Phil Murphy will be sworn-in as governor of New Jersey on Tuesday, and some supporters have urged he drops his plan to legalize marijuana.
Tag Archives: taxes
CONCORD, N.H., Jan. 9, 2018 /Weed Wire/ — The New Hampshire House of Representatives approved a bill to make marijuana legal for adults on Tuesday by a vote of 207-139.
The state of Alaska reported a dip in tax collections from legal marijuana businesses in November.
Nevada’s recreational marijuana industry hit a new high, selling more than $37.9 million in October. The state has earned nearly $20 million in marijuana tax revenue since the adult-use market launched in July.
A video for California cultivation and manufacturing businesses, one of three in a series by the California Department of Tax and Fee Administration, to help cultivators and manufacturers learn about their tax responsibilities.
Phil Matier reports on Alameda County officials and business people sorting out rules of recreational marijuana sales at summit.
You might be wondering what’s behind the big rally in cannabis stocks? While a generally bullish market has certainly helped, there are five other considerably more prominent reasons behind the rally in marijuana stocks in 2017.
With the cannabis supply in Alaska increasing and wholesale prices declining, growers are feeling a pinch from the state’s wholesale tax. Some are calling for reform.
Although the Silver State just started recreational marijuana sales this past summer, the number of workers Nevada marijuana businesses employ is creating quite the buzz.
TheraCann USA Benchmark has abandoned plans to build a $20 million medical marijuana facility in Kingsley. Richard Goodman, president of TheraCann USA, confirmed the decision on Wednesday, Dec. 13.
While the initial Canadian cannabis tax framework was revealed on Nov. 10, 2017, provincial leaders and industry stakeholders renounced the proposed 50-50 split of cannabis taxes and so federal, provincial and territorial finance ministers went back to the drawing board, announcing the revised Canadian cannabis tax plan on Dec. 11.
In the past five years, eight states and Washington, D.C., have legalized recreational marijuana for adults. Today, 68 million people live in areas where marijuana is treated like alcohol or tobacco.
Massachusetts marijuana tax revenue in the Bay State has been given a wide-ranging projection for recreational marijuana’s first year of sales. According to a Massachusetts Department of Revenue analysis, tax revenue will range between $44-82 million in fiscal year 2019.
A Republican senator from a state where marijuana is legal is pushing this week to give cannabis businesses a measure of tax fairness.
In February 2015, Alaska became one of the first states to legalize recreational marijuana with a 53% vote in favor of the drug. Even though cannabis was made legal in the state, it took another year for Alaska to approve cannabis retail stores and manufacturers. Now, since the state has approved full legalization, the industry has grown, affecting Alaska’s economy in a number of ways.
California cannabis entrepreneurs will earn $5.2B in revenue in 2018 as recreational use becomes legal there. The state of California will collect about one billion dollars in accompanying marijuana taxes.
It looks like Nevada cannabis sales are still ranking high for the recreational market. The Nevada Department of Taxation released the state’s results for recreational cannabis sales for the month of September, and the data proves that sales are still going strong.
In this scene from WEEDIQUETTE, Krishna meets with former illicity cannabis farmer Juan Bastilla to learn about the violence that occurred in Colombia when FARC and the government were against one another.
While several provinces have announced their plans for recreational cannabis distribution and retail operations, industry stakeholders have been waiting for an announcement on the Canadian cannabis tax framework and that moment has now arrived.
OTTAWA, Ont., Nov. 10, 2017 /Weed Wire/ — The current approach to cannabis is not working, and the Government of Canada is committed to legalizing, regulating and restricting access to cannabis to keep it out of the hands of kids, and profits out of the hands of criminals.
SAN FRANCISCO, Nov. 8, 2017 /Weed Wire/ — Residents of seven California cities voted to impose local taxes on cannabis in Tuesday’s elections. With retail sales set to begin on January 1, the newly approved measures will add to the already substantial tax burden on legal cannabis, potentially undermining California’s fledgling legalization initiative, according to Fitch Ratings.
Buying weed in California is about to get less risky and much more expensive. A patchwork of new policies, including special taxes, will roll out in the state before sales of recreational marijuana begin at the start of 2018.
Canadian Prime Minister Justin Trudeau introduced legislation to legalize recreational marijuana throughout the country, which plans to be in effect on Canada Day (July 1) 2018. Now, many experts have predictions for the Canadian marijuana economy as a result of the cannabis industry becoming legal.
Alaska’s cannabis tax revenue continued a steady climb upward in September, with $723,757 collected statewide, according to a state official.
