First Marijuana Consumption Lounge in Nevada Set to Open by Month’s End

Earlier this month, the Nevada Cannabis Control Board announced that it had awarded its first marijuana consumption lounge license. This announcement comes after the board approved a handful of these licenses over the last couple months.

The first to receive a lounge license was Thrive Cannabis Marketplace. Mitch Britten, CEO and managing partner of Thrive, stated that the company was honored to be at the forefront of the marijuana industry in Nevada through the official launch of the first regulated marijuana lounge in the state.

Britten revealed that the company had created a unique destination for marijuana enthusiasts to enjoy an assorted range of premium products in an engaging atmosphere. The lounge, dubbed Smoke and Mirrors, will provide a curated selection of premium marijuana products, including infused beverages.

It is important to keep in mind that alcohol will not be offered on the premises in accordance with state law. The compliance board also issued a statement about the company, noting that it was the first lounge that was inspected by its agents and adhered to the stipulated regulations.

A conditional license was issued to Thrive in June of last year. The zoning commission from Clark County then issued the company a special use permit in September. The lounge was then inspected in February of this year, which enabled Thrive to obtain its operation license.

In addition, the Nevada Cannabis Control Board revealed that 19 lounges had received approval for conditional licenses thus far. Of this number, five are independently situated and 14 are attached to dispensaries. The first independently located consumption lounge to receive a license was LA Lounge LLC.

Thrive’s lounge will operate in what was once a strip club and may be launched by the end of February, if all goes well.

Tyler Klimas, former executive director of the cannabis control board, recently discussed marijuana consumption lounges on a Weed Wonks podcast. He talked about how this was an unknown space and noted that many businesses would be launched in the near future.

The other consumption lounge that received a conditional license, Planet 13, issued a statement on a possible date for its launch. Larry Scheffler, Planet 13 co-CEO, stated that the company’s objective was to create an extraordinary space for marijuana connoisseurs, novices, locals and tourists to enjoy marijuana while experiencing world-class entertainment. The Planet 13 lounge will have bong chandeliers, VIP booths and marijuana cocktails.

The third conditional license was granted to SoL Cannabis.

The launch of these consumption lounges is likely to be watched closely by cannabis companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) since their success is likely to be copied in other jurisdictions where legal sales of adult-use marijuana exist.

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420 with CNW — Republican Research Company Publishes Poll Showing Countrywide Support for Cannabis Legalization

A new poll has found that the majority of voters in America are in favor of cannabis being legalized in all states. The poll conducted by the Tarrance Group involved interviews with about one thousand voters. The interviews were carried out Jan. 3–4, 2024.

The poll determined that 57% of those who responded support nationwide legalization of marijuana. Of this number, 35% admitted to strongly supporting the change in policy. It also found that roughly 55% of GOP voters aged 55 and below supported the legalization of marijuana. In addition, 74% of Democrats aged 55 and below also admitted to supporting the drug’s legalization in all states. Among independent voters, 56% stated that they were in favor of countrywide legalization of marijuana.

It should be noted that various measures have been introduced in Congress that would allow states to make their own decisions concerning marijuana while putting an end to the federal criminalization of the drug.

In an interview, U.S. Cannabis Council’s Josh Glasstetter stated that the survey’s results demonstrated that bipartisan support for the federal legalization of marijuana was growing and a generational shift on marijuana was underway. He then noted that during this year’s election, younger voters who strongly supported legalization would be sought after.

Overall, 67% of voters 18 to 44 years of age say they support a countrywide model to legalize marijuana. This is significantly higher than 57% of those aged 45 to 64 and 47% of those aged 65 and older.

Poll results noted that 68% of President Joseph Biden supporters also favor the reform with 48% of GOP members who support Donald Trump sharing these sentiments. With regard to undecided voters, 50% also support the change in policy.

This poll’s results are similar to those from a separate 2023 survey, which determined that support for ending the federal prohibition of cannabis had hit a new high nationally, with 7 in every 10 Americans supporting the reform. A different survey by Lake Research Partners also found that President Biden stood to make great political gains if cannabis was rescheduled under his administrative directive.

