Taxes

The executive branch and legislative negotiators in Rhode Island are close to reaching a deal on regulating adult cannabis use, but additional discussions are needed for agreement on issues including taxes.

The owner of a Massachusetts cannabis delivery company was sentenced in federal court to four years in prison for tax evasion, money laundering, and cannabis distribution and possession.

Half of the total revenue derived from Arkansas’ medical cannabis sales — $25 million — has been collected over the last nine months.

An Ohio bill being circulated by Republican Rep. Jamie Callender would allow sales and possession for adults 21-and-older and levy a 10% tax on retail sales.

Keith Stephenson is the founder and CEO of Purple Heart, the longest-running cannabis dispensary in Oakland, California, and the country’s first Black-owned cannabis business.

The House Judiciary Committee on Thursday approved the Marijuana Opportunity, Reinvestment, and Expungement Act which removes cannabis from the federal schedule of controlled substances and expunges federal cannabis convictions.

Humboldt County, California has approved a $1 million emergency grant program to help cannabis cultivators after wholesale cannabis prices dropped.

Only 47 of Maine’s 500 towns and cities—comprising about 29% of the state’s population—permit any adult-use cannabis industry operations.

California-based Catalyst Cannabis Co. filed a lawsuit last week against the state’s Department of Cannabis Control over product diversion due to high tax rates.

Missouri officials transferred more than $6.8 million of the state’s $8.9 million in cannabis tax revenue to the Veterans Commission, as required under the state’s medical cannabis law.

Michigan introduced a group of bipartisan bills that would reduce the number of patients allowed per medical cannabis caregiver from five to just one and also limit the amount of plants caregivers could grow from 60 to 12.

Cannabis sales in Maine set yet another record in August, topping $10 million in one month for the first time.

Humboldt County is set to award more than $2 million in grants through Project Trellis, the county’s micro-grant, marketing, and local equity program.

Medical cannabis-derived tax revenues in Oklahoma increased 56% from 2019 to 2020 to more than $66 million.

Pueblo County, Colorado is awarding more than $2 million in cannabis excise sales tax scholarships to local institutions, including $1 million to Pueblo Community College.

Helios Raphael Dayspring, the former owner of a California cannabis retailer, has been charged in federal court with bribery and failing to report millions of dollars in income to the Internal Revenue Service.

Democratic senators unveiled the Cannabis Administration and Opportunity Act today, which seeks to federally legalize cannabis and contains social justice elements aimed at undoing the harms of prohibition.

Missouri Gov. Mike Parson vetoed a measure that would have let medical cannabis companies deduct normal business expenses when filing their state taxes.

Multiple cannabis companies had petitioned the high court to hear their case following a previous ruling that the IRS could use 280E to determine whether a business or individual was in violation of criminal drug laws.

The initiative would raise the state’s cannabis excise tax to fill the pandemic-related education funding gap.

Adult-use cannabis sales in Maine reached an all-time high at nearly $5.4 million in May.

Adult-use cannabis legalization in the U.S. has generated nearly $8 billion in tax revenue for the states that have passed the reforms.

The Acting Solicitor General of the United States Elizabeth Prelogar filed a brief this week supporting IRS investigations into state-legal cannabis companies under Section 280E.