The Business of Cannabis

Biden Says DOJ Officially Moving To Reschedule Marijuana To Schedule III

May 17, 2024 | Feature, National

The U.S. Department of Justice (DOJ) is officially moving to reclassify marijuana as a Schedule III drug, a less dangerous category than Schedule I in which it is now classified, the Biden administration announced yesterday. Biden called the development “monumental”...

Divided Supreme Court Rules No Quick Hearing Required When Police Seize Property In Drug Crimes

May 15, 2024 | National

A divided Supreme Court ruled Thursday that authorities do not have to provide a quick hearing when they seize cars and other property used in drug crimes, even when the property belongs to so-called innocent owners. By a 6-3 vote, the justices rejected the...

With Cover Of Rescheduling, MSOs Already Trying To Seize 280E Tax Savings

May 15, 2024 | National

Publicly traded cannabis companies are looking to their tax returns to save tens of million of dollars this year – and possibly recoup taxes paid in previous years. Another spate of announcements from multistate operators that have begun amending their federal returns...

DEA: Average THC Potency Of Illicit Marijuana Flower Is 16 Percent

May 15, 2024 | National

The 16% potency is an increase of 29% from 2021, according to the DEA. “The potency of THC in leafy marijuana is at an all-time high, increasing the potential risk of negative effects on users of any form of the drug, and on children who may consume edibles made with...

Poll: Majority Of Americans Have Tried Marijuana And Say It Should Be Legal

May 15, 2024 | National

Most adults acknowledge having consumed cannabis and six in ten say that the substance should be legal nationwide, according to survey data provided by YouGov. Fifty-seven percent of respondents said that they had consumed cannabis during their lifetimes. Of...

Twenty Publicly Traded Cannabis Companies Lost More Than $2B In 2023 Despite Generating Nearly $9B In Revenue

May 8, 2024 | National

Twenty of the largest publicly traded marijuana companies in the U.S. lost a cumulative $2.3 billion last year, and only one of them turned a profit. That’s despite the group as a whole pulling in more than $8.7 billion in revenues, according to analysis of public...