Cannabis Stocks Archives - Page 11 of 16

MondayJul 08, 2024 10:00 am

Advocates Say GOP Using Marijuana Odor as Excuse to Preach Prohibition

In the last couple of years, we have seen the District of Columbia and 24 other states legalize the recreational use of marijuana. Fourteen other states have also approved the drug for medical use. Of the total number of states that have legalized recreational use, New York is the only state that doesn’t penalize the drug’s use in public. Now, some GOP legislators claim that the public consumption of cannabis is a nuisance to individuals who don’t like the smell. Advocates of cannabis legalization argue that legislators are overstating the scale of the issue and using the smell as a…

FridayJul 05, 2024 10:00 am

US Transportation Secretary Says Marijuana Reclassification Won’t Change Trucker Drug Testing

Secretary of Transportation Pete Buttigieg recently announced that cannabis’ reclassification wouldn’t impact drug testing policies for truckers. While speaking at a congressional hearing this past week, he explained that this was primarily because the U.S. Transportation Department listed cannabis as a substance to screen for. Buttigieg had been responding to a question tabled during a hearing of the House Committee on Transportation and Infrastructure asked by Representative Rick Crawford. Crawford had brought up concerns about the extensive public safety and health consequences of cannabis rescheduling on the country’s highway system and those who used it, such as members of the…

WednesdayJul 03, 2024 10:00 am

IRS Tells Cannabis Firms That 280E Tax Deductions Are Unavailable Till CSA Reclassification Complete

In a recent press release, the Internal Revenue Service advised that cannabis companies refrain from taking federal tax deductions for business expenses. While these deductions are provided for other businesses under section 280E, cannabis businesses aren’t allowed to mainly because the drug is still a controlled substance. Section 280E doesn’t allow credits or deductions for any amount incurred or paid in conducting any business or trade that includes trafficking a Schedule 1 or 2 substance. This applies to businesses that sell cannabis, even if they operate in legal states. Currently, cannabis is classified as a Schedule 1 substance under the…

MondayJul 01, 2024 10:00 am

DEA’s Rescheduling of Marijuana Could Be Delayed Beyond November Polls

Some experts believe that legislators that opposing the reclassification of marijuana under Schedule 3 may call for public hearings that will delay the U.S. Drug Enforcement Administration’s (DEA) final rule past the election. Some claim that this is the goal — to prevent President Joe Biden from boosting his appeal to younger voters. The 60-day public comment period on marijuana rescheduling, which shall inform the DEA’s decision, is set to lapse on July 20, 2024. Thirty days after this period ends, the DEA is expected to decide on whether to move marijuana from its Schedule I classification. The decision will…

FridayJun 28, 2024 10:05 am

Florida Campaign Raises Highest-Ever Funding for Marijuana Legalization Voter Initiative

The state of Florida is trying once again to legalize the recreational use of cannabis via a ballot proposal. If the ballot measure acquires the 60% majority needed to approve a ballot initiative, the state would join 16 other states that have legalized adult-use marijuana by the ballot. The committee behind this latest push, Smart & Safe Florida, revealed that it had broken fundraising records. The initiative in question is the most funded proposal of this year, with the entity raising more than any other cannabis-related ballot initiative committee. In just one election cycle and with the election itself only…

WednesdayJun 26, 2024 10:00 am

North Carolina Senate Passes Cannabis Legalization Bill

Last week, the senate in the state of North Carolina voted to approve the legalization of medical cannabis in an initial vote. Thirty-three legislators voted in favor of the proposal, including nine Republican Party members. This move comes after legislators in the state included medical cannabis in a proposal that was originally meant to regulate hemp. The updated proposal would legalize marijuana for individuals with debilitating medical conditions. However, before it can be advanced to the house, it must be approved by the senate a second time. In the past, GOP party members have hindered access to legal medical marijuana.…

MondayJun 24, 2024 10:00 am

California to Allow Cannabis On-Site Consumption, Sales During 2024 State Fair

The state of California will be allowing the sale and consumption of cannabis at this year’s fair for the first time. While the fair has in the past featured educational booths on marijuana as well as competitions, this will be the first time adults will be allowed to consume and buy the drug. Embarc cofounder Lauren Carpenter stated that hosting marijuana sales and consumption was a huge milestone in destigmatization as it facilitated a deeper connection between farmers who grow their products with extra care and consumers. The state fair is set to begin on July 12, 2024, and run…

FridayJun 21, 2024 10:00 am

Thousands to Benefit from Cannabis Pardons in Maryland

Earlier this week, the governor of Maryland signed an executive order pardoning more than 175,000 cannabis convictions. Governor Wes Moore stated that this pardon would affect thousands of Marylanders who had been convicted of misdemeanors, adding that it was the biggest pardon in the country’s history. While the pardons will not result in any prior convictions being expunged automatically from an individual’s background check or allow any individual to be released from prison, advocates applauded the move because eliminates barriers to employment, education and housing opportunities. During a news conference, Moore explained that this order would also help change how…

MondayJun 17, 2024 10:00 am

Poll Finds Most Individuals Use Cannabis to Manage Pain, Fruity Strains Preferred

A new survey has determined that about 25% of cannabis consumers use the drug to manage pain, with most revealing that they preferred fruity strains. The poll analyzed the responses of more than 6,500 consumers of cannabis who were asked questions on their preferences as well as their desired effects, consumption times and flavor profiles. When asked about their primary goal of consuming cannabis, 25% revealed they used the drug to manage pain, with another 18%, 23%, 7% and 12% revealing that they used the substance to manage stress, anxiety, insomnia and depression respectively. Additionally, 13% of the respondents revealed…

FridayJun 14, 2024 10:00 am

California Marijuana Consumption Lounge Bill Sent to State Senate

A measure that would permit marijuana lounges to sell food and nonalcoholic drinks has been forwarded to California’s senate for approval. Several local governments have already permitted marijuana lounges, including government officials in Oakland, San Francisco, Weed and Sacramento. The recent measure, Assembly Bill 1775, was authored by San Francisco Democrat and Assemblymember Matt Haney. This is the second attempt in which Haney is introducing such a measure, after a similar bill was vetoed by Governor Gavin Newsom in 2023. The new measure includes amendments to ensure there is separation between food areas and marijuana consumption in lounges. This will…