supported by legal cannabis as of January 2022 — besting the number of insurance agents by 9,000, the authors noted.
“The ‘hockey stick’ trend of sales growth seen in the early years of legal cannabis has passed, and economic and regulatory headwinds are exerting pressure on legal cannabis markets,” Roy Bingham, the firm’s CEO, said with the update.Some of those regulatory headwinds are at the state level. California cannabis reached sales of $5.3 billion in 2021 but trailed other mature markets on a per capita basis, thanks to a thriving illicit market.
There are glimmers of hope for the Secure and Fair Enforcement Banking Act, or SAFE Banking, in the lame-duck session to come. It would open up banking services to state-legal cannabis businesses., including 321-101 as a standalone measure in 2021, with 106 Republicans backing it.“SAFE Banking alone could pass the Senate,” said Morgan Fox, political director for the reform group NORML.
Businesses would still face 280E, a provision in the federal tax code that treats state-legal cannabis operators as drug traffickers, disallowing normal business deductions such as payroll, rent and marketing. That can drive effective tax rates past 70% and lead even companies that lost money to owe taxes.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How cannabis companies are helping Arizona communities - Phoenix Business JournalIn this guest column, the CEO of an Arizona-based cannabis company that operates dispensaries and has its own growing sites, looks at how the addition of recreational sales in Arizona has helped erase some of the stigmas attached to the industry.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Cannabis and the economy: The long wait for federal marijuana legalization - Phoenix Business JournalInvestors are ready to deploy billions in capital. Meanwhile, cannabis businesses in some parts of the country are fighting to survive. Here's how Arizona fits in to the national sector amid continuing discussions about when, or if, federal legislation to legalize recreational use might get passed.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Small-business owners banking on big Black Friday, Cyber Monday - Phoenix Business JournalWith economic storm clouds looming, small-business owners are banking on a strong Black Friday, Cyber Monday and Small Business Saturday. New data offers good news on that front.
Source: phxbizjournal - 🏆 254. / 63 Read more »
SBA to award remaining Restaurant Revitalization Fund grants after pressure campaign - Phoenix Business JournalFollowing a months-long pressure campaign by business groups and lawmakers, the SBA plans to award millions in unused Restaurant Revitalization Fund grants. Here's what businesses need to know.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Carvana (CVNA) stock gets a boost as company insider buys shares - Phoenix Business JournalOne of the C-suite executives at the Tempe-based online used-vehicle retailer bought a large chunk of company shares on the open market, typically a sign that management is confident that the share price will increase.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Coming Soon: The Big Credit Squeeze - Phoenix Business JournalAs the Federal Reserve tries desperately to bring down the rate of inflation, consumers are using a previously-used tactic to finance and offset higher costs – credit. The question is will they be able to pay back their debts?
Source: phxbizjournal - 🏆 254. / 63 Read more »