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Indiana senator introduces bill that would legalize marijuana in the state

Indiana senator introduces bill that would legalize marijuana in the state

An Indiana senator introduced two new bills last week, which would legalize and regulate marijuana in the state. Senator Karen Tallian introduced SB 87 and 223 which would allow for the regulation and legalization of marijuana.SB 87 would establish a cannabis compliance commission to regulate all forms of legal cannabis in Indiana, including industrial hemp and low THC hemp extract. Currently in Indiana, a person can be charged with possession of marijuana for having any amount of it on them. SB 223 would raise the amount to two ounces in order for a person to be charged. It would also repeal the offense as a level 6 felony. “Arrests for marijuana possession made up 45% of all drug arrests from 2010-18 in Indiana. Contextually, Black Hoosiers are 3.5 times more likely to be arrested for the possession of marijuana. Our neighboring states have made efforts to address unjust marijuana laws, and it’s time for us to do the same,” Tallian said. An Indiana senator introduced two new bills last week, which would legalize and regulate marijuana in the state.

Mmp News Author, Medical Marijuana Program Connection, 01/17/2021 07:32:00

Open article: https://mmpconnect.com/indiana-senator-introduces-bill-that-would-legalize-marijuana-in-the-state/

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MMJ Group Holdings Ltd to broaden investment portfolio beyond cannabis sector

MMJ Group Holdings Ltd to broaden investment portfolio beyond cannabis sector

MMJ has expanded the mandate of its investment manager, Parallax Ventures, to include additional investments made under a new amended diversification agreement. the deal will broaden its existing investment mandate to include strategic investments in sectors outside cannabis as approved at the company’s annual general meeting held in November 2020. These sectors include, but are not limited to natural resources, pharmaceuticals, and software services technology, which will comprise no more than 25% of MMJ’s total consolidated assets at the time the investments are made. Increased flexibility to create growth The diversification provides MMJ with increased flexibility to create growth and greater returns for shareholders and thereby allows MMJ to lower its investment risk and reduce the impact of market volatility from the cannabis sector to ultimately benefit shareholders.

Mmp News Author, Medical Marijuana Program Connection, 01/18/2021 05:12:00

Open article: https://mmpconnect.com/mmj-group-holdings-ltd-to-broaden-investment-portfolio-beyond-cannabis-sector/

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Colorado’s Record-Breaking Marijuana Sales Top $2 Billion In 2020

Colorado’s Record-Breaking Marijuana Sales Top $2 Billion In 2020

Colorado’s total marijuana sales surpassed $2 billion in 2020, the highest amount since legalization, the state’s Department of Revenue (CDOR) said Tuesday. State dispensaries brought in $175,145,246 in November, a 17 percent increase from 2019. In return, the state reaped $32,383,094 in revenue from taxes and fees. Colorado’s sales were $1.7 billion in 2019 and $1.5 billion in 2018. The state brought in $387,480,110 in taxes and fees in 2020. Since the state began collecting tax revenue on marijuana sales in February 2014, Colorado has brought in almost $1.6 billion in taxes on nearly $9.8 billion in total sales.

Marijuana Moment, Marijuana Moment, 01/14/2021 15:49:00

Open article: https://www.marijuanamoment.net/colorados-record-breaking-marijuana-sales-top-2-billion-in-2020/

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U.S. Census Bureau Wants To Collect Marijuana Tax Revenue Data From States

U.S. Census Bureau Wants To Collect Marijuana Tax Revenue Data From States

The U.S. Census Bureau has announced that it plans to begin collecting data on marijuana tax revenue generated by state governments around the country. The federal agency tracks state tax data as part of quarterly reports it issues to provide benchmark financial indicators and inform economic research. Moving forward, it intends for those documents to include cannabis tax data, it said in a notice set to be published in the Federal Register on Friday. “Tax collection data are used to measure economic activity for the Nation as a whole, as well as for comparison among the various states,” it said. “We plan to add the collection of cannabis and sports betting sales taxes.” The Bureau said the new additions will “modernize the survey’s content to maintain the relevancy and sustainability of these data.”

Kyle Jaeger, Marijuana Moment, 01/14/2021 14:13:00

Open article: https://www.marijuanamoment.net/u-s-census-bureau-wants-to-collect-marijuana-tax-revenue-data-from-states/

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Cannabis firm Aphria grows Q2 revenue, reports CA$120.6M net loss

Cannabis firm Aphria grows Q2 revenue, reports CA$120.6M net loss

Canadian cannabis company Aphria reported increased quarterly revenue on Thursday for the quarter ended Nov. 30, with a net loss of 120.6 million Canadian dollars ($95.3 million). The Ontario-based firm posted net revenue of CA$160.5 million, a 10% increase over the previous quarter. Net cannabis revenue comprised CA$67.9 million of Aphria’s net quarterly income, compared to CA$91.7 million in international distribution revenue from its German subsidiary CC Pharma, and CA$881,000 in net beverage alcohol revenue from its U.S. subsidiary SweetWater Brewing. Adjusted EBITDA, a measure of profitability, was CA$12.6 million. Aphria claimed the No. 1 position in Canada’s adult-use marijuana market during the quarter with a market share of 13%, citing November 2020 data from Seattle-based cannabis analytics firm Headset that covers some major Canadian markets.

Marijuana Business Daily, 01/14/2021 11:55:00

Open article: https://mjbizdaily.com/aphria-grows-q2-revenue-reports-ca120-6m-net-loss/

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Marijuana MSO Cresco inks $213M all-stock deal to expand into Florida

Marijuana MSO Cresco inks $213M all-stock deal to expand into Florida

Marijuana multistate operator Cresco Labs entered a definitive agreement to acquire Bluma Wellness for $213 million in an all-stock transaction in a move to expand into Florida’s fast-growing medical cannabis market. Bluma, under its operating subsidiary “One Plant Florida,” has seven dispensaries in the southern state with eight additional locations planned. One Plant ranks 11th in Florida in the number of dispensaries but is in the top five in per-store sales of smokable flower, according to state data. Bluma also has 54,000 square feet of cultivation space. The deal reflects how merger and acquisition activity has been heating up in the marijuana space and how investor sentiment is brightening since Democrats won control of the U.S. Senate. “Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states,” CEO Charlie Bachtell said in a news release.

Marijuana Business Daily, 01/14/2021 13:07:00

Open article: https://mjbizdaily.com/marijuana-mso-cresco-labs-inks-213-million-all-stock-deal-to-expand-into-florida/

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Curaleaf to Acquire Grassroots in US$875 Million Deal

Curaleaf Holdings solidified itself as a standout in the US cannabis market after it announced Wednesday, its acquisition of the privately-held GR Companies (Grassroots) valued at US$875 million. The deal has resulted in Curaleaf becoming what it calls itself the...

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