Buying legal marijuana in California could be pricey enough to keep the black market healthy. Between customers, retailers and growers, taxes on cannabis may reach as high as 45% in parts of the state, according to a Fitch Ratings report.
While supply shortages may have hampered Nevada recreational marijuana sales when the second month of sales commenced on Aug. 1, 2017, the industry was able to rebound and close out the month of August with more than $33 million in sales.
Maine’s governor is pushing for lawmakers to delay the start of legal recreational marijuana sales instead of rewriting the voter-approved marijuana law.
WASHINGTON, Oct. 16, 2017 /Weed Wire/ – CohnReznick, one of the largest accounting, tax and advisory firms in the United States, has teamed with New Frontier Data, the leading provider of data, analytics and business intelligence for the cannabis industry.
It is perhaps an overstatement to say that Big Tobacco is unhappy with weed becoming legal — after all, they claim that marijuana isn’t a substance that can act as a substitute for tobacco consumption.
Colorado cannabis sales are on track to reach an all-time high at record speed, with cannabis having already banked $1 billion in sales within the first eight months of 2017.
It looks like the enhanced legalization of medical marijuana in Montana will boost the Treasure State’s coffers this year, with sales increasing the amount of money in Montana’s general fund.
Nearly three years after Oregon voters voted to legalize marijuana for adult use, several groups are reaping the benefits.
SALEM, Ore., Oct. 6, 2017 /Weed Wire/ — The first distributions of state marijuana tax revenues—totaling nearly $85 million—are on their way to the State School Fund; the Mental Health, Alcoholism, and Drug Services Account; the Oregon State Police (OSP); the Oregon Health Authority (OHA); and Oregon’s cities and counties. All distributions will be complete by October 11, 2017.
Montana medical cannabis providers have until Oct. 15, 2017, to file and pay their taxes for sales made in July, August and September. This represents the first time the state’s Department of Revenue has collected taxes on medical cannabis sales.
When the province of Alberta announced that it was surveying the public on Alberta cannabis regulations, it didn’t know that more than 45,000 residents would submit their opinions on the matter.
Canada is proposing a federal excise tax on marijuana to help ease the path to legalizing the drug, Prime Minister Justin Trudeau said on Tuesday, drawing a cautious response from provinces that would oversee the process.
Three years after Alaska residents voted to legalize recreational marijuana, some Alaskan towns were still mulling whether to ban commercial cultivation and retail sales of the drug.
As the Golden State readies for the rollout of recreational cannabis on Jan. 1, 2018, some are preparing for a windfall of revenue from California cannabis taxes and others are preparing to continue competing with the black market.
NEW YORK, Sept. 25, 2017 /Weed Wire/ — California’s high cannabis taxes will encourage black market sales and limit potential local government revenues from this new market, Fitch Ratings says.
“This is going to be bigger than bingo,” James Billie told CNN over the summer. A former chief of the Seminole, whose company MCW gives financing and legal counsel to American Indian tribes to help them grow and sell marijuana on their land, Billie could barely contain his excitement.
New Jersey reaped billions from slot machines and blackjack tables in the decades before casino fever jumped state lines. With Atlantic City’s gambling heyday now past, politicians in the Garden State are aiming to grab marijuana’s riches while neighbors again play catch-up.
While Maine marijuana regulation has faced delays, the Pine Tree State finally has a regulatory draft to show for itself.
The California City police and fire departments are preparing for the addition of dozens of medical marijuana cultivation and manufacturing businesses.
In this Cal Can Biz Expo interview, watch Kristen Fox, Editor-in-Chief of MJINews.com and Marijuana Industry News magazine, interview Jordan Gerber, President of MJIC Capital.
Marijuana sales in Colorado, the first state in the nation to legalize recreational weed, surpassed $750 million during the first half of 2017, up about 25 percent compared to the first six months of 2016.
Dallas Fallen Officer Foundation President Sergeant Demetrick Pennie on whether the legalization of Marijuana will put the lives of police officers at risk.
A tribal Cannabis consulting firm in Nevada has helped arrange key compacts with Native American tribes. In Nevada and elsewhere, Native American tribes are sparking marijuana businesses.
Jesus Aponte pushes a door open to reveal hundreds of aromatic, spiky green plants, a crop that Puerto Rico hopes will help it ease a grinding economic crisis by generating millions in revenue and tens of thousands of jobs.
It’s been a hot button issue for years, but action in Michigan to legalize recreational marijuana has hit the ground running.
The Massachusetts marijuana law is getting a rewrite. The state has actually two marijuana laws — approved by voters — that Statehouse lawmakers revised, largely behind closed doors.