News & Analysis as of

Decriminalization of Marijuana Tax Revenues

Greenbaum, Rowe, Smith & Davis LLP

Will Rescheduling Cannabis Open the Industry to Increased Financing, Real Estate and Banking Opportunities?

On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more

McGlinchey Stafford

Marijuana Rescheduling is Here: How DEA’s Decision Will Impact Cannabis Businesses

McGlinchey Stafford on

After fifty years, the federal government finally acknowledged that marijuana has medical value and is not as dangerous as heroin. As first reported by the Associated Press and confirmed by Marijuana Moment, on April 30,...more

Fox Rothschild LLP

New Adult-Use Cannabis Law Proposed in Pennsylvania

Fox Rothschild LLP on

Pennsylvania once again seems to have momentum to become one of the next states to legalize cannabis for adult use. After a bipartisan bill was introduced in the commonwealth’s Senate last year, the House now has submitted an...more

Benesch

Illinois Cannabis Outlook 2024

Benesch on

Since passing recreational cannabis in 2019, Illinois has emerged as one of the largest cannabis markets in the country, with total sales approaching $2 billion in 2023. Adult-use cannabis tax revenue topped that of alcohol,...more

Husch Blackwell LLP

Wisconsin Medical Marijuana…Maybe

Husch Blackwell LLP on

I split my time between Los Angeles and Milwaukee these days (I’m eligible to practice law in Wisconsin), and I often find myself working from my firm’s Milwaukee office depending on the month. Wisconsin is an incredibly...more

McGlinchey Stafford

The Hits Keep Coming to Ohio Marijuana: Legislature Proposes More Limits to Adult-Use Law

McGlinchey Stafford on

Last week the Ohio House proposed legislation designed to revise a number of aspects of Issue 2, the Ohio Marijuana Legalization Initiative, passed by over 57% of Ohioans in November. Today, the Ohio Senate proposed its own...more

McGlinchey Stafford

Ohio Marijuana: House Member Introduces Bill to Amend Recently Passed Adult-Use Law

McGlinchey Stafford on

Ohio Republicans have begun to propose legislative changes to the recently passed Issue 2, the Ohio Marijuana Legalization Initiative (Initiative), passed by over 57% of Ohioans in November. House Bill No. 341 (the Bill) was...more

Benesch

Cannabis Industry Quarterly Update: Q2 2023

Benesch on

There Has Been Little Movement in Federal Legalization. This has led to cannabis investors and companies to downgrade expectations for federal legalization and focus their strategies on state reform. Federal lawmakers...more

Fox Rothschild LLP

Minnesota to Legalize Recreational Cannabis: What You Need To Know

Fox Rothschild LLP on

Minnesota is set to become the nation’s 23rd state to legalize recreational cannabis. The Minnesota State Senate approved on May 19, 2023, the final version of HF100 — a bill regulating adult-use cannabis for people 21...more

McGlinchey Stafford

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

Rivkin Radler LLP

Cannabis & the Mid-Terms: What Tax Policy?

Rivkin Radler LLP on

On October 6, 2022, the President announced three changes in the Federal government’s policy toward cannabis: 1.He pardoned all prior Federal offenses of simple possession of marijuana; 2.He urged governors to do the same...more

Vicente LLP

Massachusetts Enacts Significant Changes to Marijuana Laws: What You Need to Know

Vicente LLP on

For the first time since adult-use legalization in Massachusetts, the Massachusetts Legislature voted to pass marijuana reform legislation that will impact the cannabis industry across the Commonwealth in significant ways,...more

Seyfarth Shaw LLP

Federal vs. State Approaches to Cannabis: Recent DEA Data Shows Increase In Enforcement While States Move Toward Decriminalization...

Seyfarth Shaw LLP on

One might think that the recent uptick in the legalization of recreational marijuana usage would correlate with a decline in the arrests and seizures related to the leafy-green. According to recent data from the Drug...more

Vicente LLP

Rhode Island Legalizes Cannabis: Key Provisions of the 'Rhode Island Cannabis Act'

Vicente LLP on

After years of debate, Rhode Island's General Assembly voted to legalize adult-use cannabis on May 24, 2022. Governor Daniel McKee signed "The Rhode Island Cannabis Act" into law on May 25, making The Ocean State the 19th to...more

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

Fox Rothschild LLP

On The Issue Of Legalized Marijuana, Amazon Asks For MORE

Fox Rothschild LLP on

In a recent blog post, Amazon CEO Dave Clark expressed his public support for the federal Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act). The company also announced that it will stop screening or...more

Womble Bond Dickinson

Virginia Accelerates Adult-Use Cannabis Legalization

Womble Bond Dickinson on

We previously highlighted the Virginia Legislature’s move to legalize adult-use cannabis. This week the Virginia Legislature passed a bill legalizing adult-use cannabis. In doing so, Virginia greatly accelerated the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York Legalizes Recreational Marijuana: Altered States for Employers

On March 31, 2021, New York Governor Andrew Cuomo signed into law the Marihuana Regulation and Taxation Act (MRTA), which legalizes the adult recreational use of marijuana and revises Section 201-d of the New York Labor Law....more

WilmerHale

New York Legalizes Marijuana - Where Is the US Headed?

WilmerHale on

It’s been an eventful week for the marijuana industry. After years of false starts, New York legalized the use of recreational marijuana on March 31 - just hours later, New Mexico legislators passed a bill to do the same....more

Goodwin

A New Day: New York Legalizes Recreational Marijuana, New Mexico On The Verge

Goodwin on

On March 31, 2021, New York Governor Andrew Cuomo signed the New York State Cannabis/Marijuana Regulation & Taxation Act (the “Act”), S.854-A/A.1248-A, legalizing adult-use cannabis for individuals 21 and older and creating a...more

Womble Bond Dickinson

New York to Join in the Legalization of Adult-Use Cannabis

Womble Bond Dickinson on

After years of debate, New York is poised to join a growing number of states, including neighboring New Jersey, in legalizing adult-use cannabis.  Over the weekend, Governor Andrew Cuomo and legislative leaders announced an...more

Genova Burns LLC

Deal Hashed Out For Legal Cannabis in the Empire State

Genova Burns LLC on

New York appears to be on deck as the next state to join the list of cannabis-friendly environments in which these businesses might have a chance to thrive. The deal recently struck between Gov. Andrew M. Cuomo and lawmakers...more

Foley Hoag LLP - Cannabis and the Law

New York Races to Finish Line on Legalized Cannabis

On the heels of recent legalization and/or implementation efforts in states like Virginia, New Jersey, and Arizona, New York is now positioned to become the 17th state in the country to legalize adult use cannabis. ...more

Farrell Fritz, P.C.

The Biden Presidency: How Will Cannabis Business Be Taxed?

Farrell Fritz, P.C. on

Wither the Weed? It has been one month since Mr. Biden’s inauguration as President of the United States. Among the many questions being asked of President Biden is whether he will seek the decriminalization of cannabis....more

Rivkin Radler LLP

New York State Appears Poised To Legalize Recreational Marijuana

Rivkin Radler LLP on

On January 6, 2021, Governor Cuomo announced his latest proposal for the legalization of recreational marijuana in New York. The proposal, outlined generally, consists of: 1.The legalization of the recreational use of...more

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