The survey was commissioned by the Coalition for Cannabis Scheduling Reform. The survey comes after the U.S. Department of Health and Human Services completed its scientific review in 2023 and gave its recommendation that marijuana be rescheduled. Despite this recommendation, the matter can only be decided by the DEA.

The drug’s rescheduling may not completely phase out the illicit market, however, Another poll found that nearly one-third of cannabis consumers would return to the illicit market if the drug was rescheduled and then made available solely as an approved prescription drug under the FDA.

The evolving regulatory landscape in the United States is being closely watched by companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) so that these companies can quickly ascertain how any changes made could impact their operations.

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420 with CNW — Ohio Governor Urges Lawmakers to Enable Adult-Use Cannabis Sales

Ohio Governor Mike DeWine has urged state lawmakers to enable recreational marijuana sales before the end of the year. During a recent interview with newspaper editors, Gov. DeWine said that although Ohio voters approved a measure to legalize recreational cannabis in late 2023, recreational sales won’t begin until the end of 2024.

The governor noted that Ohio is in a sort of “goofy situation” where recreational cannabis consumption and cultivation are legal, but the state still hasn’t approved retail locations to sell adult-use marijuana. As a result, black-market sellers are stepping in and taking advantage of the market gap to sell unregulated cannabis to often unsuspecting consumers.

The Republican governor called the situation a “real mess” and called on the Republican-controlled legislature to take action and remedy the issue by granting the authority to start selling legal adult-use cannabis in the state. He suggested that the state could start by allowing adult-use cannabis sales through medical marijuana dispensaries with the possibility of launching sales around 60 days after a legislature-passed initiative.

DeWine has already expressed support for a recreational cannabis regulation bill that was passed by the Senate in December and is still waiting for action by House legislators.

According to DeWine, gaining the support of both the Senate and House will be critical to starting a conversation about legal adult-use cannabis sales and working on a bill to facilitate legal sales.

Ohio became the 24th state in the U.S. to legalize recreational cannabis after voters approved Issue 2 in the November 2023 ballot. Issue 2 allowed adults aged 21 years and older to possess up to 2.5 ounces of cannabis flower and 15 grams of marijuana extract. Eligible adults can also grow up to six cannabis plants in households with one adult and up to twelve plants in homes with more than one eligible adult.

DeWine is adamant that Ohio lawmakers advance legislation as soon as possible and ban the purchase of intoxicating hemp products as the legislature comes back into session this year.

The cannabis black market is a problem that affects most states with legal markets, including California, which is currently the largest cannabis market on the globe. DeWine is keen on avoiding the issue before Ohio’s adult-use industry launches.

Such a bill would allow regulated retailers to begin selling recreational cannabis “on a controlled basis,” DeWine says, and would allow the state to launch adult-use sales quickly through medical marijuana centers.

Operators in more mature cannabis markets, such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), will be watching to see how Ohio navigates its entry into the fast-growing recreational marijuana industry.

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420 with CNW — States with Legal Marijuana Markets See Higher College Applications

New data shows that states that have legalized recreational cannabis recorded a short-term boost in college applications from prospective students. The colleges also received more applications overall. The data was collected in a study, which had its findings recently published in the “Contemporary Economic Policy” journal.

The researchers used the Integrated Postsecondary Education Data System to obtain data on various college metrics, including detailed tuition prices prior to and after financial aid applications, school application numbers and demographic characteristics of students.

The study determined that applications for colleges in states the year that recreational cannabis was legalized increased by more than 5%. It should be noted that the results controlled for tuition prices, school quality and conditions in the labor market, which could affect decisions on student applications.

The researchers also determined that the biggest schools had the strongest gains, observing a 54% rise in applications as compared to similarly sized institutions in states that had not legalized recreational cannabis. Additionally, public universities and colleges benefited more in comparison to private institutions. This is despite the fact that applications for private institutions increased in legal states.

