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Gov. Newsom’s Budget Trailer Bill Makes Significant Reforms to California Cannabis Laws, Including Elimination of the Cannabis Cultivation Tax

Cannabis Law Report

AB-195 contains several significant reforms to California’s cannabis laws. The most noteworthy changes are outlined below, beginning with the much-anticipated changes to cannabis taxes. California Cannabis Cultivation Tax Eliminated. The budget trailer bill eliminated the cannabis cultivation tax beginning July 1, 2022.

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Tax Practitioners’ Meeting includes Section 280E cannabis deduction

Illinois News Joint

The presentation included one significant cannabis tax item, the business expense deduction for licensed Illinois cannabis businesses. 1, 2023, Cannabis industry businesses will be able to deduct business expenses that otherwise cannot be deducted federally pursuant to Section 280E of the Internal Revenue Code.

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Marijuana Policy Project (MPP) Reports Says States Have Collected $US10 Billion In Cannabis Taxes So Far

Cannabis Law Report

Legalizing cannabis for adults has been a wise investment. Since 2014 when sales began in Colorado and Washington, legalization policies have provided states a new revenue stream to bolster budgets and fund important services and programs. billion in tax revenue from legal, adult-use cannabis sales. Here’s what they say.

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Alabama’s Medical Cannabis Program Could Be Delayed

SpeedWeed

a vertically integrated, multi-state cannabis operator, announced that it has completed its previously announced acquisition of Franklin Bioscience OH, LLC, a licensed medical cannabis processor in Ohio. Jushi’s objective is for our brands and product offerings to not only meet but exceed cannabis consumers’ expectations.

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The Monumental Potential of New York’s New Legal Cannabis Program

SpeedWeed

Advocates are calling New York’s legal marijuana program the best in the nation. How Great is New York’s New Legal Cannabis Program? . First of all, possession by adults of up to three ounces of cannabis and 24 grams of concentrate is legal, effective immediately. . Let me count the ways. Let me count the ways.

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Resource Innovation Institute Releases First-of-its-Kind Handbook for Utilities and Efficiency Program Implementers Serving Cannabis Cultivators

SpeedWeed

Cuomo’s administration projects that legalization could generate 30,000 to 60,000 jobs across New York and that tax collection from the program could reach $350 million annually, the release states. It would establish a social and economic equity plan to assist individuals impacted by cannabis enforcement.

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UCANN Drops Patent Lawsuit Against Pure Hemp Collective

SpeedWeed

“The Hemp Grower Conference will bring together industry pioneers, successful businesses, leading researchers and regulators to help all hemp growers navigate the cultivation, business and regulatory challenges they face, as well as understand the coming market trends and opportunities that can help shape the future of their businesses.