Jan 07 2024

Florida Bill Filed to Allow Medical Marijuana Dispensaries to Take Federal-Equivalent Tax Deductions

Legislation was filed yesterday in Florida to allow medical marijuana dispensaries to take tax deductions equal to what they’d be allowed to take federally if medical marijuana wasn’t a schedule 1 controlled substance.

(Photo credit: AP Photo/Gosia Wozniacka).

House Bill 1427 would amend the state’s tax code to allow licensed medical marijuana treatment center to take “deductions and credits that would have been allowable for federal income tax purposes if not for section 280E of the Internal Revenue Code [IRS].”

Section 280E of the IRS code states that a business can not take federal take deductions if they distribute a substance that’s federally illegal, even if that substance is legal under state law.
Continue reading

Jan 06 2024

Study: CBD May Be a Therapeutic Option for Combatting Nicotine Addiction

A new study has found that the marijuana compound cannabidiol (CBD) may be a potential option for combatting nicotine addiction.

The study was published in the Journal of Affective Disorders, and it was conducted by researchers at the University of California Irvine and Virginia Commonwealth University. The study is titled Cannabidiol as a potential cessation therapeutic: Effects on intravenous nicotine self-administration and withdrawal symptoms in mice.

“Cigarette smoking remains a leading cause of preventable disease and death worldwide”, notes the study. “Due to the devastating negative health effects of smoking, many users attempt to quit, but few are successful in the long-term. Thus, there is a critical need for novel therapeutic approaches.”
Continue reading

Jan 06 2024

Legislation to Legalize Personal Cultivation of Marijuana Filed in Washington State

A bill to legalize personal marijuana cultivation has been filed in the Washington Legislature.

Despite being one of the first two states to legalize recreational marijuana, Washington is one of the only legal marijuana states to not allow personal marijuana cultivation. Legislation filed yesterday by State Representative Shelley Kloba would change that.

House Bill 2194, cosponsored by Representatives Sharon Wylie, Beth Doglio, Roger Goodman and Nicole Macri, would allow those 21 and older to cultivate up to six marijuana plants at a private residence.
Continue reading

Jan 06 2024

Slew of Medical Marijuana Bills Scheduled for Public Hearings in New Hampshire Legislature

Multiple medical marijuana-related bills, including one to double the possession limit and several to grow the list of qualifying medical conditions, have been scheduled for public hearings in the New Hampshire Legislature.

New Hampshire first legalized medical marijuana in 2013, with the state’s first dispensary opening in 2016. Now, at least five different bills that would alter the state’s medical marijuana law have been filed in the state’s legislature, and scheduled for public hearings.

Below is a look at all five medical marijuana bills that will receive public hearings on January 18.
Continue reading

Jan 06 2024

Florida Bill Filed to Ban Courts From Denying or Restricting Parental Rights Over Medical Marijuana

Legislation “prohibiting a court from denying or restricting certain parental rights based solely on a parent’s medical marijuana use” was filed yesterday in the Florida Legislature.

“A court may not deny or otherwise restrict a parent’s custody of a minor child or the parent’s visitation rights or parenting time with a minor child based solely on the parent’s status as a certified medical marijuana user pursuant to s. 22 381.986”, states the official text of Senate Bill 1496.

The measure states that there “is no presumption of neglect or child endangerment based solely on the person’s status as a certified medical marijuana user pursuant to s. 381.986. In determining the best interest of the child with respect to custody or dependency, the provisions of this section shall apply.”
Continue reading

Jan 05 2024

Rhode Island Lawmakers File Bill to Legalize Possession and Cultivation of Psilocybin Mushrooms

Legislation to legalize the personal possession and cultivation of psilocybin (“magic”) mushrooms has been filed in the Rhode Island Legislature.

Dried psilocybin mushrooms.

House Bill 7047 was filed by State Representatives Brandon Potter Brandon Potter along with cosponsors Representatives June Speakman, Joseph McNamara, Scott Slater, Cherie Cruz, Jose Batista, David Bennett, Robert Craven, Enrique Sanchez and Arthur Handy.

If passed into law, the possession of up to one ounce of psilocybin mushrooms would be legalized for those 21 and older.
Continue reading

Jan 05 2024

US Department of Veterans Affairs Announces They’re Funding Psychedelics Research

The United States Department of Veterans Affairs (VA) announced today that they will be funding and conducting research on the use of certain psychedelics to treat PTSD and depression.

Psilocybin ("magic") mushrooms.

Psilocybin (“magic”) mushrooms.

Today, the VA issued a request for applications (RFA) for proposals from its network of VA researchers (in collaboration with academic institutions) to study the use of certain psychedelic compounds in treating posttraumatic stress disorder (PTSD) and depression.

Through this new research opportunity, VA intends to gather definitive scientific evidence on the potential efficacy and safety of psychedelic compounds such as Methylenedioxymethamphetamine (MDMA) and psilocybin when used in conjunction with psychotherapy to treat Veterans with PTSD and depression, according to a press release sent today. This is the first time since the 1960s that VA is funding research on such compounds.
Continue reading

Jan 05 2024

US Congressmember Sends Letter to DEA Asking Them to Expedite Rescheduling Marijuana

Congressman Steve Cohen (D-TN) today sent a letter to Drug Enforcement Administrator Anne Milgram asking her to act expeditiously on a Department of Health and Human Services (HHS) recommendation to reschedule marijuana to Schedule 3 under the Controlled Substances Act.

The letter follows a DEA oversight hearing in July in which Congressman Cohen questioned Administrator Milgram on this topic. At the time, Administrator Milgram said DEA could only act after it received a recommendation from HHS. The following month HHS sent a letter to the DEA officially recommending marijuana be moved to Schedule III, which would effectively legalize it for prescription use nationwide.

“I urge you, in the strongest possible way, to follow through on HHS’s recommendation”, says Representative Cohen in his letter. “It is critical that the DEA’s review is expeditious and that your agency quickly initiate the rulemaking process.”
Continue reading

Jan 05 2024

US Senate Bill to Allow Marijuana Banking Has 68% Chance of Becoming Law, Says GovTrack Analysis

According to an analysis, federal legislation to allow marijuana banking has a more than two-thirds chance of being enacted into law.

The SAFER Banking Act (S.2860) would provide strong legal protections to banks and other financial institutions that provide services to state-legal marijuana businesses. The measure is sponsored by 35% of the entire US Senate, including having support from both Democrats and Republicans as well as all three senators who identify as independent. In September it received approval by the Senate Committee on Banking, Housing and Urban Affairs, with Senate Majority Leader Chuck Schumer saying November that the full Senate is “getting close” to a vote.

According to an analysis by GovTrack.us, the SAFER Banking Act now has a 68% chance of being passed in the Senate and House, and signed into law by President Biden.
Continue reading

Jan 04 2024

Montana: $319 Million in Legal Marijuana Sold in 2023, Over $50 Million in Taxes Made

Montana marijuana stores sold $26.8 million in legal marijuana in December, bringing the yearly total to $319 million.

According to the Montana Cannabis Control Division, there was $26,886,443 worth of marijuana sold in December. This is around $1.7 million more than the total for November, and $1.2 million more than the previous December.

Year-to-date marijuana sales finished at $319.16 million, an over $15 million increase from the $303.56 million sold throughout 2022. The $319 million in sales resulted in around $55 million in tax revenue.
Continue reading