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Cannabis industry's battle with high costs. Plus, who will pay the missing $3.8 billion?
Brooks Dyroff
April 03, 2024
Happy Wednesday, Cannabin-vestors! Cannabis and heroin are not the same and the DEA is coming to terms with it.
Plus, Jim Belushi's premium cannabis hits Maryland via partnership with state's largest weed producer.
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TOP STORY
Briefly: Delinquent accounts receivable across the cannabis industry are nearing an alarming $3.8 billion.
So Basically: As the industry navigates market shifts and declining prices, the tax burden coming from the IRS's 280e weighs heavily on businesses.
Why It Matters: The impact of the cannabis industry on state revenues is notable.
Specifically: Data indicates that Alaska, Montana, Washington and Colorado collected an astonishing 1% of their total taxes from marijuana and California 0.23% which, given its vast economy, equates to $1.7 billion since 2021.
What Next: It appears that governments may have overleveraged the financial boon provided by the cannabis industry and the tax burden weighs heavily on businesses.
DON’T MISS OUT
The Benzinga Cannabis Capital Conference is where deals get done.
With 2,000+ decision-makers in one room, attendees have the chance to engage in a year's worth of networking in just two days. More than 100 CEOs and 200 Investors confirmed for Investment and Branding on April 16th - 18th at The Diplomat Beach Resort in Hollywood, FL.
ZINGERS
John Sinclair, inspiration to John Lennon and 'Father Of Modern Cannabis Legalization Movement' dies at 82.
New Jersey debates how to spend $3.1M in cannabis tax, Hawaii expands decriminalization, Colorado revises social media bill and more
This cannabis pioneer is ramping up its presence in Germany as weed legalization takes effect
Aurora Cannabis and Canopy Growth stocks get higher: What's going on?
534% Revenue Surge unveiled by Israeli CBD-Focused pharma company, exceeding expectations
ONE FOR THE ROAD
Briefly: In the swirl of media spotlight that followed Germany's groundbreaking move to legalize recreational cannabis, one figure stood out starkly against the backdrop of celebration and debate.
So Basically: Antifuchs, a German rapper known as much for her incisive lyrics and magnetic presence as for the enigmatic fox mask she dons.
So Then: Her recent emergence as a vocal advocate for cannabis legalization, culminated in widespread media coverage and has sparked curiosity and fascination.
So What: But who is the woman behind the mask and what drives her crusade?
WHERE DEALS GET DONE
The Benzinga Cannabis Capital Conference is where deals get done.
With 2,000+ decision-makers in one room, attendees have the chance to engage in a year's worth of networking in just two days. More than 100 CEOs and 200 Investors confirmed for Investment and Branding on April 16th - 18th at The Diplomat Beach Resort in Hollywood, FL.
KEEP READING
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