Welcome back to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry.
In this edition of the buzz, highlights include:
- Rescheduling under fire: Three legal challenges trying to overturn the move of medical marijuana products to Schedule III now consolidated in the DC Circuit. Challengers also trying to freeze order and halt DEA’s administrative hearings.
- SCOTUS & gun rights: Supreme Court unanimously rules that marijuana use alone cannot automatically bar firearm ownership under the Second Amendment.
- 280E clarity elusive: Two congressional letters push Treasury and IRS for guidance on how rescheduling affects deductions, but nothing yet on transition rules to help operators navigate; DOJ tries to claw back $8.3M tax refund from TerrAscend in 280E fight.
- New markets open: AL's first medical dispensary is operational, IA doubles its dispensary cap, and VA explores moving adult-use sales through the state budget after a gubernatorial veto.
- State policy shifts: CT swaps its potency tax for a flat excise; IL sends an omnibus bill to the governor; MI's new wholesale tax is underperforming projections; MN merges its medical and adult-use supply chains.
- Hemp rules tightening: TX court lets new smokable hemp restrictions and steep fee increases take effect; OH proposes rescinding cultivation rules; TN transitions hemp oversight to its alcoholic beverage commission July 1.
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This publication is designed to provide general information on pertinent legal topics. The statements made are provided for educational purposes only. They do not constitute legal or financial advice nor do they necessarily reflect the views of Holland & Hart LLP or any of its attorneys other than the author(s). This publication is not intended to create an attorney-client relationship between you and Holland & Hart LLP. Substantive changes in the law subsequent to the date of this publication might affect the analysis or commentary. Similarly, the analysis may differ depending on the jurisdiction or circumstances. If you have specific questions as to the application of the law to your activities, you should seek the advice of your legal counsel.