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MedMen Announces Plans to Sell Florida Assets

MedMen Announces Plans to Sell Florida Assets

Multistate cannabis operator MedMen Enterprises Inc. has announced plans to sell its Florida assets while agreeing to license its trademarks in the state for a limited time. The company will sell its medical cannabis license, dispensaries, inventory and cultivation operations to Florida-based Green Sentry Holdings for $83 million, according to a press release. MedMen has also agreed to license its trademarks in the state for a two-year period for a quarterly, revenue-based fee. “As MedMen continues to transform its business model and position itself for future growth, our go-forward strategy is going to include an asset-light model that enables us to leverage the power and strength of the MedMen brand,” said MedMen’s chairman and interim CEO, Michael Serruya, in a public statement. “We feel confident this model will deliver strong financial results and opportunities for growth across many states and will continue to identify trademark licensing opportunities that will introduce the MedMen brand and retail experience to other markets across the United States and internationally.” The transaction is expected to close in late April or early May, pending regulatory approval.

Julie A. Werner-Simon, Cannabis Business Times, 03/01/2022 14:37:00

Open article: http://www.cannabisbusinesstimes.com/article/medmen-announces-plans-to-sell-florida-assets

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Illinois Bill Aims to Establish Agriculture Equity Commission

Illinois Bill Aims to Establish Agriculture Equity Commission

A bill moving through the Illinois state legislature would create a commission to study and improve equity in agriculture, including in hemp and cannabis production. H.B. 5201 would establish a task force to advise the state on policies and programs that would bolster socially disadvantaged producers and create more equity within the industry. “We know agriculture is the largest job-producing industry in the state of Illinois,” says State Rep. Sonya Harper, who introduced the bill.  However, the loss of Black and other minority farmers in the industry has led to issues with food security, health, and the economy, especially in disadvantaged communities, according to the bill text. If created, the committee would include around 30 members who come from diverse backgrounds both demographically and professionally, including a representative from a nonprofit organization aimed at increasing healthy food access, an attorney or legal expert in property law, and six socially disadvantaged farmers or agribusiness owners. The bill specifically highlights hemp and cannabis as an area of focus for the commission. Harper says H.B. 5201 is one of several bills she has introduced and helped pass as it relates to agricultural equity and increasing opportunities for farmers of color. 

Julie A. Werner-Simon, Cannabis Business Times, 03/01/2022 16:59:00

Open article: http://www.cannabisbusinesstimes.com/article/illinois-house-bill-5201-agriculture-social-equity-commission-cannabis-hemp

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Tax hikes continue to hit the cannabis industry hard

Tax hikes continue to hit the cannabis industry hard

Santa Cruz County is seeing a decline in its cannabis industry, with tax revenues falling far short of projections for the 2021-22 fiscal year. County officials say that current revenues of $1.68 million are lagging behind projections by more than $1 million, and by $1.6 million for the previous year. The County currently has 12 licensed retail locations in its unincorporated area, along with 76 non-retail businesses. A total of six cannabis businesses have closed over the past fiscal year, a trend industry professionals say could continue. Colin Disheroon, who owns Santa Cruz Naturals in Aptos and its sister location in Pajaro, says that the reason for the problem starts with a public wary to spend in an economy shaken by the Covid-19 pandemic. “People can’t afford to spend money on expensive cannabis,” he says. This problem is compounded, he adds, by the taxes tacked on to legal weed by state and local officials that add roughly 40% to the total cost at the register. “When you have 15% excise tax, you still have the cultivation tax, the manufacturing tax, the local 7% sales taxes, it’s all too much,” he says. “All of those need to come down.”

