Detroit Bans MMJ Sales and Aurora Lays Off 500 Full Time Positions

By: Infinity Broadcast Network
 
CORONA, Calif. - Feb. 24, 2020 - PRLog -- In Oregon, Cura Cannabis, one of the largest marijuana companies in the state, agrees to pay a record penalty of 110,000 dollars to settle false claims that its Select brand of vaping products contained 100 percent marijuana, while avoiding a license suspension. More than 180,000 mislabeled vapes discovered by the Oregon Liquor Control Commission were found to contain terpenes and other additives.

In New Mexico, the state's Court of Appeals rules that medical marijuana businesses may claim a tax deduction for MMJ because of its prescription status, providing dispensary owners with a tax break unavailable in most other states. While deductions for cannabis companies are still illegal on the federal level, New Mexico's policy could result in claims of up to several million dollars depending on the producer, resulting in savings which may be passed along to patients.

Detroit prohibits recreational marijuana sales through the end of March, joining the 1,400 communities that have legally opted out of the program so far. The temporary ban was enacted in an effort to develop social equity measures and ensure local ownership of businesses, however, some worry the move could further prop up the city's thriving, and violent, illicit market.

In New Hampshire, a bill allowing medical cannabis patients and caregivers to grow their own marijuana passes the state Senate. The legislation would potentially reduce patient costs by providing for the cultivation of up to 3 mature and 3 immature plants, as well as 12 seedlings. It now heads to the House, however, it's chances of becoming law are questionable, as Republican Governor Chris Sununu vetoed a similar proposal last year.

Golden Leaf Holdings, known for their cannabis brand Chalice Farms, agrees to acquire leading Oregon extraction company Tozmoz, through its wholly owned subsidiary TZ Acquisition. As part of the deal, Golden Leaf will purchase all assets of their long-time vendor for 2.8 million dollars in cash and stock. They intend to work with Tozmoz to continue innovation and development of new products.

Aurora announces the retirement of seven-year CEO Terry Booth, layoffs of 500 full-time positions, and up to 1 million Canadian dollars in writedowns. Disappointing revenue following recreational cannabis legalization in the country seems to have inspired the executive's departure and follows similar moves by other marijuana companies.

The Bahamas could be the first country in the region to legalize adult-use cannabis after a report from the country's National Commission on Marijuana to Prime Minister Hubert Minnis recommends it. The report also includes expungement of past cannabis-related convictions, a mandate of 51 percent Bahamian ownership of businesses, and a taxation proposal similar to that of tobacco and alcohol.

Written by Jacqui Verdura and Micah Tatum

https://youtu.be/eUVRwAYcT9U

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Source:Infinity Broadcast Network
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