These findings matter because they demonstrate that states legalizing recreational marijuana may benefit institutions of higher learning. Increased applications also afford schools a larger and a higher-achieving pool to select students from and may help improve an institution’s academic profile.

The study’s results fit into a bigger body of research examining what affects student choices when it comes to college applications.

The researchers determined that, similar to how institutions recorded an increase in SAT scores and applications when they had good sports teams, institutions recorded increases when they were located in legal states. The data suggests that students may factor local policies into their choices during college applications.

Team members also analyzed state laws to determine when recreational cannabis would be available to students, noting that as long as recreational cannabis was legally available before the end of January, which is when most applications were due, cannabis could probably impact the application decisions of prospective students.

Despite all these findings, the researchers still cannot ascertain why freshmen who often come straight from high school and haven’t attained the legal age to consume recreational cannabis might base their decisions on the drug’s availability. Additionally, the researchers cannot identify with clarity the portion of applications that come from out-of-state students and helps drive applications following legalization. The researchers are now focused on examining how legalized cannabis affects student outcomes for all learning institutions.

As more studies are done on how the wider community is impacted by cannabis legalization, it could emerge that legal sales from licensed operators such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) may have more socioeconomic benefits than initially thought.

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420 with CNW — Lawmakers in Wisconsin Introduce Bill to Decriminalize Marijuana

Wisconsin may be the latest state to pass cannabis reform measures after a bipartisan group of lawmakers formally introduced a proposal to decriminalize cannabis possession in late December. First previewed in early December, the noncommercial and relatively limited reform may garner enough support to advance past Wisconsin’s GOP-controlled legislature.

The marijuana decriminalization measure was introduced by Representatives David Considine, Sylvia Ortiz-Velez and Shae Sortwell alongside Senator Lena Taylor. Assembly Bill 861 would remove criminal penalties such as jail time for cannabis-related offenses, such as simple possession of up to 14 grams of marijuana, and replace criminal charges for cannabis offenses with a $100 civil penalty.

Current Wisconsin law criminalizes cannabis possession and punishes the offense with a maximum of six months in jail and a $1,000 fine.

The proposed decriminalization measure would also eliminate the need for people charged with cannabis possession to appear in court and replace it with a simple $100 fine. Additionally, the decriminalization measure would stop Wisconsin courts from counting cannabis possession convictions that involve up to 28 grams of cannabis. This means Wisconsin residents would never again be charged as repeat offenders for possessing small amounts of marijuana.

The measure also reduced penalties for repeatedly possessing larger amounts of cannabis from three and a half years imprisonment to 90 days. Individuals charged with drug paraphernalia possession will be liable to a $10 civil forfeiture fine down from as much as 30 days in jail and a $500 fine.

According to a censorship memo released by the measure’s sponsors, Wisconsin should not be imprisoning its residents for simply possessing small amounts of cannabis. On average, Wisconsin makes 15,485 arrests for minor cannabis possession and punishes simple possession suspects with up to six months in jail and a maximum $1,000 fine. The proposed measure would also grant law enforcement more flexibility on how they choose to deal with individual cannabis possession cases. This includes deciding whether or not to book and process individuals for simple cannabis possession or simply collecting certain personal information.

The measure would also reduce the liability of employers who choose not to test their employees for THC. However, these workplace testing provisions would not apply to jobs involving security and safety or those overseen by the federal Department of Transportation. The sponsorship memo noted that employers are increasingly choosing to forgo cannabis tests because they can be costly.

Assembly Bill 861 will head to the Assembly Committee on Criminal Justice and Public Safety.

If this reform movement results in the eventual legalization of cannabis, it could lead existing companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) to weigh whether or not to expand their footprints into those new markets.

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420 with CNW — Florida GOP Senator Files Medical Cannabis Bill for 280E Relief

Last week, a senator in Florida introduced a measure that would allow licensed medical-cannabis businesses to claim tax deductions. At the moment, legal marijuana businesses in the country aren’t allowed to claim deductions because of section 280E of the IRS code, which bars deductions from being claimed for illicit substances.

