Nov 13 2023

New York Legislation Allowing Marijuana Businesses to Take Tax Deductions Sent to Governor

Roughly five months after its initial approval in the Senate, a New York bill to allow marijuana businesses to take standard state tax deductions has been delivered to Governor Kathy Hochul.

Filed by Senator Luis Sepulveda, Senate Bill 7508 was passed by the full Senate 43 to 18, and the full Assembly 116 to 29. Today the measure was sent to Governor Hochul for consideration.

Governor Hochul now has the option of signing the measure into law, allowing it to become law without a signature, or veto it. If Governor Hochul chooses the latter (she has 10 days to decide), the legislature could override the veto with a 2/3rds majority.
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Nov 13 2023

Ohio Senate President Suggests Increasing Marijuana Tax, Governor Promises to Respect “Spirit” of Issue 2

Ohio’s new voter-approved marijuana legalization law takes effect December 7, and lawmakers are deep in discussion on how to alter it.

(Photo credit: Pixabay).

After making comments to the press last week stating that he wants lawmakers to make revisions to Issue 2 prior to it taking effect, Governor Mike DeWine has promised to respect the “spirit” of the new law, without going into specific details.

“I don’t think there’s any surprises out there,” Governor DeWine told reporters today following a meeting with the leaders of the Senate and House of Representatives. “I don’t think any of the things that I have suggested that we do really flies in the face of the spirit of what people were voting for.”
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Nov 13 2023

Connecticut: Almost $25 Million in Marijuana Purchased Legally in October

Although legal marijuana sales in Connecticut fell short of reaching $25 million after topping it last month, recreational marijuana sales were at an all-time high.

According to data released by the Connecticut Department of Consumer Protection, there was $24,865,870 worth of legal marijuana purchased in October. Although this is a roughly $340k from total sales numbers for September, recreational marijuana sales actually saw an uptick from $14.3 million to $14.7 million. Medical marijuana sales, however, dropped from $10.8 million to $10.1 million.

Over half of the marijuana purchased was dried flower at 53%, following by vape cartridges at 28%, infused edibles at 10% and marijuana concentrates at 6%.
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Nov 13 2023

Wyoming Committee Votes to Ban Delta-8 THC

A joint legislative committee in Wyoming has approved a bill that would place a ban on delta-8 THC.

Gummies made with delta-8 THC.

Wyoming’s Joint Judiciary Committee voted 8 to 6 to pass the ban. Despite it’s passage, some members took strong stances against the measure, with the committee’s co-chair Representative Art Washut saying the bill is “not ready for prime time”.

“I made it a point in the past to support legislation coming out of committee that is ready for prime time,” said Washut. “We need a bill that we’re really comfortable with, and, unfortunately, I don’t think we’re there.”
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Nov 13 2023

Michigan: Marijuana Tax Revenue in FY 2023 Was 38% Higher Than Beer, Wine and Liquor Taxes

Michigan Tax Revenue grew by around 50% in fiscal year (FY) 2023 to surpass $420 million.

According to a newly released House Fiscal Agency report, the excise tax on the legal distribution of marijuana and marijuana products resulted in $266.2 million in tax revenue for Michigan. This is a 50% increase over the $178.6 million in marijuana taxes made in FY 2022.

The $266.2 million in excise taxes made from marijuana sales is 38% higher than the excise taxes made from beer, wine and liquor combined ($192.6 million), and it’s 82% higher than liquor alone ($146 million).
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Nov 13 2023

$262 Million in Legal Marijuana Sold in Michigan in October

For the fifth straight month, legal marijuana sales in Michigan surpassed a quarter of a million dollars.

According to the Michigan Cannabis Regulatory Agency, there was $262,891,203.09 worth of legal marijuana and marijuana products sold in October. This included marijuana flower and shake as well as marijuana concentrates and marijuana-infused edibles, tinctures, topicals and so forth.

The vast majority of the marijuana purchased in October – $258,474,612.51 – was for recreational use. Medical marijuana patients purchased $4,416,590.58 in product.
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Nov 12 2023

CBD Led to Significant Improvements in Animal Model of Leukemia, According to New Study

In a new study the administration of CBD “resulted in a significant improvement in the biochemical, antioxidant status, morphological, and molecular measures in leukemia in adult male rats.”

The study was conducted by researchers at the University Rey Juan Carlos (Spain), the Scientific Research Superior Council (Spain), Victoria University (Australia), the University of Melbourne (Australia), the Australian Institute of Musculoskeletal Science and the Working Group of Basic Sciences on Pain and Analgesia of the Spanish Pain Society.

According to researchers, who note that “Cannabidiol (CBD) has anticonvulsant, anti-inflammatory, anti-anxiety, antioxidant, and anti-cancer properties”, the purpose of this study “was to investigate the possible protective and therapeutic benefits of CBD oil in DMBA-induced leukemia in rats.”
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Nov 11 2023

Washington State: $465 Million in Marijuana Taxes Made in FY 2023, Over 5,000 Approved Products

According to data released by the Washington Liquor and Cannabis Control Board, there was over $1.2 billion in legal marijuana sold in fiscal year (FY) 2023.

The $1,257,812,688 in marijuana and marijuana products sold in fiscal year 2023 resulted in $465,399,615.68 in tax revenue for the state. Fiscal year 2023 began on July 1, 2022, and ended on June 30, 2023. Data between July 1, and November is not yet available.

The marijuana taxes made in FY 2023 were a roughly 9% decrease from the $511 in marijuana taxes made in FY 2022.
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Nov 11 2023

Researchers Find THC and CBD in Skeletons From 1600s Milan, Italy

According to a newly published study, researchers have found traces of the marijuana compounds THC and CBD in the femurs of two skeletons from 1600s Milan.

The study, published in the Journal of Archaeological Science, found traces of the marijuana compounds in a woman who researchers say was in her 50s, as well as in her teenage son.

“In this paper, we reported the results obtained from toxicological investigations on bone samples collected from human remains of the 17th century in Milano (Italy)”, says researchers. “The aim of this study was to search for analytical signs of the administration of medical or recreative plants in the population of Milano during the 17th century.”
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Nov 10 2023

Massachusetts: $148 Million in Marijuana Sold in October, Price Per Gram Drops to All-Time Low of $5.68

Massachusetts marijuana sales fell just short of $150 million in October.

Licensed marijuana retail outlets and dispensaries in Massachusetts sold $148.8 million worth of marijuana and marijuana products in October. $17.3 million of this was purchased by medical marijuana patients, with the remaining $131.5 million purchased by recreational consumers.

Year-to-date marijuana sales is now $1.32 billion. All-time sales, starting in 2018, are now $5.31 billion.
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