EDITION:

Search
Search
Close this search box.

Synthetic cannabinoids further rift between cannabis and hemp industries

Synthetic cannabinoids further rift between cannabis and hemp industries

The rise of intoxicating, hemp-derived cannabinoids has widened a rift in the cannabis industry, MJ Biz Daily reports.

The publication highlights that manufacturers and retailers of hemp-derived cannabinoids argue their products are shielded by the Farm Bill and should be freely sold in states without laws prohibiting them.

With an increasing number of states moving to ban such cannabinoids, including THC-O as well as other isomers of THC, including delta-6 and delta-10 THC, MJ BIz Daily notes that regulated cannabis companies, consumer watchdogs and the science community are concerned over contaminants, unknown and dangerous effects on users as well as the general confusion that cannabinoids are causing in the marketplace.

NEW HAMPSHIRE

Top New Hampshire lawmakers outline cannabis legalization plan, while committee advances home grow for patients

New Hampshire gave an overview of the path to enact a cannabis legalization bill this session, days after a House panel advanced a separate medical cannabis home cultivation measure last week, reports Marijuana Moment.

The publication notes that a major change made to the legislation would put the state’s existing Liquor Commission in charge of regulating the cannabis market, rather than create a new independent commission to do so.

HB 639 aims to:

  • Allow adults 21 and older to purchase, possess and gift up to four ounces of cannabis.
  • No statewide cap on the number of licensed cannabis businesses.
  • Regulation to be developed for existing medical cannabis dispensaries to apply for dual licenses to start serving adult consumers within 18 months of the bill’s enactment.
  • A 15% tax on monthly gross revenue for cannabis cultivators.
  • A total of 80% tax to support an education trust fund, 10% for substance misuse treatment programmes, 5% for localities that have at least one operational retailer and 5% to support public agencies like police and fire departments.

TAX PLAN

What Biden’s tax plan would mean for the cannabis industry

Lexology explores ew key provisions in Joe Biden’s federal budget for 2024 and how they will impact the cannabis industry.

Highlighting that several parts of the budget’s tax reforms are likely to adversely impact the cannabis industry, Lexology notes how section 280E of the Internal Revenue Code saw no reform in the tax plan.

In the budget, Biden revealed that he wants to raise the corporate tax rate across the board, and to increase capital gains taxes on certain wealthy individuals. This move will make corporations a less desirable entity form for the cannabis industry.

“The bottom line is that so long as 280E exists, any tax reform that increases taxes will unduly impact the cannabis industry,” writes Harris Bricken. “It is time that the federal government does something about 280E now but, unfortunately, I don’t see that happening any time soon. In the meantime, Congressional Republicans are very unlikely to allow Biden’s tax plan to proceed as written, so there’s some possibility of negotiations.”

Related Posts

Related Posts

CONNECT

Related Posts

Related Posts

Recent Posts

Related Posts

Subscribe to our mailing list to receives daily updates!

We won’t spam you

Categories

Browse by Tags

CATEGORIES

EDITION

BUSINESS OF CANNABIS

© 2023 Prohibition Holdings Ltd. All Rights Reserved.

EDITION

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?