California’s cannabis industry raked in a whopping $5.2 billion in 2021, making it the largest legal cannabis market in the world. Coincidentally, California is also home to an illicit cannabis market worth a staggering $8 billion. Experts estimate that up to 90% of the cannabis sold in the state falls into a legal gray area.

California officials are having none of it anymore. State tax collectors have been specifically active against black market sellers, intensifying enforcement against unlicensed cannabis enterprises that owe the state millions of dollars in unpaid taxes. For the past couple of months, the California Department of Tax and Fee Administration (CDTFA) has ramped up efforts against underground businesses that have been raking in billions of tax-free dollars every year.

The agency has carried out raids on underground operators and auctioned off hundreds of thousands of dollars’ worth of assets in a bid to collect unpaid taxes. For example, in late March, the CDTFA auctioned off a Whittier property for $310,000; the property belonged to illegal cannabis operators who owed $850,000 in unpaid taxes. Later in May, the agency also auctioned off a Compton property for $50,000 before auctioning a second Compton property a few weeks later for $256,000.

According to the CDTFA, unlicensed operators used the latter property to sell unregistered and illegal cannabis products. Speaking to “MJBizDaily,” CDTFA spokesperson Tamma Adamek said that the agency is enforcing tax laws on illicit cannabis businesses to level the playing field for licensed operators. However, Adamek says that identifying and locating illicit sellers can be a challenge because they operate underground. Even so, the agency has managed to seize at least $32 million in cash and products since 2020.

Although some assumed that a legal and regulated cannabis market would deal a major blow to the illicit black market, illicit operators have continued to rake in billions of dollars from black-market sales. Illegal cannabis growers often use banned pesticides on their products, and they steal hundreds of millions of gallons of public water every year.

California’s tax man has also set his sights on licensed operators who have fallen behind on their tax obligations. CDTFA figures show that licensed and unlicensed operators owe the state $187 million in back taxes. Adamek states that the agency had put a stop to its tax collection activities during the COVID pandemic but it is resuming collection efforts now that the economy is starting to recover.  

As the state cracks the whip against illicit players on the California marijuana scene, licensed companies such as American Cannabis Partners will have a better playing field within which to operate and thrive.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Jaxx Cannabis is carving out a top spot in the cannabis world with its renowned customer service and quality products. The flagship brand in a portfolio of superior offerings from Prime Harvest, Jaxx features an expertly curated selection of premium products from some of the most respected brands in the thriving California market. Jaxx products are carefully selected to combine valued and quality to create an experience focused and centered on consumers. 

Jaxx Cannabis has differentiated itself in the cannabis space by creating and nurturing a welcoming culture for everyone and being innovative in uncovering new ways to grow both the company and the industry. Jaxx understands the strong connection between meeting the needs and wants of consumers with profitability, and the company is accountable to do both. 

Empowering, Changing Lives

Located in San Diego, Jaxx prides itself on carrying only the best in cannabis products. Visitors to both the brick-and-mortar and online stores can choose from an array of categories, including flower, pre-rolls, vaporizers, concentrates, edibles, tinctures and topicals. Jaxx enthusiasts can even order from a complete line of accessories, including everything from bowls and spoons to entire starter kits, as well as Jaxx swag, including T-shirts, hats, and consumption accessories. 

Committed to empowering and changing lives, Jaxx excels at helping consumers find the right products for their unique lifestyles. The company accomplishes this by offering hand-selected products that meet both county and state regulations — every product has been carefully “Jaxx evaluated” — as well as providing personalized customer service. Each Jaxx staff member is specifically trained to answer any and all questions that consumers may have and to help visitors identify exactly what they need to experience the cannabis results they are looking for.

In addition, Jaxx takes customer service one step further. Customers can order online 24/7, and arrange for pick up the next day while customers in the San Diego area can have their product delivered. The Jaxx brick and mortar and online stores also offer daily deals and cash-back rewards. 

Placing Customers Front and Center

Jaxx prides itself on delivering the experience its customers want. With the support of Jaxx staff, cannabis users can decide whether the calm, peaceful effects of indica or the energizing sativa strains work best. Maybe a customer is looking for help to focus and concentrate or perhaps a creative jumpstart is the end goal. Regardless, Jaxx has the people with the know-how and the products with the power to make those experiences happen.

Simply stated, Jaxx places customers at the front and center of its world. From the moment a potential customer steps inside the Jaxx world to the moment a consumer starts enjoying the cannabis experience they were looking for, Jaxx offers unparalleled support, assistance and service every step of the way. 

The Prime Harvest Connection

Jaxx is only one piece of the Prime Harvest. The company is a full-service cannabis company with an array of operations spanning various segments of the cannabis value chain, from licensing acquisition and compliance management to direct-to-consumer operations. Prime Harvest is following a deliberate business strategy designed for both short-term growth and long-term success. By investing in the growth and scale of licensed assets in California and combining those assets with the potential of data-driven technology to expand its footprint throughout California, Prime Harvest is establishing itself as a leader in the cannabis space.

