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:
#cannabisindustry – “In the early days, OLCC emphasized “teaching compliance” and working with licensees who made mistakes—honestly or otherwise. We later saw a transition toward heavy-handed enforcement, as the Commission worked with the legislature in an effort to cull licenses
The problem is, OLCC treats small businesses much differently than bigger outfits. We’ve been saying this on the blog for a while now (see here and here for example). And when I say “OLCC” please note that I am not talking about specific OLCC personnel. There are some great people at the Commission who are smart, work hard, and really care.”
#cannabismarketing – “Twitter might have further eased its rules for cannabis advertising, but the changes don’t seem to have made it any easier for marijuana businesses to take advantage of the social media platform’s wide reach.
Regulatory red tape, Twitter’s unfamiliarity with the cannabis industry and cost are among the continued stumbling blocks.
For example, Twitter requires advertisers to be a Twitter Blue or Verified Organization subscriber, which adds a blue check mark to their accounts.”
#cannabisresearch – “A new study from researchers at the University of California, Los Angeles found some good news for cannabis smokers: one of the major risks associated with tobacco smoking isn’t connected with marijuana.
The study, “Impact of Marijuana Smoking on COPD Progression in a Cohort of Middle-Aged and Older Persons,” was published in the journal “Chronic Obstructive Pulmonary Diseases” this month….
“Neither former nor current marijuana smoking of any lifetime amount was associated with evidence of COPD progression or its development,” the study said.”
#cannabiscultivation – “Growers can increase their margins by pairing solar generation and energy storage with their operations. Solar Cannabis Company (formerly Solar Therapeutics), a cultivator in Massachusetts, chose to implement a microgrid to power its facility with over 5 megawatts of solar power. Solar Cannabis has been designed to reduce its expected energy consumption by 40% and its emissions by 60% of what could be expected of a similarly-sized operation.
Companies that produce solar power can sell excess power to local utility companies, thus allowing for the sale proceeds to result in an additional revenue stream when there is excess generation. Facilities that wish to power their own operations with microgrids can use combined heat and power systems and battery storage on-site to work in conjunction with solar and ensure efficiency and reliability.”
#cannabispolitics – “On March 31, 2021, New York legalized adult-use cannabis with the passage of the Marijuana Regulation & Taxation Act (MRTA). Perhaps the most controversial portion of the Act was Section 493(1)-(3), which established taxes on the potency of cannabis products
sold by distributors to retailers. Many cannabis advocates condemn this tariff, arguing that it increases the effective tax rate to such a high level that legal cannabis businesses can no longer compete against the illegal operations. A movement to repeal this tax and substitute a flat tax of 20% is gaining momentum.”
#californiacannabis – “California has earned more than $216 million in tax revenue from the sale of legal cannabis this year.
On Tuesday, the California Department of Tax and Fee Administration reported the tax revenue generated from cannabis sales for the first quarter of 2023.
As of May 16, cannabis tax revenue added up to about $216.2 million, including $104.3 million from the cannabis excise tax, and $111.9 in sales tax revenue.”
#commercialcannabis – “The U.S. Securities and Exchange Commission has obtained a temporary restraining order freezing the assets of a purported Las Vegas-based marijuana products company after alleging that the company was operating a $60 million Ponzi-style scheme.
Judge John W. Holcomb of the Central District of California approved the SEC’s application Friday to freeze Integrated National Resources Inc., which does business as WeedGenics. The SEC filed a civil complaint against the company; its president, Patrick Earl Williams of St. Petersburg, Florida; and its primary investor relations representative, Rolf Max Hirschmann of Eagle, Idaho.
The SEC claims that since June 2019, Hirschmann and Williams have used sham promises of investment returns to enrich themselves and others by about $60 million.”
SEC Shuts Down Alleged $60M Cannabis Offering Fraud: https://www.law360.com/articles/1680782?utm_source=android&utm_medium=android&utm_campaign=android-shared