NewsRoom Articles - Page 45 of 596

WednesdayJul 03, 2024 10:00 am

IRS Tells Cannabis Firms That 280E Tax Deductions Are Unavailable Till CSA Reclassification Complete

In a recent press release, the Internal Revenue Service advised that cannabis companies refrain from taking federal tax deductions for business expenses. While these deductions are provided for other businesses under section 280E, cannabis businesses aren’t allowed to mainly because the drug is still a controlled substance. Section 280E doesn’t allow credits or deductions for any amount incurred or paid in conducting any business or trade that includes trafficking a Schedule 1 or 2 substance. This applies to businesses that sell cannabis, even if they operate in legal states. Currently, cannabis is classified as a Schedule 1 substance under the…

TuesdayJul 02, 2024 4:20 pm

420 with CNW — Study Finds Older Medical Marijuana Patients Experience Marked Health, Well-Being Improvements

A recent study has revealed that medical cannabis can offer numerous therapeutic benefits for older adults, positively impacting their mood, sleep, health and well-being. The study observed significant reductions in both pain interference and severity in older adults who use cannabis to manage chronic pain. Published in the “Drugs and Aging Journal,” the study addresses the limited high-quality studies on marijuana use among older adults. Typically, clinical trials exclude participants older than 65 years of age, even as this demographic increasingly turns to medical cannabis for relief. The research, which was carried out by a group from Drug Science and…

MondayJul 01, 2024 4:20 pm

420 with CNW — Florida Medical Cannabis Patients Surprised by Email Blast

Florida boasts more than 700,000 medical cannabis patients, and GOP Governor Ron DeSantis, who is currently opposing a proposal to legalize recreational cannabis, wants to highlight his achievements to this targeted group. Recently, Florida’s Health Department sent out an email to medical-cannabis patients, praising DeSantis for signing the state’s budget. The email also promoted a cancer research initiative by First Lady Casey DeSantis and highlighted various health issues addressed in the budget, including syphilis, HIV and hepatitis. However, the email did not mention medical cannabis, which has raised concerns among advocates and patients who argue that the administration misused the…

MondayJul 01, 2024 10:00 am

DEA’s Rescheduling of Marijuana Could Be Delayed Beyond November Polls

Some experts believe that legislators that opposing the reclassification of marijuana under Schedule 3 may call for public hearings that will delay the U.S. Drug Enforcement Administration’s (DEA) final rule past the election. Some claim that this is the goal — to prevent President Joe Biden from boosting his appeal to younger voters. The 60-day public comment period on marijuana rescheduling, which shall inform the DEA’s decision, is set to lapse on July 20, 2024. Thirty days after this period ends, the DEA is expected to decide on whether to move marijuana from its Schedule I classification. The decision will…

FridayJun 28, 2024 4:20 pm

420 with CNW — Ohio Companies Prepare for Recreational Cannabis Sales Launch

Ohio’s move from solely medical cannabis sales to also allowing recreational sales is taking a unique path compared to other states. The specific date for the start of recreational sales remains unclear, even though the application period for converting medical cannabis licenses to dual-use began on June 7, 2024. Industry insiders anticipate that the first dual-use licenses might be approved in the coming weeks, but state officials have not confirmed this timeline. Ohio’s regulators are also prioritizing applications from testing labs, cultivators and processors over retailers. This means cannabis businesses and consumers will see approvals happen in stages based on…

FridayJun 28, 2024 10:05 am

Florida Campaign Raises Highest-Ever Funding for Marijuana Legalization Voter Initiative

The state of Florida is trying once again to legalize the recreational use of cannabis via a ballot proposal. If the ballot measure acquires the 60% majority needed to approve a ballot initiative, the state would join 16 other states that have legalized adult-use marijuana by the ballot. The committee behind this latest push, Smart & Safe Florida, revealed that it had broken fundraising records. The initiative in question is the most funded proposal of this year, with the entity raising more than any other cannabis-related ballot initiative committee. In just one election cycle and with the election itself only…

FridayJun 28, 2024 9:45 am

Golden Triangle Ventures Inc. (GTVH) Announces Full Financial Support to Launch Freight Brokerage Division

Cargo Management Group acquisition includes a full-fledged logistics operation, brokerage business, licenses and all associated assets Acquisition helps move GTVH toward goal of becoming a highly profitable company with minimal to zero debt and a diverse asset portfolio Along with acquisition, company receives full financial support from T&K Zarro to fund key components of new venture In a strategic move that aligns with the company’s vision “to assemble a strong portfolio of successful businesses under one overarching umbrella” (https://cnw.fm/HWyV8), Golden Triangle Ventures (OTC: GTVH) (“GTV”) has announced a full-service freight brokerage business designed to significantly expand its logistics capabilities (https://cnw.fm/rMOmx).…

ThursdayJun 27, 2024 4:20 pm

420 with CNW — Study Finds Opioids, Alcohol Cause Worse SecondHand Harms Compared to Marijuana Use

A recent nationwide study has revealed that secondhand harm from cannabis use is significantly less common than that from alcohol. The study, which surveyed thousands, found that respondents were almost six times more likely to report secondhand alcohol harm than cannabis harm. The perceived risks associated with opioids and other substances also outweighed those associated with marijuana. The study analyzed responses from 7,799 participants in the 2020 United States National Alcohol Survey. It showed that more than one-third (34.2%) of respondents had experienced alcohol-related secondhand harm at some point in their lives. In contrast, only 5.5% reported experiencing secondhand harm…

WednesdayJun 26, 2024 4:20 pm

420 with CNW — Opponents of Cannabis Rescheduling Slam Process FDA Relied On

Representatives of the prohibitionist organization Smart Approaches to Marijuana (SAM) have expressed their disapproval of the government’s plan to categorize cannabis as a Schedule 3 substance. They criticized the move as politically driven and not based on scientific evidence. The group is now exploring all legal avenues to challenge this change and is rallying its supporters to oppose it. Kevin Sabet, SAM president and CEO, spoke during an online meeting, expressing strong disapproval of the federal officials behind the rescheduling proposal. He argued that the recommendation seemed outdated and inappropriate for 2024. Sabet emphasized that the process is far from…

WednesdayJun 26, 2024 10:00 am

North Carolina Senate Passes Cannabis Legalization Bill

Last week, the senate in the state of North Carolina voted to approve the legalization of medical cannabis in an initial vote. Thirty-three legislators voted in favor of the proposal, including nine Republican Party members. This move comes after legislators in the state included medical cannabis in a proposal that was originally meant to regulate hemp. The updated proposal would legalize marijuana for individuals with debilitating medical conditions. However, before it can be advanced to the house, it must be approved by the senate a second time. In the past, GOP party members have hindered access to legal medical marijuana.…