In today’s HK Cannabis Law Newsletter, we present articles regarding the plight of the Emerald Triangle’s cannabis industry, falling prices in California, potentially positive tax news, and more!
Plummeting cannabis prices are crushing the industry in the Emerald Triangle.
For the first time since California’s recreational market launched in 2018, sales were down in 2022.
Law enforcement in San Bernardino recently destroyed approximately 6,500 plants and seized about 800 pounds of marijuana, estimated to be worth around $2.5 million.
While the inability to take advantage of Internal Revenue Code section 280E remains a thorn in the side of cannabis businesses, IRS Counsel confirmed that they may qualify for deductions under Section 199A.
The California Legislature proposed a wide variety of cannabis bills this week.Learn more about them here.