Section 280E prohibits businesses from deducting business expenses from gross income linked to the trafficking of Schedule I or II drugs. Currently, marijuana is still classified under Schedule I of the Controlled Substances Act. The measure, filed by GOP senator Ana Maria Rodriguez, would add Florida to a growing list of other states that have established tax parity for the marijuana industry.

The bill would amend the state’s tax code by permitting medical-marijuana operators to claim deductions in amounts equal to expenditure eligible to be claimed as federal income tax deductions. It should be noted that this measure would only extend relief to state medical-marijuana businesses.

Other states that have taken similar steps include Pennsylvania, whose House passed a sweeping tax reform measure in October containing language offering state relief to medical-cannabis businesses. The proposal hasn’t been fully accepted by GOP members, who see it as a giveaway by Democrats to the marijuana industry.

In November, New York’s governor signed a measure offering tax relief to cannabis businesses in the state. This comes after a budget measure enacted in 2022 included provisions to broadly permit state-level marijuana business tax deductions. Maine’s governor had, in August, signed a resolution decoupling state tax from the federal policy for marijuana businesses.

Earlier in June, Connecticut’s governor signed a budget measure that included provisions offering state-level tax relief to licensed cannabis businesses as a workaround for the industry. That same month, the governor of Illinois signed a budget measure that included provisions permitting licensed cannabis businesses to claim tax deductions that they’re currently barred from utilizing under Section 280E. In May, the governor of New Jersey also signed a bill that would permit licensed cannabis businesses to deduct some expenses on their tax returns as a partial fix.

At the congressional level, Representative Earl Blumenauer reintroduced a measure that would amend the code to permit state-legal cannabis businesses to claim tax deductions that are available to businesses operating in other industries. In an interview, Blumenauer explained that allowing state-legal businesses to fully deduct their business expenses would result in additional revenue collection because individuals would comply with the law.

This growing wave of states seeking ways to give the cannabis industry tax relief at the state level could afford enterprises such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) a breather that allows them to bring more innovative products to the market.

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420 with CNW — Data Shows Arizona Exceeded $1B in 2023 Cannabis Sales in September

September saw Arizona’s marijuana sales surpass $1 billion for the year following a pattern that both recreational and medical markets seemed to have stabilized over the previous few months. The state’s revenue department (ADOR) data for August and September reveals a consistent pattern, with medical sales remaining around one-third of recreational sales.

September’s medical sales were marginally below $27 million, down from $28.7 million in August. This represents the lowest in medical sales since the legalization of recreational marijuana in 2021. The last time medical sales surpassed $30 million was in June, and they have been consistently declining from the peak of $73.4 million in April 2021.

Contrastingly, recreational sales have remained robust, consistently surpassing $80 million since dropping below $90 million in May. August reported recreational cannabis sales at $85.8 million, followed by slightly more than $80 million in September. The recreational market has only failed to reach the $80 million mark twice —in May and June of 2022 at $79.3 million and $77.2 million, respectively.

However, those figures could alter because ADOR often modifies the figures from previous months with new reports. For example, the most recent announcement from ADOR raised July’s medical sales from $26.1 million to $27.3 million, while recreational sales changed from $77.4 million to $80.5 million.

As of September 2023, total medical marijuana sales for the year reached $267 million, while recreational sales amounted to nearly $797 million, culminating in a year-to-date total of almost $1.1 billion. Since the commencement of recreational cannabis sales in 2021, the industry has generated more than $4 billion, with approximately $2.5 billion attributed to adult-use sales.

The state has collected substantial taxes from both sectors, with $2.2 million and $2.4 million from medical cannabis sales in September and August, respectively, and $12.8 million and $13.7 million from recreational sales. Arizona applies a standard sales tax of 5.5% and a 16% excise tax on recreational sales. Medical patients only foot the standard 5.5% sales tax. Local jurisdictions add roughly 2% to all cannabis sales.

Around $174.5 million has been collected thus far in 2023 from the recreational sales excise tax. In 2021, recreational marijuana generated $33 million, and in 2022, the figure surged to $132.7 million. Since recreational cannabis legalization, the state has amassed more than $392 million in cannabis excise taxes.

