California Cannabis Tax and Legal Sales Decline in Q4
California, which plans to phase out the cannabis cultivation tax by the third quarter of 2022, received $221.65 million in tax revenue from legal weed sales in 4Q, down $330.53 million from the year-ago period, informed of market Watch. Taxable sales of cannabis fell to $1.27 billion in 4Q from $1.45 billion last year.
“The Advisor Shares Pure US Cannabis ETF msoThe ETFMG Alternate Harvest ETF is down -1.13% and is down 68.9% in the last year MJ-1.97% has lost 55.5% of its value, while the Nasdaq Composite Index computer application-2.05% down from 11.5% over the past year,” per MarketWatch.
California Department of Tax and Fee Administration The data showed that consumers purchased $5.3 billion worth of legal pot products in 2022. Per SFGate.
The decline in sales is a “warning sign” that “the state’s legal market is on the verge of collapse,” said Hirsh Jain, a cannabis consultant at Ananda Strategy and vice president of the California Cannabis Chamber of Commerce.
Plans to Expand Retail Cannabis to Costa Mesa, CA
Costa Mesa City Council Overturned a Planning Commission decision following an appeal filed by South Coast Safe Access (SCSA) allows it to move forward with plans for a 3,720-square-foot cannabis retail operation, according to a local news media outlet.
In November, the commission claimed the dispensary could be materially harmful to clients served by Yellowstone Drug Recovery, which is dedicated to treating mental health disorders and drug and alcohol addiction.
However, “if you approve this application, you will have a vibrant business that will meaningfully contribute to your tax base, promote job opportunities for residents, and serve your community,” Said Attorney Patrick Munoz.
GOP supports federal cannabis legalization, a new poll shows
more than two-thirds “potentially 2024 GOP Presidential primary and caucus voters” support federally legalizing cannabis, reported Marijuana Moment.
The Coalition for Cannabis Policy, Education and Regulation (CPEAR) survey found that “68% of conservative Americans Help ending federal cannabis prohibition,” and that 70 percent support “allowing individual states to decide whether cannabis will be legal in their state.”
“The poll is clear: federal cannabis prohibition is in direct contradiction to the overwhelming will of the American electorate, including a notable majority of conservative voters,” said Rep. Dave Joyce (R-OH), co-chair of the Congressional Cannabis Caucus.
“I hope more of my colleagues on both sides of the aisle will heed the call of their constituents and join me in working toward a safe and effectively regulated legal marketplace that respects the rights of more than 40 states.” who have enforced some varying degree of legitimacy. .. continued passivity is no longer sustainable.”
A Colorado Cannabis Experience: The First in the Nation
in Denver, CO, a new cannabis Experience Coming: The first marijuana-licensed consumption bus, according to the city’s Department of Excise and Licensing.
Local cannabis users can enjoy safe, legal cannabis tours, airport transportation or private pot-friendly party buses, informed of CBC News Colorado. Services include tours of cannabis crops and dispensaries.
“The cannabis industry is highly regulated and not diverse. It took us about a year to get rolling, so we are excited to be the first safe, legal, licensed mobile hospitality business in the country.” Said Sarah Woodson, The Color of Cannabis founder.
The grand opening is set for March 1st, and bookings are being accepted now.
The Benzinga Cannabis Capital Conference is back!
most successful cannabis business program in the world, the Benzinga Cannabis Capital Conference Returning to Miami for its 16th edition. It is the place where deals happen, where money is raised, M&A begins, and companies meet investors and key partners. Join us April 11-12 at the Fontainebleau Miami Beach Hotel in Florida. Do not miss reserve your tickets now, Prices will increase soon.
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