New York lawmakers on Saturday sent a budget proposal to the governor’s desk that includes provisions to let marijuana businesses take state tax deductions that are available to other industries despite an ongoing federal ban on cannabis. Senate and Assembly leaders had included a form of the proposal in earlier versions of their respective budget measures last month. Negotiations with Gov. Kathy Hochul (D) over unrelated components caused a delay and budget deadline extension, but the cannabis measure was included in the final version passed by the Assembly and Senate. The proposals would carve out an exemption, making it so marijuana companies would be allowed to make tax deductions for business expenses and claim credits at the state level that they’re currently barred from utilizing on their federal returns under prohibition. Medical and adult-use cannabis companies across the U.S. are precluded from making certain federal tax deductions under an Internal Revenue Code section known as 280E. By decoupling the state tax code from the federal law in this respect, New York marijuana businesses would see significant tax savings.

Kyle Jaeger, Marijuana Moment, 04/10/2022 08:31:00

Open article: https://www.marijuanamoment.net/new-york-lawmakers-send-budget-with-marijuana-business-tax-breaks-to-governor-as-partial-280e-workaround/

North Dakota activists on Monday filed a petition to put marijuana legalization on the state’s November ballot after an earlier attempt to do so legislatively failed last year. New Approach North Dakota’s measure would allow adults 21 and older to purchase and possess up to one ounce of cannabis and grow up to three plants for personal use. Its provisions largely mirror the House-passed legalization bill that was ultimately rejected by the Senate. The coalition backing the new measure includes former law enforcement, a state lawmaker, local advocates and the national Marijuana Policy Project (MPP), which has been behind numerous successful reform initiatives. The petition filed with the secretary of state must now undergo a review with that office, as well as with the attorney general, before being potentially approved for signature gathering. “This is direct democracy in action,” David Owen, a longtime activist in the state and campaign manager for New Approach North Dakota, said in a press release. “We’re excited to launch our signature drive, start talking with voters, and begin building support for our measure across the state.”

Kyle Jaeger, Marijuana Moment, 04/11/2022 11:06:00

Open article: https://www.marijuanamoment.net/north-dakota-activists-file-new-marijuana-legalization-initiative-for-2022-ballot/

Ohio medical marijuana regulators want to double the number of dispensary licenses in the state to satisfy patient demand, which has been much higher than anticipated since the program became operational. Currently, there are 58 dispensaries throughout Ohio. Ohio Board of Pharmacy staff are working on adding 73 new dispensary licenses, said Justin Sheridan, the board’s director of medical marijuana operations, at a Thursday cannabis discussion at Ohio State University’s Moritz College of Law. That could bring the total number of dispensaries in Ohio to 131 or 132 – depending on the outcome of a court case that could create a 59th dispensary from the first round of dispensary licenses. When Ohio’s first dispensaries opened in January 2019, regulators projected 12,000 to 24,000 patients in the first two years. They arrived at the estimate after looking at patient demand in Connecticut, Illinois, Massachusetts, New Hampshire and New York.

Cannabis Business Executive – Cannabis and Marijuana industry news, 04/11/2022 07:36:00

Open article: https://www.cannabisbusinessexecutive.com/2022/04/ohio-regulators-want-73-new-medical-marijuana-dispensary-licenses-to-address-demand-more-double-current-number/

Germany’s impending legalization of recreational marijuana offers attractive new opportunities for travel, trade, and investment, according to a recent survey of American cannabis consumers. The survey from medical marijuana holding company Bloomwell Group found that eight out of 10 Americans believe that “cannabis companies are attractive investment options,” while 61% said that they “would invest in European cannabis stocks.” Germany’s new “traffic light” coalition government of the Social Democratic Party of Germany, the Free Democratic Party, and the Greens announced late last year that it would legalize “the controlled sale of cannabis to adults for recreational purposes in licensed shops.” The country has already legalized the medicinal use of cannabis by seriously ill people, while personal possession of small amounts of marijuana has been decriminalized. Although a timeline for legalizing recreational marijuana in Germany has not yet been set, the promise of a legal adult-use cannabis promises to be a boon for the European cannabis industry. And according to Bloomwell’s survey, the continued cannabis reform in Germany is likely to present business and leisure opportunities for Americans, as well.

Cannabis Business Executive – Cannabis and Marijuana industry news, 04/11/2022 07:40:00

Open article: https://www.cannabisbusinessexecutive.com/2022/04/american-cannabis-consumers-eye-opportunities-presented-by-legal-marijuana-in-germany/