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:
#californiacannabis – “The San Francisco Board of Supervisors voted to extend the suspension of the city’s gross receipts tax on cannabis business activities through 2025.
The board passed an ordinance by a 9-2 vote Tuesday extending the suspension of the city’s progressive gross receipts tax on cannabis business activity through 2025. The ordinance, which was introduced by Supervisor Rafael Mandelman, will go to Mayor London Breed for approval. If Breed doesn’t sign by the 10th day after receiving the ordinance, or returns it unsigned, the supervisors can override her veto and put it into effect.”
#californiacannabis – “A Michigander who claims Sacramento, California’s residency rule for marijuana sellers is unconstitutional is bringing his battle to the Ninth Circuit after a California federal judge abstained from the matter citing pot’s federal illegality.
Kenneth Gay, who claims he’s fulfilled all the requirements of Sacramento’s Cannabis Opportunity Reinvestment and Equity program — except that he lives outside the state — asked that the appellate court override U.S. District Judge Kimberly J. Mueller’s October decision to punt the case, according to a three-page notice he filed Tuesday.
Gay claims he was denied admittance in the program for his business Peridot Tree Inc., which is also the named plaintiff, because he could not demonstrate that he’s ever lived in the city. His suit notes that the winning CORE applicants were all locals.”
#cannabisindustry – “Baltimore-based Constellation NewEnergy has pulled into federal court a $30 million suit accusing it of promising a California cannabis company more than $15 million in financing before failing to come through.
Gold Flora and its subsidiary Black Lion Farms originally filed the suit in California state court about a month ago, but the energy company was able to use the $30 million relief request and the fact that the companies are based in different states to get the case removed to federal court Wednesday.
In the original complaint, cannabis vape maker Gold Flora told a state court that it had applied to Constellation and been approved for $15.7 million in financing for business expansion, but when the time came for the money to be delivered, the company was suddenly unable to make it happen.”
#cannabisindustry – “U.S. Reps. Barbara Lee (D-CA) and Earl Blumenauer (D-OR) recently forwarded correspondence to the Financial Crimes Enforcement Network (FinCEN) seeking data regarding financial services offered to minority cannabis businesses.
The legislators want better insight into barriers faced by minority cannabis business owners…
In their request for information, Lee and Blumenauer cited a 2021 Brookings Institution report that revealed determining Black-owned businesses faced more disparities in access to banking services and deposits, mortgage credit, and small business loans than their white counterparts.
The legislators also referred to a 2021 Federal Reserve report showing Black- and Latino-owned businesses were less than half as likely as their white counterparts to be fully approved for loan applications.”
#psychedelicpolitics – “A Bipartisan Psychedelics Caucus has been created in the US Congress to advocate for research into the therapeutic potential of psychedelics.
The Caucus is co-chaired by Representatives Representatives Lou Correa (D-CA) and Jack Bergman (R-MI), and includes members from both parties. The Caucus will work to educate members of Congress and the public about the potential benefits of psychedelics, and to ensure that federal policies reflect the latest scientific research.”
#californiacannabis – “The California Department of Tax and Fee Administration reported the excise tax ($128.4 million) and the sales tax ($113.6 million) totaled $242 million. That compared to the revised number of $299.8 million in the second quarter.
“Since January 2018, total cannabis tax revenue to date is $4.4 billion, including $2.2 billion in cannabis excise tax, and $1.7 billion in sales tax. That total also includes $500.3 million in cultivation tax,” the agency reported.
However, since July – the start of the third quarter – the state no longer collects cultivation tax, the agency reported. The tax revenue in the third quarter of 2021, for example, was $322.34 million – $80 million more than in 2022.”