Illinois News Joint

MARCH 4, 2023

In January 2023, Illinois collected $27,621,022.42 and in February 2023 Illinois collected $26,652,042.97. Total retail sales since November 2015 by licensed medical cannabis dispensaries is $1,693,048,677.29. Total 2023 wholesale sales by cultivation centers reached $79,407,155.34. and $28,187,064.97, respectively.

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Cannabis Law Report

AUGUST 4, 2021

In total, states with licensed markets collected $1.7 State Marijuana Tax Collections Continue to Grow. Collections in States with Operational Markets in FY 2020 and FY 2021. 15% retail excise tax; $9.65/oz. leaves cultivation tax; $1.35/oz 10.75% excise tax (retail price). 10% excise tax (retail price).

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Cannabis Law Report

FEBRUARY 3, 2022

The venture creates hundreds of employment opportunities in local communities while providing consumers premium, tested products in a truly unique retail environment. The company is renovating a 280,000-square-foot mill that will serve as their state-of-the-art cultivation and manufacturing facility. About Greatest Hits Cannabis Co.

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Cannabis Law Report

JULY 1, 2022

The cannabis tax reform trailer bill will: Indefinitely suspend the cannabis cultivation tax effective July 1, 2022. Move cannabis excise-tax collection and remittance to retail in 2023, establishing one point of collection and remittance and greatly simplifying tax requirements for the entire cannabis supply chain.

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SpeedWeed

MARCH 12, 2021

Salpy Boyajian joined Flower One in October of 2018 following the acquisition of NLV Organics (NLVO), a renowned consumer brand and luxury cultivator she co-founded in 2014. Debby Goldsberry Executive Director, Magnolia Wellness, FLOR Co-Founder, Berkeley Patients Group collective . Michelle Simakis. Editor, Cannabis Business Times.

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Cannabis Law Report

MAY 16, 2022

Gavin Newsom introduced proposed revisions to his 2022-2023 budget proposal, which would eliminate the cannabis cultivation tax rate beginning July 1, 2022. The 15% excise tax on cannabis sales would remain, and the collection and remittance of that tax would be limited to retail sales beginning January 1, 2023.

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Canna Law Blog

NOVEMBER 18, 2022

Here are the big takeaways from the preview, broken down by license type : Cultivation License. The regulations create 5 tiers of cultivation licenses that are differentiated by light source. The regulations incentivize sustainable cultivation practices and limited energy utilization including outdoor cultivation.

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Illinois News Joint

FEBRUARY 1, 2023

The tuition-fee, five-week, in-person program is designed for young women living in Chicago communities that have been disproportionately impacted by violence, criminal activity, economic disruption, and educational disinvestment, and will prepare them for career pathways with local cannabis retail dispensary employers.

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Cannabis Law Report

JULY 9, 2021

Ikänik Farms is a California based, Multi-National Operator (MNO) who is building a dynamic portfolio of brands, inspired by its passion for health and wellness, action sports, and supported by its vertically integrated retail, distribution and cultivation in CA and its medical grade cultivation and laboratory in Colombia.

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Cannabis Law Report

MAY 18, 2022

On top of these excise taxes, which combined can approach 40%, there is a state cultivation tax currently imposed on cannabis flowers at a rate of $161.28/dry-weight dry-weight pound (and some local jurisdictions impose additional cultivation taxes).

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Canna Law Blog

JULY 5, 2022

Back in May though, Governor Gavin Newsom gave some hope to operators when he announced his proposal to eliminate the current cultivation tax. Newsom’s proposal also shifts the tax collection burden from distributors to retailers starting next year. This means that effective July 1, 2022, the cultivation tax is gone.

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Cannabis Law Report

MAY 13, 2022

Some changes include: Setting the cultivation tax rate at zero beginning July 1, 2022. Shifting the point of collection and remittance for excise tax from distribution to retail on January 1, 2023, maintaining a 15 percent excise tax rate. million to help expand access to legal retail throughout California.

