- Hashish banking reform would help federal tax assortment, IRS says
- Pharmacann merges with LivWell, and will quickly IPO
- DEA proposes important enhance in authorized manufacturing of hashish and psychedelics
- Decide permits Texas to proceed implementing ban towards Delta-8 THC
- And extra…
Hashish Banking Reform Would Support Federal Tax Assortment, IRS official says – On the UCLA Annual Tax Controversy Institute, Cassidy Collins, a senior counsel within the Inner Income Service’s Workplace of Chief Counsel, mentioned the “special type of collection challenge” that the company faces as hashish stays unlawful on the federal degree. Importantly, Collins famous that “if the law changed so that the marijuana businesses could have banks, that would make the IRS’s job to collect [taxes] a lot easier. As part of collection, we want the money. That’s our end goal there.”
USPS Releases Last Rule Banning Cargo of Vapes By way of US Mail – The US Postal Service launched its last rule prohibiting the mailing of vaping units. The company specified that whereas companies can legally mail as much as 0.3 % of THC, the federal laws handed in 2020 restricts the mailing of “electronic nicotine delivery systems,” or “any electronic device, through an aerosolized solution” delivering, amongst different issues, “any other substance to the user inhaling from the device.”
DEA Proposes Important Improve in Authorized Manufacturing of Hashish and Psychedelics – In its discover to be printed within the Federal Register, the US Drug Enforcement Administration famous a “significant increase in the use of schedule I hallucinogenic controlled substances for research and clinical trial purposes,” and needs approved producers to satisfy the rising demand.
AL – The Alabama Medical Hashish Fee introduced that it doesn’t intend to push for medical hashish cultivation and distribution licenses to be accessible earlier than 2023 out of concern for the “timelines” for approving guidelines and laws, amongst different timing issues. As soon as accredited, nonetheless, medical hashish will probably be accessible within the state as tablets, capsules, gummies, lozenges, topical oils, suppositories and transdermal patches to deal with not less than 16 completely different circumstances, together with most cancers and continual ache.
CO – Because the probability of federal hashish legalization will increase, Colorado regulators are reassessing the state’s 15 % excise tax. Colorado is one in every of simply six states that has an excise tax on wholesale transactions for adult-use hashish gross sales. State laws handed in 2021 requires the Colorado Marijuana Enforcement Division to look at current tax guidelines for the leisure markets to make sure that the state’s growers are usually not at a aggressive drawback if federal legalization measures embrace excise taxes.
KS – Empyreal Logistics, a Pennsylvania-based forex transportation firm, has filed go well with requesting the return of roughly $166,000 in money proceeds that its driver collected from hashish dispensaries in Missouri and was seized by Kansas legislation enforcement. Regardless of Empyreal’s claims that it was merely transporting money proceeds from hashish companies, federal prosecutors in Kansas declare the cash is topic to forfeiture as a result of violations of a federal legislation towards manufacturing and distributing medication.
MA – Regardless of early criticism of Massachusetts’ sluggish tempo of hashish license approvals, the state has accredited greater than 900 hashish licenses within the three years because the first authorized hashish dispensary opened. Whereas greater than 100 communities have not less than one licensed hashish dispensary, the state is continuous to obtain purposes to satisfy important remaining demand.
ME – Amid a number of constitutional challenges to Maine’s residency necessities for house owners of medical hashish companies, US District Court docket Decide Nancy Torresen granted a movement to remain the residency requirement throughout the attraction, prohibiting non-residents from proudly owning hashish dispensaries in Maine. The choose discovered compelling the declare by the Commissioner of the Maine Division of Administrative and Monetary Providers that even a brief interval of processing non-resident license purposes may lead to long-term irreparable hurt for the state.
MS – Mississippi lawmakers have made additional revisions to draft medical hashish laws to “allow larger growing facilities, restructure the excise tax on cannabis products and limit the regulatory involvement of the [ ] state Agriculture Department.” Additional revisions are anticipated to make sure hashish services won’t obtain financial growth incentives.
NJ – After important delays ensuing from a lawsuit and company transition, New Jersey’s Hashish Regulatory Fee introduced the winners of 14 new medical hashish enterprise licenses. Ten of those licenses went to cultivation websites, whereas the remaining 4 went to websites that develop, course of and dispense hashish. The variety of licenses accredited to date for cultivation websites is a big enhance from the state’s preliminary plan, which included solely 5 of those licenses.
OR – Because the quantity and measurement of unlawful hashish farms enhance, county officers have referred to as on Gov. Kate Brown (D) to ship within the Oregon Nationwide Guard “to assist, as able, in the enforcement of laws related to the production of cannabis,” and have requested further funding from the state legislature to deal with the problem. Gov. Brown won’t deploy Guard troops for now, however could rethink subsequent 12 months, in response to her workplace.
PA – In accordance with a brand new survey from Franklin & Marshall Faculty, greater than 60 % of Pennsylvania voters assist adult-use hashish legalization, the very best recorded assist since polling started in 2006. Outcomes from the survey come as Pennsylvania legislators take into account a number of legalization proposals.
RI – Rhode Island lawmakers counsel that they’re near reaching a deal on a invoice to legalize hashish. Though State Sen. Josh Miller (D), a sponsor of 1 legalization proposal, acknowledged that compromises have been reached on quite a lot of key matters, however legislators are nonetheless negotiating key points, reminiscent of variety of hashish enterprise licenses, expungement, and which company ought to regulate the adult-use market.
