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.
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