California

Mon
26
Aug

California cannabis taxes tick up, but miss initial projections

When it comes to tax money from marijuana sales, California is living with diminished expectations.

The state pulled in $74 million in cannabis excise taxes between April and June, after the administration of Gov. Gavin Newsom sharply scaled back projected tax dollars from the shaky legal market.

Government analysts once projected that California would be flooded with tax money from the legal pot economy — $1 billion annually within a few years of launching the world’s largest market in 2018.

But multiple problems conspired to depress early sales, including a shortage of licensed places to buy it, a wobbly supply chain and the perseverance of a tax-free, illicit marketplace.

Mon
26
Aug

Alcohol vs cannabis, which taxes help society more?

The potential tax revenue from the legalization of cannabis has been at the center of the argument between republicans and democrats. Proponents of legalization say states who haven’t legalized cannabis should look at the revenue generated from alcohol and other sin taxes as a window into what could be. 

Wed
21
Aug

California cities seeing cannabis industry workers unionizing

Northern California’s South Bay now has its first cannabis union. Representatives from the United Food and Commercial Workers (UFCW) announced on Friday at San Jose City Hall that workers at the town’s MedMen dispensary location would organize.

Employees at the dispensary will enjoy wages that come in at $3 above Californian minimum wage, two weeks of vacation pay, 40 percent employee discounts, and time and a half overtime holiday pay, among other benefits.

Tue
20
Aug

Health Officer issues warning after 7 Californians hospitalized for vaping

A public health official issued a warning about the dangers of unlicensed cannabis products following the hospitalization of seven Californians who fell ill after vaping. In a notice released last week, Dr. Milton Teske, health officer with the Kings County Department of Public Health, said that those stricken had been taken to the hospital in the Central California community after experiencing pneumonia-like symptoms.

Thu
15
Aug

California’s underground market is nearly 3 times larger than legal market

California’s legal cannabis market is on pace to earn $3.1 billion this year, but the state’s decades-old underground market is nearly triple that, on pace for $8.7 billion in revenue.

This is according to the newest numbers from Arcview Market Research and BDS Analytics’ report “California: Lessons From the World’s Largest Cannabis Market,” which was released today. Even though California will see a predicted 23% growth in the market this year, according to The Arcview Group’s CEO Troy Dayton, the state’s best days are still ahead.

Wed
14
Aug

Outside Lands becomes first major festival in the US to sell pot on-site

This weekend festival-goers in Northern California had the opportunity to buy legal weed for the first time ever at a major music event in the United States. 

San Francisco’s Outside Lands music festival (August 9-11) takes place at Golden Gate Park with about 200,000 visitors each year. To the delight of both music and weed lovers, this year’s edition also hosted Grass Lands – a cordoned-off area that welcomed about two dozen marijuana vendors.

Visitors could buy a wide array of products ranging from pre-rolled joints to cannabis-infused chocolates to enjoy at the festival even though consuming pot in public is still illegal in California.

Mon
12
Aug

Forget California: This State is far more lucrative to the cannabis industry

Over the next decade, legal cannabis is expected to be one of the fastest growing industries on the planet. After generating $10.9 billion in legal worldwide sales in 2018, various Wall Street estimates have called for between $50 billion and $200 billion in global sales in roughly a decade's time. No matter how you slice the data, it calls for an average annual growth rate that's in the double digits.

Fri
09
Aug

The California cannabis market continues to grow like a weed

Read entire article here.

The last few months have been rough for the cannabis industry and this is a trend that we have seen play out on a year-over-year basis. Due to the historically weak summer trend, we are not running for the hills and have been closely watching the recent activity.

TransCanna Holdings (TCAN.CN) (TCNAF) has been especially impacted by the weak summer trend and this is an opportunity that we continue to monitor. The company has been highly focused on the California cannabis market and we are favorable on the growth prospects associated with the assets in place.

Tue
30
Jul

Inside the Country's first-ever cannabis café

There’s something special to be said about being “one of the first” and Lowell Herb Co. has added that to their reputation with the introduction of the first cannabis cafe in America, opening up in West Hollywood, California.

After making a name for themselves by becoming one of the more desirable pre-roll brands in the state of California, producing SuperBowl commercial ads, hosting local community events – entering the retail and culinary space is next! We speak with Kevin Brady, Director of Lowell Cafe to find out more about the first cannabis cafe in America and what we can expect.

Thu
25
Jul

California After-School Programs still waiting on marijuana taxes

When cannabis advocates in California began selling the idea of establishing a taxed and regulated pot market for adults 21 and older, one of the critical points in the plan (Proposition 64) was throwing a chunk of the tax revenue at the hundreds of thousands of low-income children involved with after school programs.

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