In addition, the company’s strategy goes beyond the bottom line. The company is committed to sustainability, working to ensure that the communities it serves enjoy their fair share of the financial profit as well as employment opportunities and protected environments. Prime Harvest’s sustainability commitment also involves enrichment and impactful innovation through R&D and education.

Market Overview

Ongoing changes in U.S. state government policies toward cannabis are expected to cause demand for legal marijuana to surge. In addition, the number of indications for which medical marijuana is prescribed continues to increase. These factors are expected to rapidly boost legal sales of cannabis products. A handful of states are expected to pass marijuana legislation in the coming year, joining the 38 states and Washington, DC, that have legalized medical marijuana; 19 of those have also legalized recreational marijuana use. 

Legal sales across the U.S. hit a record of $25 billion in 2021, marking an increase of 40%, according to BofA Securities. This strong growth is expected to continue. According to a Grand View Research report, the global legal marijuana market is forecast to grow at a CAGR of 25.5% from 2022 to 2030.

California – Prime Harvest’s home state – has consistently led the pack in terms of U.S. cannabis sales. Cannabis Business Times pegged cannabis spending in the Golden State at more than $5.2 billion in taxable sales for 2021, the best year yet for the state. 

Leadership Team

The Jaxx/Prime Harvest team is composed of true experts in their respective fields focused on building a world-class organization capable of driving the cannabis industry and movement forward.

E. Duane Alexander is the company’s founder and CEO. He brings to the team more than 25 years of real-world, hands-on cannabis retail, marketing and commercial operations experience. Mr. Alexander has championed 40+ cannabis license applications throughout the western U.S. to date.

John Wilczak is the COO of Prime Harvest. He has 30+ years of executive management, strategy development & configuration experience with GE, pharmaceutical and agriculture companies. Mr. Wilczak is a Brown & Columbia MBA with vast knowledge of technology driven intellectual properties.

Andrea Jenson is the Chief Financial Officer of Prime Harvest. As CFO, she is responsible for all the company’s financial functions, including accounting, corporate finance and investor relations. Her career spans more than 20 years of varied experience in financial management, business leadership and financial strategy.

John Kazanjian is the VP of Business Development of Prime Harvest. He has worked over 40 years in business operations, brand marketing, sales and investor/lender communications. Mr. Kazanjian earned his B.S. from Rutgers University and his MBA from Harvard University.

Johann Balbuena is the Chief Marketing Officer of Prime Harvest. She has more than six years of experience in California cannabis licensing acquisition and compliance management. Ms. Balbuena has led multimedia production and content marketing efforts for the likes of The Emerald Cup, High Times, Weedmaps and Synergy.

For more information, visit the company’s website at www.PrimeHarvestInc.com. 

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest are available in the company’s newsroom at https://cnw.fm/PRIME

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New research has found additional evidence that THC levels detected in the breath or blood of marijuana users isn’t a dependable impairment indicator. The scientists discovered that THC levels in the breath and blood didn’t offer dependable evidence of how recently an individual had used marijuana.

For their study, the researchers recruited test subjects that were mostly individuals whom were daily marijuana users as test subjects. The researchers then determined the levels of THC in their breath and blood before and after each of them inhaled marijuana.

Before they inhaled marijuana, most of the participants had residual levels of THC of 5ng/ml or higher. This value exceeds the legal limit in a number of states. In their report, the researchers noted that THC at levels like this was still detectable, despite the absence of impairment. After each of the participants had inhaled the marijuana, the scientists observed an inverse relationship between performance impairment and levels of THC in the blood.

The researchers stated that their findings were consistent with other studies that have found that THC is detectable in an individual’s breath a number of days after it was last used. They explained that breath-based testing technologies for marijuana use relied solely on detecting THC’s presence, and they could result in test outcomes that were false positives. This is because THC’s presence in an individual’s breath was detectable outside the window of impairment.

These findings are consistent with the results of a separate study that was published last year in the “Neuroscience & Biobehavioral Review” journal. Scientists in this study conducted an analysis of research on concentrations of THC in the saliva and blood and driving performance.

Dr. Danielle McCartney, the lead author of this study, stated that higher concentrations of THC in the blood were only weakly linked to increased impairment in occasional users of marijuana, noting that no significant relationship was observed in regular users of marijuana. This suggested that concentrations of THC in oral fluid and blood were poor indicators of THC-induced impairment from marijuana consumption.

McCartney noted that the group’s findings showed that individuals who weren’t impaired could be identified mistakenly as marijuana intoxicated when the limits of THC are imposed by the law. The researchers noted that their findings called into question the reliance on levels of THC by law enforcement in America and the validity of random testing for THC in saliva.

The study’s findings were published in the “Scientific Reports” journal.

The entire marijuana industry, including entities such as American Cannabis Partners, can be expected to look forward to reliable technology that detects marijuana impairment and prevents users from being victimized for past cannabis use simply because metabolites are still detectable in their systems.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsWire420
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