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The Blunt Truth

JANUARY 5, 2024

Happy 2024 – let’s start the year off with a shout-out to Colorado, where the retail market is celebrating an anniversary. COLORADO January 1, 2014 marked the opening of Colorado’s retail market for adult-use cannabis. COLORADO January 1, 2014 marked the opening of Colorado’s retail market for adult-use cannabis.

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Canna Law Blog

NOVEMBER 16, 2022

County plans to allow the following businesses in in its borders in 2023: 25 retail. 10 cultivation (indoor or mixed light only). Here are the highlights: Retail : 4% of gross receipts. Cultivation : $7/sf of canopy (indoor artificial light). $4/sf Cultivation : $10/sf of canopy (indoor artificial light). $7/sf

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Cannabis Law Report

JULY 12, 2021

Meanwhile, a separate campaign to legalize medical cannabis in the state is also underway, with advocates actively collecting signatures to qualify that measure for the 2022 ballot. Home cultivation would be prohibited, however, and there would be no legal and licensed system of cannabis retailers.

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Cannabis Law Report

JULY 14, 2022

Verano, under the Zen Leaf banner, signed a collective bargaining agreement earlier this year for its dispensaries in Lawrence and Elizabeth and all of its cultivation sites statewide. The multi-state operators, also known as alternative treatment centers, in deep talks with UFCW-Local 360 are Ascend, Acreage, Columbia Care and GTI.

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Cannabis Law Report

JULY 1, 2021

C annabis cultivation workers at Cresco Labs in Massachusetts have successfully negotiated their first union contract. We are so excited to have secured the better future and collective voice we were looking for when we formed our union with UFCW.”. With this new agreement, Cresco cultivation workers will see up to an 18.7%

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Cannabis Law Report

FEBRUARY 8, 2019

We have had extensive contact and discussions with a number of CDTFA attorneys and analysts in connection with Cannabis Cultivation Tax [“CCT”], Cannabis Excise Tax [“CET”], registration of Cannabis Cooperative Associations [“CCA’s], and other complex topics over the past year. [1] Cultivators are initially responsible for the payment of CCT.

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Cannabis Law Report

JUNE 9, 2021

At least two of Rockland County’s five towns are taking steps to opt out of the recently-passed New York State law that allows the operation of marijuana retail dispensaries and cannabis lounges. Possession and use of cannabis is legal statewide but retail sales are not expected to begin until next year. 31 deadline kicks in.

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Cannabis Law Report

AUGUST 9, 2021

–(BUSINESS WIRE)–International cannabis brand Cookies today announced the debut of new top-shelf concentrate and flower product lines at the Cookies Tacoma retail location, with statewide availability coming soon through an exclusive partnership with expert extraction company Edgemont Group , maker of Full Spec and Leafwerx products.

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Cannabis Law Report

NOVEMBER 9, 2021

Total Retail Revenue including New York increased 17.6% On the top-line, we outperformed Headset industry data in the majority of our markets, and we generated positive retail adjusted EBITDA for the fifth consecutive quarter. Gross Margin Rate and Retail Gross Margin Rate 2 : Total Gross Margin Rate was 43.9% year-over-year.

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Cannabis Law Report

JUNE 24, 2021

“We are delighted to be expanding our Craft Cannabis Collection in the Province of Ontario – Canada’s largest and fastest growing recreational cannabis market,” stated Sugarbud’s CEO, John Kondrosky. About Sugarbud.

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SpeedWeed

MARCH 22, 2021

Chicago-based cannabis multistate operator Cresco Labs is spending $90 million to acquire all the outstanding equity interests of vertically integrated Massachusetts operator Cultivate. Before acquiring Cultivate, Cresco’s only Massachusetts location was in Fall River. The deal is expected to close in the fourth quarter of 2021.

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Cannabis Law Report

MARCH 30, 2022

VISTA — To alleviate pressures on cannabis businesses, the City of Vista cleaned up its rules to return hundreds of dollars in overpayments back to local dispensaries, and to collect some missing fees. Many overpaid the city, while there were some underpayments.

