New Jersey Cannabis Tax Revenue Provides $5 Million to Violence Prevention
New Jersey Gov. Phil Murphy and Attorney General Matthew J. Platkin recently revealed an initiative that provides a total of $15 million to support Community-Based Violence Intervention (CBVI) programs, a portion of which comes from a dedicated cannabis tax fund. According to a press release, Murphy has helped facilitate the use of more than $40 […]
New Report Shows Colorado Cannabis Tax Revenue Exceeds Tobacco, Alcohol
The Colorado Legislative Council Staff (LCS), described as the “nonpartisan research arm of the Colorado General Assembly,” released a report on Aug. 16 detailing how cannabis taxes are benefitting the state. According to the analysis, Colorado annual cannabis tax revenue may have decreased in FY 2021-2022 and FY 2022-2023, but cannabis sales remain a consistent […]
Executives Re-Enact Boston Tea Party To Protest Cannabis Tax Rule
Executives from a Massachusetts-based cannabis company dressed in colonial garb aboard a ship in Boston Harbor on Wednesday to protest an IRS rule that requires regulated marijuana companies to pay taxes that are significantly higher than businesses in other industries. The demonstration, which evoked the legendary Boston Tea Party at the same site 250 years […]
This Tax Break Could Reshape The Cannabis Landscape With A $700M Boost
Section 280e of the Internal Revenue Code has emerged as an unexpected catalyst, potentially injecting a staggering $700 million boost into cash flow for major cannabis companies. The cannabis industry has faced numerous challenges, including falling prices, excessive debt and stagnant sales in mature markets. While many believed that banking legislation or stock exchange listings would […]
Santa Barbara County, California to Implement ‘Death Penalty’ Tax Rule
Santa Barbara County officials are stepping up rules to get cannabis businesses to be current on their tax payments. On June 27, the Santa Barbara County Board of Supervisors approved harsher penalties on cannabis businesses that aren’t paying their taxes on time. Beginning in August, cannabis businesses in Santa Barbara County, California that don’t pay […]