In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.
In today’s news:
#cannabisindustry – “The Department of Revenue noted medical marijuana is tax-exempt but adult use recreational would be subject to taxation. Religious institutions and entities could qualify for exemptions, however, if the sale and purchase of these products accord with their religious activities.
Regarding property taxes, expectations are that there would be a “probable positive” impact on ad valorem collections per Baker, based on new construction….
Taxation, whether by sales tax or excise taxes, would be expected to add to the state coffers as well. This number could be boosted by Florida being surrounded by non-legalization states, meaning customers could travel in from Georgia, Alabama, Mississippi and potentially the Carolinas. California reaped $1.11 billion
in cannabis taxes in 2022, a key figure since that’s a state considered to be a potential comp.”
#californiacannabis – “Glass House Brands last week filed a defamation lawsuit against Catalyst Cannabis., its CEO Elliot Lewis, and co-founder and attorney Damian Martin over their claims that Glass House is “the biggest black marketeer” of cannabis in American history. The lawsuit also accuses Catalyst of violations of California’s Businesses and Professions Code.
Glass House’s lawsuit comes just days after Catalyst filed a lawsuit accusing Glass House of illegally diverting cannabis products, alleging the company “has become one of the largest, if not the largest, black marketers of cannabis” in the state. That lawsuit followed allegations on social media by Lewis and Martin that Glass House was diverting “75% to 80%” of its products into unregulated markets throughout the U.S.”
#cannabisindustry – “The law establishes the Office of Cannabis Management (OCM), which will not only oversee adult use but also regulate the State’s Medical Cannabis Program and the hemp edibles and beverages’ market. The Medical Cannabis Program will move from the Minnesota Department of Health to OCM on March 1, 2025. Regulation of hemp edibles and beverages will move to the Minnesota Department of Health and then transfer to OCM on March 1, 2025.
OCM will also oversee the issuance of licenses and regulate cannabis business practices. Licensing of recreational marijuana retailers, however, is a work in progress. It will take another 12-18 months to get a commercial sales and licensing system launched, as Minnesota is in the process of selecting vendors. The State does not expect to start processing license applications until May 2024 with retail sales starting no sooner than early 2025.”
#cannabispolitics – “Moving cannabis to the Schedule III, IV, or V list would indeed be historic. It would also ease a bit of the burden currently facing legal cannabis operators and consumers. The plant would be treated like a prescription drug and regulated by the Food and Drug Administration (FDA). Cannabis companies would no longer be burdened by high taxes caused, and prosecutors in prohibition states would likely make marijuana enforcement a lower priority.
However, re-scheduling would not be a silver bullet for the cannabis industry. According to the CSA, it’s against the law “for any person knowingly or intentionally to possess a controlled substance.” Under the Schedule V listing, companies are forbidden from “distributing or dispensing Schedule V substances for other than medical purposes.”…
If cannabis were to be removed from the Controlled Substances Act altogether (aka de-scheduled), it would be regulated more like tobacco, alcohol, and dietary supplements. Individual states would be given the power to determine how the plant is distributed and would be able to craft their own rules.”
#californiacannabis – “Photos of the lab shared by officers show what appears to be a functioning brick-and-mortar kitchen with pizza boxes labeled “Hot & Fresh Pizza To Go!” What doesn’t appear to be in any of the photos is pizza. Instead, the photos show batches of THC honey oil among boxes placed on the cooling racks.”