420 Intel – Marijuana Industry News, 03/01/2022 19:00:00

Open article: https://420intel.com/articles/2022/03/02/tax-hikes-continue-hit-cannabis-industry-hard

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Arizonans Bought $1.4 Billion of Marijuana in 2021

Arizonans Bought $1.4 Billion of Marijuana in 2021

Arizonans spent over $1.4 billion on marijuana in 2021. The Arizona Department of Revenue (ADOR) reported that the state’s recreational market accounted for nearly $650 million while medical sales accounted for $758 million, AZ Mirror reported. In December 2021, adult-use cannabis sales topped medical for only the second time, with the recreational market seeing nearly $67 million in sales compared to $53 million for medical. December also marked the third month in a row that adult-use sales set a record for the new industry, beating the $64 million sold in November. Prop 207 was approved by voters in 2020 and legalized the use of marijuana for adults and provides taxes collected on the sales. One-third goes to community colleges, 31% to public safety (police, fire departments, first responders), 25% to the state’s Highway User Revenue Fund, and 10% to the justice reinvestment fund that is dedicated to providing public health services, counseling, job training and other social services for communities that have been adversely affected and disproportionately impacted by cannabis arrests and criminalization.

AZ Marijuana, 02/28/2022 02:01:00

Open article: https://azmarijuana.com/arizona-medical-marijuana-news/arizonans-bought-over-1-4-billion-of-medical-and-recreational-marijuana-in-2021/

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Three In Four New Hampshire Residents Support Legalizing Marijuana, With Bipartisan Majorities Backing State-Run Model

Three In Four New Hampshire Residents Support Legalizing Marijuana, With Bipartisan Majorities Backing State-Run Model

Nearly three in four New Hampshire voters support legalizing marijuana, according to a new poll. And bipartisan majorities also say they’re in favor of conducting cannabis sales through a state-run model as would be the case under a bill that recently passed the House of Representatives. The Granite State Poll, published by the University of New Hampshire (UNH) on Friday, found that 74 percent of residents in the state feel that prohibition should end. In a separate question, sixty-eight percent said they support a bill that passed the House this month to have the state Liquor Commission exclusively conduct sales—a proposal that has raised some concerns among advocates and stakeholders. Seventy-nine percent of Democrats, 68 percent of independents, and 56 percent of Republicans said they back the unique reform approach. Meanwhile, support for legalization overall has grown demonstrably in the state over the past decade, increasing by 25 percentage points since UNH started polling residents on the issue in 2013.

Kyle Jaeger, Marijuana Moment, 02/28/2022 08:46:00

Open article: https://www.marijuanamoment.net/three-in-four-new-hampshire-residents-support-legalizing-marijuana-with-bipartisan-majorities-backing-state-run-model/

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South Dakota House Panel Rejects Senate-Passed Marijuana Legalization Bill While Gutting Medical Cannabis Protections

South Dakota House Panel Rejects Senate-Passed Marijuana Legalization Bill While Gutting Medical Cannabis Protections

A South Dakota House committee on Monday defeated a Senate-passed bill to legalize marijuana, and members also gutted a separate measure that would have set up initial rules for the market by replacing it with new language to eliminate existing protections for medical cannabis patients. The state Senate had narrowly approved the legalization bill, SB 3, last week. But the House State Affairs Committee defeated it by voting 8-3 to move the legislation to the 41st day of the session—one day after the session ends, thereby preventing its consideration. Advocates say the fight isn’t completely over yet, however. It’s possible that the measure could be revived if 24 lawmakers agree to force floor consideration. Whether there’s the will for that kind of legislative maneuvering—called a “Smokeout” in legislative parlance—is yet to be seen.“SB 3 may have been defeated in committee today but there are still procedural options available to supporters,” Matthew Schweich, director of South Dakotans for Better Marijuana Laws, told Marijuana Moment. “This fight is not over. And if we ultimately come up short in this legislative session, then we will go back to the ballot this November and pass adult-use cannabis legalization in South Dakota for the second election in a row.” “Our opponents can delay legalization but they cannot stop it,” he said. “We have the will of the people on our side.”South Dakota voters already approved legalization during the 2020 election, but the reform was struck down by the state Supreme Court following a challenge from the governor’s office. While activists are still holding out hope that the reform can be enacted legislatively, they’re keeping the option open to go to the ballot again this November if lawmakers fail to act.

Kyle Jaeger, Marijuana Moment, 02/28/2022 11:20:00

Open article: https://www.marijuanamoment.net/south-dakota-house-panel-rejects-senate-passed-marijuana-legalization-bill-while-gutting-medical-cannabis-protections/

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