Cannabis Industry News: Jan 12th, 2023

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The U.S. legalized cannabis, CBD, and hemp industries are rapidly evolving. It’s important to stay on top of changing regulations and shifting landscapes in order to protect and grow your business. That’s why we round up the leading headlines every week to help you stay up-to-date.

Keep reading to see what’s going on in the world of legalized cannabis, CBD, and hemp this week. And check back here every week for your regular update on the biggest cannabis news.

Updated Policy Allows Missouri Cannabis Businesses to Deduct Expenses on State Tax Returns

Beginning this year, the Department of Revenue confirmed that cannabis businesses in Missouri can officially deduct operating expenses on their state tax returns.

This is one of many adjustments made in the constitutional amendment that passed during the elections last year. Section 280E of the federal tax code previously restricted cannabis business entities from claiming business expenses on their state and federal income taxes. This change is a massive step forward in the destigmatization of the industry. 

Connecticut Adult-Use Marijuana Sales Set To Start With Big Opportunities, Few Operators

Some of Connecticut’s medical cannabis dispensaries began selling adult-use products this Tuesday, January 10th. In a similar trajectory to other states, sales in Connecticut are projected to exceed $300 million in 2023 and up to $800 million in 2026.

There will only be 13 total licensed retailers operating on the first day of recreational sales, and many of those companies are multistate operators. The market is expected to surge in the first few weeks of adult-use sales, mostly due to excitement and novelty. But as with most states across the country, the sales will level out as more dispensaries open.

Marijuana Software Company Springbig Gets Nasdaq Warning Over Share Price

The Nasdaq issued a warning to Florida-based cannabis marketing SaaS company Springbig this week. The company’s share price has fallen below the minimum limit for bid pricing. If the company can’t improve its stock price by at least $1 USD, it could become delisted.

The first deadline the company has to lift its stock price is June 19th of this year, at which time the company could become eligible for an extension to move from the Global Market to the Capital Market. In the case they cannot improve the price, they may become delisted. 

In a statement, a Springbig representative said the company was considering its options and looking at multiple ways to meet the Nasdaq’s requirements.

More Workers Unionize at Cresco Marijuana Affiliate in Illinois

Union efforts at a Cresco Labs retail location in Buffalo Grove, Illinois have reached a new milestone this week after workers voted to join Teamsters Local 777. This marks the third unionization of a Sunnyside location in under half a year with stores in Champaign and Shaumberg already unionized.

For workers at the dispensary, the vote represents the importance of worker rights in the industry. 

Sunnyside isn’t the only Illinois dispensary chain connected to Teamsters Local 777. Employees at Rise, Zen Leaf, Enlightened, and Verilife have also joined in the past year.

Jazz Pharmaceuticals Lawsuit Claims Generic Drugmakers Infringed on Cannabis-Related Patent

Jazz Pharmaceuticals is filing a patent lawsuit against generic drugmakers for a cannabis-derived drug called Epidiolex. The drug is marketed for the treatment of symptoms caused by Dravet syndrome, tuber sclerosis complex, and Lennonx-Gastaut syndrome. Some of the companies included in the lawsuit include Apotex and Teva Pharmaceuticals.

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

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