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:
- SCOTUS skeptical on gun rights restrictions: In oral arguments, justices questioned constitutionality of federal law barring cannabis users from owning firearms.
- IRS responds in 280E industry: IRS doubles down in NM Top Organics, arguing marijuana stays Schedule I for tax purposes until formally rescheduled and the Tax Court has no authority to say otherwise.
- Two markets moving, two pumping the brakes: VA finalizes adult-use framework with sales launching in 2027; AL's long-delayed medical market finally eyes a Spring opening; MA considers a moratorium on new cultivation licenses; OK moves to extend its licensing moratorium through 2028.
- Existing markets feeling pressure: MA voters overwhelmingly oppose repealing adult-use; MI sales drop sharply following new wholesale tax, with bipartisan legislation filed to repeal it; LA votes to offer cannabis businesses tax amnesty on roughly $400M in back taxes.
- Hemp rules tightening: Farm Bill advances keeping new federal hemp definition on October schedule; TX finalizes new consumable hemp rules with dramatically higher fees; MO advances bill aligning state law with the new federal definition; NE proposes rules restricting cannabinoid food products; OH breweries challenge Gov. DeWine's veto of hemp beverage regulations.
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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.