After getting off to a slow start, the California legal cannabis industry is thriving.
The latest evidence?
California just revealed that it collected $817 million in legal cannabis taxes in fiscal 2020-2021, up an eye-popping 55% from the previous year. Tax revenue for the fourth quarter totaled $212 million, topping the 3-month average since legalization rolled out. Continue reading “California Cannabis Stock on Sale by 45%”
Flow Kana isn’t the only cannabis company forced to make cuts. In recent weeks, companies like Eaze and Weedmaps have also laid off part of their workforce.
“It almost feels like an epidemic of companies of similar size going through similar processes,” Steinmetz said.
The layoffs reflect challenges in California’s fledgling recreational cannabis industry. Voters legalized recreational marijuana in 2016, with sales beginning in 2018. Continue reading “‘Epidemic’ of Layoffs in California Marijuana Industry”
The legal marijuana industry urged Los Angeles City Hall on Monday to get tougher with illegal shops that are gouging their businesses in open sight.
Illegal pot shops are widespread throughout Los Angeles and typically look like the real thing. And they’re thriving — they sell cheaper products than their legal rivals because they don’t charge hefty state and local taxes.
In a letter Monday, the industry group Southern California Coalition recommended the city consider seizing cannabis inventory and cash from illegal shops that are found to be selling tainted products. Continue reading “Marijuana Industry Wants L.A. to Crack down on Illegal Pot Shops”
California cannabis activists gathered with state Sen. Ben Hueso in front of a state government building in downtown San Diego on Friday to garner support for Senate Bill 305, The Compassionate Access to Cannabis Act. If passed, the bill would allow terminally ill patients with a doctor’s authorization to use cannabis medications in health care facilities. Continue reading “California Bill Would Allow Terminally Ill Patients to Use Cannabis in Hospitals”
This year, the Coachella Valley Music and Arts Festival will culminate the weekend of April 20th—a.k.a. 420. But today, the city of Coachella is celebrating breaking ground on a massive new cannabis facility. The more than 40-acre facility will house cultivation, manufacturing and distribution operations. With a plan to finish all construction early 2020, city officials and industry heads hope the Coachella Cann Park will bring jobs and economic revitalization to the city. Continue reading “40-Acre Cannabis Cultivation Facility Officially Underway in Coachella”
The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and contrast tax differences of a federal legal hemp business versus a federally illegal business subject to section 280E. Continue reading “The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill”
Across California, compost bins are fuller and dispensary shelves are a little emptier than usual. If you knew the signs, you’d sense that something dramatic had just happened. And you’d be right.
On Sunday, the stringent new “seed to sale” tracking standards for California’s cannabis market went into effect. Overnight, thousands of pounds of cannabis products worth hundreds of millions of dollars suddenly became noncompliant. Now, dispensaries are in the process of destroying them, in an event the industry has dubbed the “Marijuanapocalypse of 2018.” Continue reading “California Dispensaries Must Destroy $350 Million Worth of Weed”
Life up in the hills also used to mean no paperwork, since you needn’t apply for any licenses or pay any taxes on an illicit crop. Any type of physical documentation of the process could only prove incriminating anyway. Even during the “grey market” in medical cannabis—which started with the passage of Prop 215 in 1996, and ended this January with the state’s implementation of “seed-to-sale” tracking of all commercial cultivation and distribution—the regulatory burden for small growers often involved little more than having the phone number of a good lawyer handy, just in case. Continue reading “Flow Kana: California’s Last Best Hope for Craft-Scale Success”
Medical cannabis research just got a big boost as UC San Diego accepts $4.7 million donation to study CBD and autism. The donation represents the largest of its kind in U.S. history. More importantly, it could help shed light on how cannabis can be used to treat autism. Continue reading “UC San Diego Accepts $4.7 Million Donation to Study CBD and Autism”
It’s the opening chapter of California’s new era of regulated cannabis, and already a market disruption is underway.
Generally, retailers have ample product on store shelves for both adult use and medicinal cannabis consumers, but some brands are now in short supply. Prices are mostly stable, though new state taxes on legal purchases have meant sticker shock for customers.
Meanwhile, the black market appears to be thriving anew—invigorated by dissuasive taxes on growers, plus licensing fees and frustrations over difficulties of entering the legal economy. If more cultivators aren’t licensed by the state, manufacturers for cannabis concentrates for vape pens, waxes, and infused edibles fear they may run short of their critical production component – leafy cannabis trim – by summer.
Continue reading “With Growers in the Shadows, California Faces Cannabis Shortage”