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:
#hempindustry – “The 2022 hemp harvest in the U.S. is expected to shrink by nearly half this year, falling from roughly 36,925 acres in 2021 to about 20,000 acres as all outputs are in decline, according to government figures and projections from Denver-based analyst PanXchange.
PanXchange projects the 2022 flower harvest at 6,400-6,800 acres, expects the fiber harvest will range from just 8,200-9,100 acres, and estimates grain will be brought in from as few as 4,800 to 5,000 acres this year. That would mean roughly a 46% drop in harvested acres in 2022 based on comparative figures in the first-ever hemp crop report from the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) carried out for the 2021 harvest season….
“Poor conditions and contract prices have resulted in poor follow-through,” Seth Boone, Vice President for Business Development at PanXchange said of this year’s expected flower production for CBD and other cannabinoids….
Amid the drastically diminished fortunes of the CBD sector, producers are turning to delta-8 THC. PanXchange estimated that at least 75% of all hemp extract is going into production of psychoactive delta-8 products, which are turned out through a synthetic process based on hemp-derived CBD.”
#cannabispolitics – “The federal government collects vastly more money from the marijuana industry with IRC 280e in place than if 280e were excised from the tax code tomorrow. So do many states. In fact, numerous federal and state interests benefit from the existence of 280e and that excising it from the tax code means the loss of hundreds of millions of dollars per year in tax revenue. Revenue that legislators can allocate to sway voter, fund pet projects, and so forth. So as bad as IRC 280e is for the bottom line of marijuana businesses, the tax money flowing to governments is a reason why federal reform may not happen any time soon.”
#californiacannabis – “DCC is working with California Cannabis Track and Trace (CCTT) provider, Metrc on over a dozen improvements that will allow licensees to save time when inputting data, give the Department greater access to monitor and flag system performance issues, and give local governments that permit cannabis businesses access to licensee information. System enhancements will result in drastically faster system response times by November and include California-specific training modules and in-person training sessions starting next year.”