Insights
Calgary Considers Permitting Cannabis Sales at Adult-Only Events
LOS ANGELES- Calgary city officials are evaluating a proposal to permit the sale of cannabis at adult-only events. Councillor Kourtney Penner has introduced a motion requesting city administration to draft bylaw and business license amendments that would align with provincial regulations established in January 2024. These provincial rules, set by Alberta Gaming, Liquor and Cannabis ...
Prospects of Executive Action on Cannabis Under the Trump Administration
LOS ANGELES- As of early February 2025, there is no indication that President Donald Trump plans to sign an executive order directly impacting the cannabis industry. While President Trump has previously expressed support for reclassifying cannabis from a Schedule I to a Schedule III substance under the Controlled Substances Act—a move that would acknowledge its ...
Nanotechnology-Enhanced CBD Demonstrates Neuroprotective Effects in Retinal Study
LOS ANGELES- A study published in the European Journal of Pharmacology investigated the neuroprotective properties of cannabidiol (CBD) delivered via nanotechnology in an animal model of retinal excitotoxicity. Researchers from the University of Catania, University of Crete, University of Enna, and University of Campania conducted the study. The study utilized rats with retinal damage induced ...
Maine Proposes Mandatory Testing for Medical Cannabis
LOS ANGELES- A new bill introduced in the Maine Legislature seeks to implement mandatory testing for medical cannabis products, aligning them with the state's existing standards for recreational cannabis. Sponsored by Representative Marc Malon and supported by Governor Janet Mills, the proposed legislation would require medical cannabis to be tested for contaminants such as pesticides, ...
Rastafarians Lead Caribbean Cannabis Boom
LOS ANGELES- In recent years, St. Vincent and the Grenadines (SVG) has witnessed a transformative shift in its cannabis industry, particularly benefiting Rastafarian farmers who have long regarded the plant as sacred. Historically, these cultivators faced significant challenges, including the destruction of their crops during U.S.-backed anti-narcotics operations. As cannabis gains global recognition for its ...
Hawaii Lawmakers Renew Push to Legalize Adult-Use Cannabis with Constitutional Amendment Proposal
LOS ANGELES- Hawaii lawmakers introduced House Bill 519, proposing a constitutional amendment to legalize recreational cannabis for adults aged 21 and over. The bill seeks to amend Article IX of the Hawaii State Constitution, allowing individuals to possess and use cannabis, while granting the legislature authority to regulate its possession, distribution, use, and taxation. This ...
PharmaCann Defaults on Innovative Industrial Properties Leases
LOS ANGELES- On December 19, 2024, PharmaCann Inc., a privately held and vertically integrated cannabis company, defaulted on its December rent obligations for six of the eleven properties leased from Innovative Industrial Properties, Inc. (IIP). These properties are located in Illinois, Massachusetts, Michigan, New York, Ohio, and Pennsylvania, with the unpaid rent totaling $4.2 million. ...
Nebraska Medical Cannabis Bills Propose Vertical Integration with License Caps
LOS ANGELES- Nebraska lawmakers have introduced legislative proposals to implement the state's recently approved medical cannabis laws. The proposed regulations include provisions for vertical integration and impose caps on the number of licenses issued. Under the proposed framework, the state would permit a limited number of vertically integrated medical cannabis businesses, with a cap of ...
Ascend Wellness Secures $15 Million in Private Placement to Bolster Growth Initiatives
LOS ANGELES- Ascend Wellness Holdings, Inc. a multi-state, vertically integrated cannabis operator, has successfully completed a $15 million private placement of its 12.75% Senior Secured Notes due 2029. These notes were issued at 97% of their face value and will mature on July 16, 2029. This transaction is an extension of the company's earlier $235 ...
President Trump’s Role in Cannabis Rescheduling and Federal Reform
LOS ANGELES- President Donald Trump is poised to significantly influence the trajectory of federal cannabis policy, particularly concerning the rescheduling of marijuana under the Controlled Substances Act (CSA). The rescheduling process, initiated under the previous administration, is currently paused, awaiting the appointment of a new head for the U.S. Drug Enforcement Administration (DEA) by President ...
The Important Tax Deadlines to Remember in Cannabis
LOS ANGELES—As we enter 2025, it's crucial for individuals and businesses to keep track of key tax deadlines. Missing these dates can lead to penalties, interest charges, and wasted opportunities for tax savings. At Growise CPAs, we understand the complexities of tax compliance, especially in the cannabis and psychedelic industries. So, let's outline the critical ...
Senator Warren Seeks Clarification from RFK Jr. on Cannabis Legalization and Rescheduling
LOS ANGELES- Senator Elizabeth Warren (D-MA) has formally requested that Robert F. Kennedy Jr., the nominee for Secretary of Health and Human Services (HHS), clarify his stance on cannabis legalization and rescheduling. In a comprehensive 34-page letter, Senator Warren posed 175 questions covering various policy areas, including substance abuse, opioid crisis management, and cannabis reform. ...
