Jun 28 2024

IRS Confirms Marijuana Rescheduling Will Allow Legal Marijuana Businesses to Take Tax Deductions

Once the Drug Enforcement Administration’s (DEA) proposal to move marijuana to Schedule III is finalized, marijuana businesses following state law will be allowed to take tax deductions like any other legal business, says the Internal Revenue Service (IRS).

In a press release sent today, the IRS confirms that once marijuana is moved to Schedule III, Section 280E of the agency’s code will no longer apply to legal marijuana businesses.

Section 280E “disallows all deductions or credits for any amount paid or incurred in carrying on any trade or business that consists of illegally trafficking in a Schedule I or II controlled substance within the meaning of the federal Controlled Substances Act.”
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Jun 28 2024

The 5 States With the Most Expensive Legal Marijuana Prices

Recently, we examined the five states with the lowest average cost of legal marijuana. In this article, we’ll explore the most expensive states.

There are 24 states that have legalized recreational marijuana, with all but one allowing licensed marijuana retail outlets. Average prices vary greatly from state to state, ranging from a little under $4 per gram to around $15 per gram.

Using data compiled by state regulatory agencies and the research firm Headset, here are the five legal marijuana states with the most expensive average cannabis prices:
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Jun 28 2024

US Congress: Bipartisan Lawmakers File Cannabis Research Act

The Cannabis Research Act has been introduced by Congressmembers Scott Peters (D-Calif.) and Dave Joyce (R-Ohio).

The legislation requires the National Institutes of Health (NIH) to collaborate with agencies such as the Centers for Disease Control and Prevention (CDC) to establish “a national cannabis research agenda that addresses key questions and gaps in evidence.” The measure requires the NIH director to designate certain universities as “Centers of Excellence in Cannabis Research” that would conduct interdisciplinary research on marijuana and related biomedical, behavioral, and social issues.

The NIH director, in choosing universities to receive the Centers of Excellence in Cannabis Research designation, must prioritize those with proven track records in medicinal cannabis research. The designation will be valid for five years, after which institutions can reapply.
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Jun 28 2024

US House Bill to Decriminalize and Deschedule Marijuana Gains 3 New Sponsors, Now Has 92

Legislation in the United States House of Representatives that would deschedule marijuana and facilitate expungements has gained three new sponsors.

Yesterday, Congressmembers Lee Summer (D-PA), Frank Mrvan (D-IN) and Gregorio Casar (D-TX) joined as a cosponsor to the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. This brings the total number of sponsors to 92. The SAFE Banking Act is the only marijuana-related bill in US Congress with more sponsors (124).

The MORE Act would deschedule marijuana, effectively decriminalizing it nationwide. The measure would establish a federal excise tax of 5% on legal marijuana sales in the initial two years, rising to 8% in the fifth year. Furthermore, it provides for the expungement of previous marijuana convictions and ensures that marijuana users are not denied public benefits.
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Jun 28 2024

Delaware: Legislation to Allow Recreational Marijuana Sales to Begin This Year Sent to Governor Carney

Legislation to allow medical marijuana dispensaries to begin selling recreational marijuana this year, far ahead of schedule, has been passed by the Delaware Legislature and sent to Governor John Carney.

By a 16 to 5 vote, House Bill 408 has been passed by the Delaware Senate. The measure has already passed the full House of Representatives, 29 to 11, and now will be sent to Governor Carney.

Sponsored by State Representative Ed Osienski with a companion bill from Senator Trey Paradee, the measure will establish a temporary conversion license for medical marijuana dispensaries, enabling them to sell recreational marijuana while maintaining their medical operations.
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Jun 27 2024

US Transportation Secretary Pete Buttigieg Addresses Marijuana Rescheduling’s Impact on Drug Testing at Congressional Hearing

During a June 27 congressional hearing, U.S. Department of Transportation Secretary Pete Buttigieg stated that his agency believes a recent Drug Enforcement Agency (DEA) proposal to reschedule marijuana will not directly affect the trucking industry’s ability to drug test drivers.

