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California Cannabis Tax And Legal Sales Drop In Q4
California, which eliminated the cannabis cultivation tax as of the 3Q of 2022, received $221.65 million in tax revenues from legal weed sales in the 4Q, down $ 330.53 million in the period of the previous year, reported Market Watch. The taxable sales of cannabis fell to $ 1.27 billion in the 4Q of $ 1.45 billion in the previous year.
“The AdvisorShares Pure US Cannabis ETF MSOS, -1.13% is down 68.9% in the past year and the ETFMG Alternate Harvest ETF MJ, -1.97% has lost 55.5% of its value, while the Nasdaq Composite Index COMP, -2.05% is lower by 11.5% in the past year,” per Market Watch.
California Department of Tax and Fee Administration data revealed that customers bought $5.3 billion worth of legal pot products in 2022. “That represents an 8% drop, or a decrease of $473 million, from what customers purchased in 2021,” per SFGATE.
The drop in sales is “a warning signal” that “the state’s legal market is on the brink of collapse,” said Hirsh Jain, a cannabis consultant at Ananda Strategy and the vice chair of the California Cannabis Chamber of Commerce.
Plans Advance To Expand Retail Cannabis At Costa Mesa, CA
The Costa Mesa City Council overturned a planning commission decision after an appeal filed by South Coast Safe Access (SCSA) allowing it to move forward with plans for a 3,720-square-foot cannabis retail operation, per a local news media outlet.
In November, the commission claimed the dispensary could be materially detrimental to clients served by Yellowstone Drug Recovery, which is dedicated to treating mental health disorders and drug and alcohol addiction.
However, “if you grant this application, you will have a vibrant business contributing meaningfully to your tax base, promoting opportunities for residents to have jobs and serving your community,” said attorney Patrick Munoz.
GOP Supports Federal Cannabis Legalization, A New Poll Shows
More than two-thirds “of likely 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 support ending the federal cannabis prohibition,” and that 70 percent support “allowing individual states to decide whether cannabis will be legal in their state.”
“The polling 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), a 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 towards a safe and effectively regulated legal marketplace that respects the rights of the over 40 states that have enacted some varying degree of legality. Continued inaction is no longer tenable.”
A Colorado Cannabis Experience: The First In The Nation
In Denver, CO, a new cannabis experience is coming: the first marijuana-licensed consumption bus, according to the city Department of Excise & Licenses.
Local cannabis users can enjoy safe, legal cannabis tours, airport transportation or private pot-friendly party buses, reported CBC News Colorado. Visits to cannabis crops and dispensaries are included in the services.
“The Cannabis industry is extremely regulated and not diverse. It took us almost a year to become operational, so we are excited to be the country’s first safe, legal, licensed mobile hospitality business,” said Sarah Woodson, The Color of Cannabis founder.
The grand opening is set for March 1, and bookings are being accepted now.
The Benzinga Cannabis Capital Conference Is Back!
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A start, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will go up soon.
Image By El Planteo
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Image and article originally from www.benzinga.com. Read the original article here.