The tax revenues are allocated to various sectors: 10% goes toward the justice reinvestment fund, which supports communities disproportionately impacted by cannabis criminalization; 34% goes toward community colleges; 31% goes toward public safety; and 25% goes to the Arizona Highway User Fund.

There were 121,047 qualified cannabis patient cardholders as of October 2023, compared to 123,795 in September. Before the introduction of recreational cannabis, there were 299,055 qualifying patients. The report also noted that 4,475 pounds of cannabis were purchased for medical purposes in October, down from 4,622 in September, bringing the total for the year as of October to 47,076 pounds.

The thriving marijuana industry in Arizona in a way depicts what is happening in many markets in which regulated cannabis sales are allowed and companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) obtain licenses to commercialize innovative cannabis products.

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420 with CNW — Rescheduling Cannabis Would Free Some Marijuana Companies from Section 280E

Earlier this year, the Department of Health and Human Services recommended that cannabis be moved to Schedule III of the Controlled Substances Act. This recommendation is currently being reviewed by the U.S. Drug Enforcement Agency (DEA). In the event that marijuana is reclassified, cannabis companies will no longer be affected by Section 280E of the IRS code.

Section 280E specifically forbids any business linked to the trafficking of substances classified under Schedule I or II from deducting business expenses from their federal tax returns. Surprisingly, however, the cost of goods sold, whether it’s drugs or other products, is still an allowable deduction.

This change will allow cannabis businesses to claim deductions for business expenses incurred during the financial year.

Section 280E was introduced in the early 1980s when Congress amended the tax code following a court ruling that allowed Jeff Edmondson, a convicted cannabis and cocaine trafficker, to claim deductions for expenses incurred during the sale of drugs.

Whitney Economics cofounder Beau Whitney believes the tax code affects cannabis retailers the most. As per his estimations, cannabis retailers in America collectively pay about $2 billion more on their federal returns. If section 280E didn’t apply, these businesses would be able to deduct their expenses.

In total, these monies add up to a tax rate in excess of 70%, almost four times higher than the 21% tax that other businesses pay on corporate income. This doesn’t mean that growers and manufacturers aren’t affected; they are, just to a lesser extent, because they usually aren’t paid until their products are sold.

It is expected that the DEA may reschedule cannabis in the first half of 2024. This change is expected to significantly decrease the cost structure of the marijuana industry, particularly for the retailers. The reduced tax burden could also lead to a decrease in retail prices for consumers, which could cause demand for marijuana products to increase.

Additionally, businesses would be able to plough returns back into their businesses. Adam Goers, senior VP for The Cannabist Co., stated that the loss of 280E would bring additional capital to the industry, for both small and large firms. This together with SAFE Banking, he noted, would establish a sustainable industry and allow focus to shift toward the federal legalization of marijuana. At the moment, however, marijuana remains classified as a Schedule I drug. Drugs under this classification are identified as having no accepted medical use and a high potential for abuse.

The anticipated scheduling change would be a big boost to the cannabis industry, including companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) that would not only benefit from getting relief from 280E but would also be able to access more institutional capital to expand their operations.

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420 with CNW — Missouri Companies Sell Cannabis Products Worth $1B in 2023

Missouri’s cannabis industry has surpassed $1 billion in sales of medical and recreational marijuana products for the year 2023, as disclosed by the state’s Department of Health and Senior Services (DHHS). In October alone, retailers transacted approximately $95.5 million in recreational cannabis products and an additional $17.6 million in medical cannabis.

Although these figures reflect a slight decrease compared to the previous month, they contribute to the overall 2023 sales, pushing the state’s total marijuana revenue beyond $1.1 billion.

The trajectory of adult-use cannabis sales has exhibited a gradual increase since the commencement of sales in February. Conversely, the sales of medical cannabis have experienced a consistent decline. Notably, there has been a reduction in the number of registered medical cannabis patient cultivators, caregivers and patients throughout the year.

