FRONT RUNNER
Cannabis taxes overtook alcohol and cigarettes in Colorado and Washington this year
Marijuana Moment reports that Colorado and Washington State took in more revenue from cannabis sales than from either alcohol or cigarettes in Fiscal Year 2022, according to a new report.
Another eight states saw tax revenue from cannabis outpace cigarettes, while Nevada took in more from marijuana than alcohol.
The analysis, published by the Tax Policy Center on Wednesday, provides a comprehensive overview of the various tax models, revenue data and debates over the most effective tax regimes in states that have legalized cannabis.
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FLORIDA HURRICANE
Cannabis companies caught in the fallout of Hurricane Ian
MJBizDaily reports that over 100 cannabis businesses in Florida were shuttered Thursday as state operators assessed employee safety, flooding, structural damages and mass power outages in the wake of Hurricane Ian.
More than half the state’s 485 medical cannabis stores are located in the direct path of excessive rainfall and potential storm surges, according to data from the Florida Office of Medical Marijuana Use, the National Hurricane Center and MJBizDaily research.
HEMP BOOM
EU hemp industry boom attracts US stakeholder interest
European hemp cultivation has substantially increased over the last several years, making room for many interested U.S. stakeholders to join the burgeoning market, reports Benzinga.
The U.S. Department of Agriculture (USDA) addressed the hemp industry boom in the EU in its recent report “European Union: Market Trends and Regulations for Industrial Hemp in the European Union.”
One of the motivations behind the hemp trend is to reduce fossil fuels and carbon-intensive products.
EU STOCKS
European cannabis stocks review: £22m wiped from LSE-listed cannabis stocks amid market chaos
Following a few weeks of relative positivity for many of the stocks listed on the London Stock Exchange (LSE), the market chaos caused by the UK Chancellor’s ‘mini budget’ has wiped £22,328,775 from the collective market value of LSE-listed cannabis stocks, reports BusinessCann.
This erased Cellular Goods’ near 30% following the announcement of plans for a merger with Cannaray, marking the first of what is expected to be many consolidation deals to come in the UK cannabis sector.