SD – A South Dakota legislative committee superior a draft invoice to legalize adult-use hashish. The invoice have to be accredited by the chief board earlier than it’s formally beneficial to the complete legislature in 2022. The state Supreme Court docket remains to be contemplating the constitutional problem to the hashish legalization initiative handed by voters in 2020. Given the uncertainty surrounding the proposed laws and constitutional problem, advocates plan to proceed to pursue a brand new poll initiative subsequent 12 months.
VT – One 12 months forward of adult-use hashish gross sales, Vermont’s Hashish Management Board is prioritizing a small-scale, native and equitable trade. In accordance with Board Chair James Pepper, the board will attempt to meet the state’s demand for retail hashish solely with small growers, which embrace indoor operations no bigger than 1,000 sq. toes. Moreover, firms will solely be permitted to carry one license in every class, prohibiting any franchise alternatives.
Texas Decide Upholds Delta-8 THC Ban – In October, the Texas Division of State Well being Providers revised its hemp coverage, saying that it had categorised delta-8 THC as a Schedule I managed substance. Hometown Hero, a Texas hashish firm, sought to halt enforcement of the ban because the courtroom considers authorized challenges towards the revised coverage. Final week, a Texas choose denied this request, ruling that the state can proceed to ban hemp merchandise containing greater than 0.3 % delta-8 THC.
Louisiana Strikes to Regulate Delta-8 THC and Enable It in Meals – Licenses for manufacturing meals containing cannabinoids will probably be required and might be obtained by the state’s Division of Well being. As the recognition of Delta-8 THC has risen, 18 different states have enacted bans on the substance.
Singapore – The Supreme Court docket of Singapore rejected Omar Yacob Bamadhaj’s request for attraction and reversal of his conviction and dying sentence for allegedly bringing to Singapore from Malaysia not less than 2.2 kilos of hashish. Bamadhaj was sentenced to dying by hanging.
United Arab Emirates – Former British semi-professional soccer participant, Billy Hood, has been convicted and sentenced to 25 years in jail in Dubai for drug trafficking with intent to provide after 4 bottles of vape liquid containing hashish oil have been present in his automotive.
Switzerland – Switzerland’s public well being and welfare authorities company introduced that hashish must be comprehensively regulated versus banned, so the Nationwide Council will create a framework and an built-in hashish medical and leisure infrastructure beginning within the nation’s capital and largest metropolis Zurich.
Canada – The Ontario Hashish Retailer, initially supposed to function the only e-commerce distributor and retailer of hashish in Ontario solely till brick-and-mortar shops may very well be constructed, continues to be the only distributor of licensed shops three years later, making a digital monopoly and undercutting retailers.
AFC Gamma Elevating $100 million to Finance Hashish Loans – Nasdaq-listed hashish lender AFC Gamma (NASDAQ: AFCG) priced an providing of $100 million combination senior notes to certified institutional buyers, final week. The corporate will use proceeds from the providing to fund loans to current debtors and for firms working within the hashish trade.
Pharmacann Merges with LivWell and Could Quickly IPO – Pharmacann has entered right into a merger with Colorado based mostly multi-state operator LivWell Holdings, Inc. The brand new mixed entity will function roughly 60 dispensaries and 11 cultivation and manufacturing services throughout 8 states. In the meantime, Pharmacann, which holds 10 unique hashish licenses in New York state, could quickly challenge an IPO valued at over $1 billion, in response to trade observers.
Cover Development Acquires US Wana Manufacturers for $300 million – Canadian hashish firm Cover Development has entered into an settlement to amass US-based Wana manufacturers, contingent upon US legalization of hashish. The deal is much like the one Cover entered into with Acreage Holdings, which was additionally contingent upon US legalization of hashish.
Wall St. Banks No Longer Requiring Hashish Drug Check – Prime Wall Road banks are altering their insurance policies to not require testing for hashish use as a part of their worker onboarding processes. The transfer takes under consideration widespread legalization of hashish on the state degree, and rising assist among the many majority of Individuals for legalization of hashish.
New Hashish Certification Pilot Program Debuted – ASTM introduced a brand new certification program for hashish and hemp operators often known as ASTM Worldwide’s CANNQ/HEMPQ Certification Program. It’s the first impartial certification of its form for the hemp and hashish trade. “This effort coincides with the work of ASTM Worldwide’s hashish committee (D37) which incorporates over 900 members and governments from 28 completely different nations,” mentioned Tricia Hock, director of certification operations for Security Gear Institute, an affiliate of ASTM Worldwide. “As an accredited body, we believe delivering the first certification program for cannabis and hemp is a critical step.”
New Survey Reveals Individuals Assist Tamper-Proof Hashish Labeling – A brand new nationwide research of over 2,000 US adults reveals broad assist for offering safe, tamper-proof labeling of hashish merchandise to confirm their legitimacy and security within the market. Moreover, the research, commissioned by SICPA and carried out by the Harris Ballot, means that Individuals are keen to pay a premium for hashish merchandise with safe, tamper-proof labeling.
Florida Medical Hashish Sufferers Scale back Reliance on Prescription Medicine, research finds – A brand new research examined the demographics of Florida medical hashish sufferers by surveying 157 sufferers. Investigators discovered that these sufferers mostly used medical hashish to deal with their signs of tension, ache and stress. A majority of sufferers additionally reported a discount or discontinuation of not less than one prescription or over-the-counter drug.
CLE Seminar for In-Home Counsel – Dentons accomplice and Co-Head of the US Hashish Group Kathryn Ashton and Dentons senior managing affiliate Joanne Caceres offered well timed updates on hashish legislation issues for in-house counsel.