Virginia Officials Advocate for Automatic Sealing of Cannabis Possession Records
LOS ANGELES- Virginia state officials are advocating for legislative measures to automatically seal all criminal records related to simple cannabis possession without the necessity of court orders. The Virginia State Crime Commission (VSCC) has endorsed recommendations to ensure that both convictions and non-convictions for cannabis possession are sealed automatically. Colin Drabert, Deputy Director of VSCC, ...
Analysis: Pennsylvania’s Cannabis Industry: Current Growth and Future Projections
NEW YORK- The cannabis industry in Pennsylvania continues to evolve, with medical cannabis already generating over $1.5 billion in annual sales. Discussions about recreational legalization are intensifying, particularly as the state's budget deficit grows and bipartisan support builds. Industry experts, including those at Viridian Capital Advisors, foresee substantial economic opportunities if recreational cannabis is approved. ...
Arkansas Governor Proposes Funding Free School Meals with Medical Cannabis Tax Revenue
LOS ANGELES- Arkansas Governor Sarah Huckabee Sanders has announced plans to allocate tax revenue from medical cannabis sales to fund free school meals across the state. In her State of the State address, Governor Sanders stated, "I've already announced that Arkansas will participate in summer EBT this year. And today, I'm announcing my plan to ...
Chairman of High Times Parent Company to Plead Guilty in Fraud Scheme
LOS ANGELES-Adam Levin, chairman of Hightimes Holding Corp., has agreed to plead guilty to conspiracy charges involving a scheme to pay an investment analyst to promote the company’s stock without disclosing the compensation. According to the U.S. Attorney’s Office for the Central District of California, Levin paid over $150,000 to the analyst, who subsequently endorsed ...
Hemp vs Cannabis Beverages: What’s the Difference, and Why Does It Matter?
LOS ANGELES- Cannabis and hemp beverages markets see rapid growth, but their distinctions remain unclear to many. While both originate from one species, they cater to vastly different audiences, serve distinct purposes, and adhere to unique regulatory frameworks. For consumers seeking clarity, manufacturers striving for innovation, and investors identifying opportunities, a deeper understanding of these ...
The Rise of a New Era of Consumption: Cannabis-Infused Drinks
LOS ANGELES--Cannabis-infused beverages have rapidly gained traction in recent years as a popular alternative to traditional consumption methods such as smoking and vaping. With the increasing legalization of cannabis in the United States and other parts of the world, these drinks offer consumers a novel and convenient way to enjoy all the benefits of the ...
What You Need to Know Inventory Management and Cost Accounting
LOS ANGELES—Every entrepreneur, CEO and CFO needs to know that effective inventory management and accurate cost accounting are critical to success in the cannabis and psychedelic industries. As businesses navigate a landscape marked by strict regulations and intense competition, implementing robust seed-to-sale tracking systems and accurate cost accounting practices are essential to maintaining compliance and ...
Worried About IRS Audits? What You Need to Know
LOS ANGELES– The cannabis and psychedelics industry is undergoing a remarkable transformation, and as we one step into 2025, the outlook is brighter than ever. With increasing legalization, growing consumer acceptance, and a burgeoning market projected to reach nearly $40 billion next year, companies engaged in the sector have every reason to be optimistic. However, ...
Efficacy of Medical Cannabis in Treating PTSD Remains Uncertain
LOS ANGELES- The use of medical cannabis as a treatment for post-traumatic stress disorder (PTSD) has garnered significant attention. However, current research provides limited and inconclusive evidence regarding its effectiveness. A 2021 systematic review found insufficient support for cannabinoids in treating PTSD-related mental health disorders. The review highlighted the need for more rigorous studies to ...
Hemp-Derived CBD Market Set to Expand Significantly by 2034
LOS ANGELES- The global hemp-derived cannabidiol (CBD) market is forecasted to grow from $8.28 billion in 2023 to $46.25 billion by 2034, with a compound annual growth rate (CAGR) of 16.93%, according to Research and Markets. This expansion is driven by increased consumer preference for natural wellness products, regulatory developments, and growing applications in personal ...
Wildfires Disrupt California’s Cannabis Industry: A Growing Challenge for Businesses and Employees
LOS ANGELES–The raging wildfires in Los Angeles County, notably the Pacific Palisades fire, have become the most destructive in the city's history, severely impacting local cannabis businesses. As of January 8, 2025, multiple fires—including the Palisades, Eaton, Hurst, and Woodley fires—have burned over 26,000 acres, prompting widespread evacuations and disrupting daily life. Impact on Cannabis ...
Kentucky Implements Medical Cannabis Program
LOS ANGELES- As of January 1, 2025, Kentucky has officially implemented its medical cannabis program, allowing residents with qualifying medical conditions to access cannabis for therapeutic purposes. This development follows the enactment of Senate Bill 47, signed into law by Governor Andy Beshear on March 31, 2023. Program Overview The program permits patients diagnosed with ...
What You Need to Know Inventory Management and Cost Accounting
LOS ANGELES- Every entrepreneur, CEO and CFO needs to know that effective inventory management and accurate cost accounting are critical to success in the cannabis and psychedelic industries. As businesses navigate a landscape marked by strict regulations and intense competition, implementing robust seed-to-sale tracking systems and accurate cost accounting practices are essential to maintaining compliance ...
