Marijuana Dispensary & Cannabis Store News

Cannabis firm Harborside owes $11 million under 280E, US Tax Court rules

After a lengthy legal fight with the Internal Revenue Service over the applicability of 280E business deductions to state-legal marijuana companies, Harborside on Monday got its final tax bill from the case: $11 million in back taxes from 2007 to 2012. The case dates to 2016, when Harborside, based in Oakland, California, took the IRS […]

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Marijuana firm Holistic Industries raises $55 million

Washington DC-based Holistic Industries, a multistate cannabis operator, closed $55 million in financing at a time when many other MJ firms are struggling to raise capital. Holistic Industries plans to use the $55 million to “accelerate expansion” and to better serve patients and consumers who use its cannabis products, the company said in a statement. […]

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Week in Review: Early freeze costs largest CO marijuana cultivator millions, Weedmaps lays off 100+, MJ licensing probes escalate & more

Colorado’s largest marijuana cultivator suffers an early freeze that is expected to trigger a supply disruption in the state, more than 100 Weedmaps employees receive pink slips, enforcement efforts intensify to root out corruption in local and state cannabis licensing – and more of the week’s top cannabis business news. Supply freeze Colorado’s largest cannabis […]

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California probes marijuana licenses of indicted man tied to Giuliani associates

The arrest of a Ukrainian-born businessman on charges of conspiring to violate federal campaign finance laws triggered a review of the California cannabis licenses he was granted. Lori Ajax, head of the California Bureau of Cannabis Control (BCC), told the Los Angeles Times the indictment of Andrey Kukushkin raises concerns. In the past year, according […]

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Buying cannabis licenses on secondary market more of a sure bet than applying for state business permits

As the marijuana industry matures and companies expand, many smaller, original growers and retailers are putting their licenses up for sale through the secondary market – much like selling a house. The growing trend is giving cannabis entrepreneurs a new avenue to secure a valuable business permit versus going through the state application process, which […]

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Recreational marijuana legalization in New Mexico set for push

New Mexico would use proceeds from recreational marijuana to provide low-interest loans to small cannabis businesses and eliminate taxes on medical cannabis under a legalization proposal from an expert panel appointed by Gov. Michelle Lujan Grisham. Details weren’t immediately available Wednesday, but the task force earlier had recommended licensing private businesses rather than implementing a […]

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Voluntary recall of cannabis products at 144 Colorado dispensaries

Denver-based Bonsai Cultivation voluntarily recalled marijuana plant-material products from across Colorado after Denver health officials detected elevated levels of mold and yeast in the company’s goods. The recall applies to marijuana plant materials, including pre-rolls, distributed to 144 retail stores across the state, according to the Denver Department of Public Health and Environment (DDPHE). In addition to […]

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Acreage affiliate Greenleaf resolves Ohio dispute, can open marijuana dispensaries

Greenleaf Apothecaries – an affiliate of New York-based multistate operator Acreage Holdings – is poised to open three medical cannabis dispensaries in Ohio after resolving its dispute with state regulators. The company, which does business as The Botanist and Harvest of Ohio, was prohibited from opening new dispensaries until its case was resolved. Regulators in […]

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California to allow state tax deductions for cannabis businesses

California cannabis businesses will be allowed to deduct expenses on their state income returns after Gov. Gavin Newsom signed a legislator’s proposal into law. Newsom signed into law AB 37, a bill introduced by a fellow Democrat, Assemblyman Reggie Jones-Sawyer The measure will allow such state deductions, starting next year, for cannabis companies that file their […]

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Vireo agrees to milestone medical cannabis labor pact in Pennsylvania

Minnesota-based Vireo Health, a multistate marijuana operator, signed the first vertically integrated medical cannabis labor agreement in Pennsylvania, a deal that is being touted as a win for both the employees and the company. The three-year pact is between Vireo’s Pennsylvania Medical Solutions subsidiary and the United Food and Commercial Workers (UFCW) Local 1776. The […]

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