United States Department of Transportation Secretary Pete Buttigieg.

During a recent hearing of the House Committee on Transportation & Infrastructure, Congressmember Rick Crawford (R-AK) asked about the DEA’s proposal to reclassify marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act.

“The rescheduling and deregulation of marijuana would inevitably cause a number of people driving impaired while high,” said Crawford. “Mr. Secretary, I think it’s safe to assume the number of all impaired drivers on our roadways would increase. Can you speak to what your department is doing to ensure the transportation workers in safety-reliant positions can continue to be tested for marijuana use if this proposal goes forward and how your department plans to address transportation safety in light of DOJ’s rulemaking?”
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Jun 27 2024

Illinois: Legal Marijuana Sales Reach $170 Million in May, Over $800 Million for the Year

In Illinois, there was approximately $170 million in legal marijuana and marijuana products sold in May.

According to the Illinois Department of Financial and Professional Regulation, $146.2 million worth of recreational marijuana and $24.4 million worth of medical marijuana were sold in May. This totals $170.6 million, a slight increase from the $169.6 million sold last month, and approximately $10 million more than in May 2023.

Sales numbers for May includes the licensed distribution of dried marijuana flower as well as a variety of other products such as concentrates, edibles, and topicals. Of the $146 million in recreational marijuana sold in May, $33 million was purchased by those who reside outside of Illinois. Continue reading

Jun 27 2024

Clinical Trial Finds Oral CBD is Safe and Effective at Treating Anxiety

According to a newly published study, the administration of oral CBD is safe and effective for patients suffering from mild to moderate anxiety disorders.

CBD tincture.

The study is published in the July 2024 issue of the Asian Journal of Psychiatry, as well as being published online by the US National Library of Medicine. The study is titled Evaluation of the efficacy, safety, and pharmacokinetics of nanodispersible cannabidiol oral solution (150 mg/mL) versus placebo in mild to moderate anxiety subjects: A double blind multicenter randomized clinical trial.

“Anxiety disorders, an increasingly prevalent global mental health illness, affected approximately 301 million individuals worldwide in 2019”, states the study’s abstract. “There is an unmet need for the treatment of anxiety disorders, as current therapies are associated with limited response rates, residual symptoms, and adverse effects.”
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Jun 27 2024

Maryland Governor Announces Launch Of Marijuana Workforce Development Program

Maryland Governor Wes Moore announced today the launch of the Cannabis Workforce Development Program, the first workforce development initiative developed and administered by a cannabis regulatory agency in the nation.

Maryland Governor Wes Moore (Photo credit: Mandel Ngan/AFP via Getty Images).

“This groundbreaking collaboration will support Marylanders interested in joining the state’s growing cannabis industry and prioritize individuals and communities directly impacted by the War on Drugs,” said Governor Moore. “For decades, cannabis policy has been used as a cudgel. Together, we prove how cannabis policy can be used as a valuable tool to leave no one behind.”

The new program will prioritize individuals with a history of cannabis-related offenses, and it will be offered free of charge to eligible applicants. The program is a joint partnership between the Maryland Cannabis Administration and the Maryland Department of Labor’s Employment Advancement Right Now (EARN) Program. The program will help reduce barriers to employment and create paths to sustainable jobs in the cannabis industry. Applications will be accepted on a rolling basis starting July 1.
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Jun 27 2024

California: Over $350 Million in Legal Marijuana Sold in May, $1.7 Billion Year-to-Date

Legal marijuana sales in California surpassed $350 million in May, bringing the year’s total to over $1.7 billion.

Licensed marijuana stores in California sold $355 million worth of marijuana and related products in May. Although this represents a modest 0.5% decrease from the previous month, it marks a 4% increase compared to the previous May.

The average price per gram of dried marijuana flower in California in May was $9.56, with the average price of an eighth being $24. Concentrates averaged $17 per gram.
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