Jordan Shoots his Shot

The Ohio Republican came up short.

Daily Recap

Rep. Jim Jordan failed to garner enough votes in his first attempt to win the gavel as Speaker of the House. The Republican from Ohio has never been an ally to cannabis although he did get votes from several notable 420-friendly conservatives.

California Gov. Gavin Newsom signed the three remaining cannabis-related bills sent to his desk this session, which includes business licensing changes, the distribution of fines collected from illicit operations and the addition of a state marijuana task force.

MJBizDaily interviewed a top cannabis attorney to explore what the end of 280E might mean for cannabis business taxes and he listed several potential implications:

• Past taxes paid under 280E are unlikely to be refunded.

• Unpaid past taxes due under 280E would probably still be owed.

• If rescheduling is completed sometime in 2024, it’s possible that 280E taxation on the cannabis industry could end retroactive to Jan. 1, 2024.

[state-legal cannabis companies paid an extra $1.8B+ in taxes in 2022]

Georgia will become the first state to sell MMJ in pharmacies; support for SAFER is at 55%; Sen. Kevin Cramer (R-ND) discussed his support for MJ banking legislation; Tennessee is pursuing comprehensive hemp policies; the French Health Minister has promised continued access to medical cannabis; California cities may be intentionally misinterpreting legislation and hemp may improve the quality of your wine, but not in the way you think.

Below we’ll dig deeper into the market side of the equation, including why the space may have traded the way it did today, and we touch on the recent nine-figure inflows into U.S. canna (+ and the creation process that entails), and we spy an operator that’s now set-up to organically 2X their revenues next year.

All that and more, just scroll down.

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