Cumulatively, all cannabis sales in Missouri since 2020 amount to $1.7 billion, according to the DHHS. These figures are, however, approximations, deviating from the conventional reporting format of most states, as Missouri’s DHHS rounds the numbers to the nearest $100,000.

As part of the state’s utilization of tax revenue, lawmakers recently announced the allocation of $17 million to support veterans’ drug treatment, health and legal aid initiatives.

Missouri’s cannabis industry has encountered significant challenges this year, including the recall of thousands of marijuana products due to the alleged illegal use of hemp-derived cannabinoids from outside Missouri. Regulators moved to revoke the business license of Delta Extraction, a company central to the incident. This development raised concerns, particularly regarding practices at product testing labs, which had faced criticism earlier in the year for alleged lab shopping to achieve higher THC potency numbers.

The state, however, rescinded the recall of nearly 15,000 products last month, allowing the products to be returned to dispensary shelves after a storage mandate since early August. The state’s marijuana regulator stated last month that a review of product-tracking records confirmed some recalled marijuana products contained THC sourced exclusively from Missouri’s regulated market.

Moreover, a cannabis retailer, Point Management, operating as Shangri-La, Columbia, recently settled a dispute with a union, resolving 15 charges of unfair labor practices. The settlement mandates the reinstatement of five employees and requires the retailer to compensate more than $145,000 in back pay, front pay, interest and damages for direct or foreseeable financial harm to 10 employees.

In a separate development, legislators criticized the state’s marijuana regulators for exceeding their authority in setting new rules on product branding and packaging aimed at reducing appeal to children.

The booming sales registered in Missouri may depict the broad success that established cannabis companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) are enjoying in the markets in which they operate.

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420 with CNW — Gallup Poll Finds Most Americans Disenchanted with Federal Drug Policy

A new survey has found that more than 50% of Americans believe the country has lost ground in the war on drugs. The poll, conducted by Gallup, also showed that 24% of respondents believed America had made progress. This is quite a difference from responses given on the same query in a 2019 survey, which stood at 30% for losing ground to 41% for making progress.

This difference can be attributed to growing concern and awareness about the opioid epidemic, which has seen many individuals fall victim to drugs such as fentanyl. The shift may also reflect increased awareness on how the criminalization of drugs by the federal government has failed to produce any positive outcomes.

The analysis also showed that 75% of Republicans believed America had made no progress on illicit drugs while only 12% held positive views. Most Independents also held negative views as per the poll results, with 52% believing that the situation was worsening and only 22% believing progress had been made. With regard to Democrats, 27% felt the situation was getting worse while 40% believed they had seen improvements.

The report noted that it was possible that the media had played a role in fueling the negative perspective on the drug war, with some coverage feeding into a narrative that associated the misuse of some substances with progressive politicians and policies. The poll also found that about 74% of Americans thought the drug problem was extremely severe, with Independents and Republicans rating the situation in their local areas similarly at almost 40%. Democrats, on the other hand, were less likely to believe this, with only 27% reporting these sentiments.

While the drug issue in the country wasn’t explicitly defined, Gallup noted that the results were released at a time when the number of individuals succumbing to overdoses of dangerous drugs was rapidly increasing. In its conclusion, the polling firm stated that the general public was the most pessimistic it had ever been with regard to the illicit drug problem in the country. It further noted that increasing concern about the nation’s progress could make drugs an even more significant campaign issue in the 2024 presidential elections, which would in turn put more pressure on candidates to formulate plans to address the issue.

Thus far, all Republican primary debates for presidential candidates have touched on the fentanyl overdose epidemic, with candidates such as former New Jersey Gov. Chris Christie emphasizing the importance of focusing on addiction treatment and preventative care. Others, such as the current governor of Florida, Governor Ron DeSantis, have called for a militarized response that targets drug traffickers.

The discontent that the American population has regarding the way the federal government has handled drug policy echoes the frustrations that the marijuana industry and its actors such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) go through as they endeavor to serve their customers while adhering to state laws and trying to navigate contradictory federal law at the same time.

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