California Governor Gavin Newsom has signed a passel of bills affecting the cannabis industry, his office announced on Saturday. Among the legislation that is now law is AB 37 , a proposal sponsored by Democrat member of the California House Reggie Jones-Sawyer that will allow cannabis companies to make tax deductions.
OAKLAND, CA and TORONTO , Oct. 21, 2019 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), today announced that the U.S. Tax Court has issued a final decision under Tax Court Rule 155 on the income tax deficiency for Patients Mutual Assistance Collective Corporation (“PMACC”), the Company’s 100% owned subsidiary and owner of the iconic Harborside Oakland cannabis dispensary.
Since Florida voters approved medical marijuana in 2016, the industry is projected to top $1.9 billion in five years.Florida is a top five state in registering new patients at more than 600 per day, and will reach 300,000 patients by January.Florida’s top economists are now trying to figure out the financial impact if a recreational marijuana amendment is passed next year.They believe the predicted retail and sales tax revenues from recreational use will be high. “We think the market itself could end up being a $2 billion market in sales.
Humboldt County, located 300 miles north of San Francisco in Northern California, has been known to surfers primarily for a few things: its closeness to empty, reasonably good waves, its rural, mountainous terrain and, of course, being one of the largest cannabis-producing areas in the United States.
Asaud Frazier enrolled in Tuskegee University with plans to study medicine, but by the time graduation rolled around in 2016, he’d already switched gears. Instead of becoming a physician, Frazier decided to farm hemp. “I was always interested in cannabis because it had so many different uses,” he said. “It’s a cash crop, so there’s no sense in growing anything else.
Over the past two years, milestones and history have been made with regularity for the cannabis industry. Last year, for example, we witnessed Canada become the first industrialized country in the world to give the green light to recreational marijuana.
Law360 (October 22, 2019, 12:52 PM EDT) — A U.S. Tax Court judge has said California cannabis company Harborside Inc. owes $11 million in taxes after its battle with the Internal Revenue Service over whether it is subject to a tax code clause targeting drug dealers.