week, a legislation that would allow legal and licensed operators in the cannabis industry to receive federal tax deductions that are offered to other businesses was introduced in Congress. The bill, which was introduced by Representative Nancy Mace, seeks to revise section 280E of the Internal Revenue Service code. Section 280E prohibits businesses involved in activities comprised of trafficking in substances classified under the Controlled Substances Act such as marijuana, from receiving tax credits or deducting expenses from their taxes. This is despite the fact that these entities are still required to pay taxes like other businesses. This section…