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Cannabis Law Report

SEPTEMBER 23, 2022

The state charges a $50 per ounce excise tax on marijuana sales from warehouses to retailer. That is three times the amount the state collected in 2018. “In The initiative imposed a $50 per ounce excise tax on the sale of marijuana from warehouses to retailers and took effect in February 2015.

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Cannabis Law Report

AUGUST 5, 2019

A turnkey retail and educational in-store platform for emerging CBD sector. Provides major benefits to both small and mass market retailers and their customers. The Hemp Engine solution includes a complete “store-within-a-store” package, pre-stocked with a range of CBD products centered on a retailer’s particular criteria.

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Cannabis Law Report

MARCH 11, 2022

Because of a glut of marijuana on the market, the county’s tax revenue from cannabis cultivation is projected to be only $12.4 During the 2020-21 fiscal year ending last June, the county collected $15.7 million in taxes from cannabis cultivation. million this fiscal year, or $6 million less than the $18.4

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The Blunt Truth

AUGUST 18, 2022

New Approach ND collected signatures well in excess of the number needed to put the initiative on the ballot, and the Secretary of State certified the measure. That’s when the state starts accepting applications for retail licenses. The Cannabis Control Board also approved additional cultivator and processor licenses.

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Cannabis Law Report

MARCH 23, 2022

Under the ordinance, cannabis cultivators, manufacturers and retailers will be taxed at 2 percent of the receipts from each sale and cannabis wholesalers will be taxed at one percent of the receipts from each sale, according to a public notice. meeting on April 6 at City Hall, 78 Bayard St., New Brunswick.

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Cannabis Law Report

MARCH 19, 2022

In the current two cases, Ton Thai Le and Linh Ngoc Tran were among the 31 co-defendants whom prosecutors charged as part of a drug trafficking organization involved in the illegal cultivation of marijuana. Rather, the department collects them to fund and administer government programs. The defendants disagreed.

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SpeedWeed

APRIL 3, 2021

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. Local governments are permitted to opt-out of retail dispensaries or on-site consumption licensing by Dec. View original article.

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Canna Law Blog

DECEMBER 21, 2022

GRG Collective ), the allegations between the parties centered around Phase II licensing in the City of Los Angeles. LLC (the “landlord”): saw an opportunity to nearly double the monthly rent [it was] collecting from [its] long-time tenant, CJWorld-LA (“CJ World”), a cannabis cultivation business.

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Cannabis Law Report

MARCH 11, 2019

A successful tax system will need to raise money to pay for increased education, public health and enforcement costs associated with marijuana cultivation and use.” Initial business start-up costs and possible shortages in supply can drive up the retail cannabis cost in the beginning, artificially creating more tax revenue.

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Cannabis Law Report

JANUARY 13, 2022

” Newsom’s budget projects that the state will collect $787 million in cannabis revenue during the 2022-23 tax year. Cannabis activity, including cultivation, distribution and retail, remains outlawed in much of the state, as cities and counties have been reluctant to authorize such activities.

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Veriheal

SEPTEMBER 9, 2021

Collectively, the four aforementioned newly legal states are projected to earn $4.5 Medical cannabis cultivators who currently operate in the State of Connecticut could apply for a recreational license as early as this summer. Cannabis retail sales can be outlawed by local jurisdictions through the enactment of zoning laws.

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SpeedWeed

FEBRUARY 25, 2021

California rolled out its legal cannabis market in January 2018 with two new state taxes: a 15% excise tax and a cultivation tax. You’re going to see a lot of collection enforcement, 100%, as a result of the spending that’s been happening the past couple of years.”. Tax agency ramping up. That will include marijuana businesses.

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Cannabis Law Report

AUGUST 3, 2021

“This has led 5 SPACs that started out searching for cannabis targets, to complete a merger in a different industry like Collective Growth Corp’s merger with an automotive company, and Tuscan Holdings Corp. Similarly, Mercer Park bought cultivation & retail company Glass House Group for 5.6x ” Premiums Paid.

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