In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.
In today’s news:
#californiacannabis – “There was an 18% decline in entries for the CA State Cannabis Competition this year, Leitz said, with 250 submissions compared to last year’s 307. Mike Harden, CEO of Sonoma Hills Farm, which won two silver medals in the sun-grown category this year, said some of the tax relief for cultivators, while appreciated, came “a little too late” for some farmers.”
https://www.sacbee.com/news/california/california-weed/article277503793.html
#psychedelics – “Psilocybin has antidepressant-like effects and can improve cognitive function in a rat model of depression induced by chronic stress, according to new research published in
Psychedelic Medicine. The findings provide new insights into the potential therapeutic applications of psychedelic substances and highlight the need for further research in this area to fully comprehend the underlying mechanisms.”
https://www.psypost.org/2023/07/psilocybin-helps-to-alleviate-cognitive-deficits-in-an-animal-model-of-stress-induced-depression-study-finds-167336
#cannabisindustry – “The original agreement, hashed out in March 2022, stood to create one of the largest pot producers and retailers in the world. The companies announced in February of this year that they had extended the completion date for the acquisition from March 31 to June 30.
But in a statement Monday, Cresco and Columbia said they have now agreed to “amicably terminate” the agreement with no related penalties or fees.
Charles Bachtell, CEO of Cresco, cited the “tough economic time for the cannabis industry” as part of the reason for the decision to terminate the deal.”
Cannabis Cos. Cresco, Columbia Scrap $2B Merger: https://www.law360.com/articles/1705567?utm_source=android&utm_medium=android&utm_campaign=android-shared
#cannabistaxes – “In recent years, a growing number of accountants and professionals specializing in cannabis discovered a small business provision within 2017’s Tax Cuts and Jobs Act.
The provision, called Section 471(c), was designed to simplify accounting for inventory and cost of goods sold (COGS) for businesses with less than $25 million in gross income.
“For example, if a business wants to include 100% of its facility costs in its inventory calculation, it could do that if it is based on the company’s books and records,” Justin Botillier, the founder and CEO of Oregon-based accounting firm Calyx CPA, told MJBizDaily reporter Kate Robertson.
In other words, a cannabis retailer could include expenses associated with renting a storage facility for inventory in its cost of goods sold.
For some businesses, the tax savings from including such expenses under inventory costs can be significant.”
https://mjbizdaily.com/small-marijuana-businesses-take-advantage-of-purported-280e-loophole/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20230801_NEWS_Daily
#cannabisindustry – “Cannabis is now legal for adults 21 and older to use and possess in Minnesota, making it the 23rd state in the country to legalize cannabis for recreational use.
The first dispensary selling marijuana for recreational use is now open and selling to people on the Red Lake Nation in north-central Minnesota.”
https://www.mprnews.org/story/2023/08/01/recreational-cannabis-is-now-legal-in-minnesota-heres-what-we-know
#cannabislaw – “In the complaint, Gary Cordova alleged that officers with the Mendocino County Sheriff’s Office destroyed more than 100,000 cannabis plants and other property during a July 2022 raid on a property that he had leased and that was within the borders of “Indian country.”
The complaint alleges that Mendocino County Sheriffs’ officers claimed that they had probable cause for their search warrant of the property because of their own internal investigation, but made no attempt to contact the Round Valley Tribal Police.
“All of the officers failed to disclose that the property was governed by the Round Valley Tribes,” the complaint said. “All of the officers failed to disclose that the cannabis cultivation on the property was within the limits allowed by the Round Valley Tribes.””
Calif. Cops Accused Of Destroying Legal Pot On Indian Land: https://www.law360.com/articles/1706372?utm_source=android&utm_medium=android&utm_campaign=android-shared
