Welcome to “Cannabis News Today,” a summary of the stock and regulatory updates for the Cannabis Industry.
IRS Maintains Schedule I Status for Cannabis Businesses
The IRS has confirmed that marijuana remains a Schedule I controlled substance, meaning that Internal Revenue Code Section 280E still applies. This regulation prevents cannabis businesses from claiming federal tax deductions for expenses due to marijuana’s illegal status under federal law. Despite discussions about rescheduling marijuana, the IRS’s stance ensures that these tax limitations will persist until any changes in federal law are officially enacted. This clarification impacts cannabis businesses by maintaining their unique financial constraints under the current legal framework. Read all about it on the TDR Website!
Grown Rogue Completes Share Reorganization
Grown Rogue International Inc. (CSE: GRIN, OTC: GRUSF) has announced the completion of its share reorganization, which was approved by shareholders at their annual meeting. This reorganization aims to preserve the company’s status as a foreign private issuer in the United States and involves the redesignation of common shares to subordinate voting shares and the creation of unlisted multiple voting shares.
Arizona’s Medical Marijuana Market Shrinks
Arizona’s medical marijuana market has contracted significantly, now comprising only a quarter of the size of the state’s recreational marijuana sales. This shift highlights the growing dominance of the recreational market, which continues to expand rapidly.
C21 Investments MCTO Status Update
C21 (CSE: CXXI, OTCQX: CXXIF) Investments has provided an update on its management cease trade order (MCTO) status, indicating that the company is working diligently to complete its financial filings. This order was initially implemented due to delays in the company’s annual financial statements.
High Tide Opens New Canna Cabana Stores
High Tide Inc. (NASDAQ: HITI, TSXV: HITI) has opened two new Canna Cabana retail cannabis stores in Alberta and Saskatchewan. These additions bring the total number of Canna Cabana locations to 176 nationwide, reinforcing High Tide’s position as a leading retail cannabis brand in Canada.
Delaware Bill Advances for Early Recreational Sales
A Delaware bill that would allow medical marijuana dispensaries to start recreational sales ahead of the originally planned schedule is now on the governor’s desk. If signed, this legislation will accelerate the rollout of recreational cannabis sales in the state.
Marijuana Rescheduling and Truckers
Transportation Secretary Pete Buttigieg confirmed that the rescheduling of marijuana will not affect drug testing policies for truckers. Despite changes in marijuana’s legal status, safety protocols and drug testing requirements for commercial drivers will remain stringent to ensure public safety.
Read more cannabis news on the TDR Website!
