IRS warns cannabis businesses about 280E tax refunds (Newsletter: July 1, 2024)

DOT: Rescheduling won’t end marijuana testing; Federal cannabis research bill; DE licenses; MD industry workforce program; NY illegal cannabis buyback

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/ TOP THINGS TO KNOW

Transportation Secretary Pete Buttigieg testified at a congressional hearing that moving cannabis to Schedule III would “not alter DOT’s marijuana testing requirements” for truck drivers.

The Internal Revenue Service published a reminder that the 280E tax penalty on marijuana businesses still applies until rescheduling is finalized—adding that some cannabis companies are already filing amended returns to get refunds but that “these claims are not valid.”

Reps. Scott Peters (D-CA) and Dave Joyce (R-OH) filed a marijuana research bill that would set a federal science agenda on the issue and designate universities as Centers of Excellence in Cannabis Research to carry out studies with new grant money.

Delaware lawmakers sent Gov. John Carney (D) a bill to let medical cannabis businesses convert to dual licensees that could also sell recreational marijuana—but only if they have a labor peace agreement and a plan to support social equity.

Maryland Gov. Wes Moore (D) announced a new Cannabis Workforce Development Program that will prioritize creating “paths to sustainable jobs” in the industry for people who have been harmed by marijuana’s past criminalization.

The New York marijuana dispensary that conducted the state’s first licensed sales is launching an “illegal cannabis buyback” program that offers discounts as an incentive for consumers to transition to the legal market.

Maryland’s comptroller reported that the state collected more than $14.6 million in recreational marijuana sales tax revenue in the first quarter of the year.

Nebraska Attorney General Mike Hilgers (R) announced settlements with some vape shop owners targeted in lawsuits over their alleged sales of delta-8 THC products.

/ FEDERAL

The Drug Enforcement Administration highlighted a prohibitionist organization’s op-ed about an alleged global pushback to drug policy reform.

Sen. Jon Ossoff (D-GA) said he supports descheduling marijuana.

The House bill to federally legalize marijuana got three new cosponsors for a total of 91.

/ STATES

Indiana Gov. Eric Holcomb (R) said a pending federal marijuana rescheduling move has not changed his position on legalization.

A spokesperson for Ohio Gov. Mike DeWine (R) said he doesn’t have any plans to issue mass marijuana pardons.

Nebraska activists say they need 15,000 more signatures to qualify a pair of medical cannabis legalization initiatives for the November ballot by Wednesday.

Colorado regulators published a health and safety advisory about potentially contaminated marijuana products.

New York regulators published guidance about requirements to process cannabis in accordance with Good Manufacturing Practices.

Maine regulators formed a Cannabis Hospitality Task Force and are conducting rulemaking on certification of testing facilities.

Ohio State Highway Patrol data show a dramatic decrease in drug violations in conjunction with the legalization of marijuana.

Iowa regulators will hold public hearings on consumable hemp product rules on Tuesday and on July 8.

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/ LOCAL

New York City officials will hold a public hearing on proposed rules related to enforcement against unlicensed cannabis activity on July 31.

/ INTERNATIONAL

Antigua and Barbuda officials are proposing marijuana expungements legislation.

The German Bundesrat will consider marijuana and driving legislation on Friday.

The leader of the UK Liberal Democrats said his support for legalizing marijuana isn’t inconsistent with backing a phased-in cigarette sales ban.

/ SCIENCE & HEALTH

A case study concluded that “cannabidiol presents antiepileptic, neuroprotective and anti-inflammatory effect.”

A review concluded that “psilocybin, MDMA, ayahuasca, and LSD appear to have the potential to reduce depressive and anxiety symptoms.”

/ BUSINESS

Starbucks Corp. is suing Starbuds over alleged trademark infringement.

Weedmaps and BLAZE Solutions, Inc. are launching a comprehensive global cannabis product catalog.

Illinois retailers sold $146.2 million worth of legal recreational marijuana products in May.

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Photo courtesy of Chris Wallis // Side Pocket Images.