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Marijuana Retail Report

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More than 500 of the roughly 700 licensed cannabis businesses must

Los Angeles cannabis businesses with tax arrears won’t have to pay late fees and interest under an “amnesty” program proposed by the City Council.

To qualify, businesses would have to pay city taxes for three years.

The council voted unanimously Tuesday to allow the Office of Finance to draft language creating the program, and comes as city leaders look for money to cover basic services after closing a $1 billion budget deficit.

More than 500 of the city’s approximately 700 licensed cannabis businesses collectively owe about $400 million in taxes — a sum that includes $100 million in fines and $35 million in interest, according to an October report from the Treasury Department.

The total amount owed has increased to $417 million as of December, according to Matthew Crawford, assistant director of the office.

To read the rest of this article on the LA Times, Click here

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“…we are focused on strengthening this legal market…”

4/20 is the much-loved Marijuana Culture Day, a topic California is very familiar with.

And, probably not coincidentally, California Governor Gavin Newsom published a statement on Monday, highlighting the Golden State’s cannabis industry and a decade of posthumous achievements Proposition 64which legalized the personal use and cultivation of marijuana for adults 21 years of age and older, reduced criminal penalties for certain marijuana-related offenses, and authorized the reinstatement or expungement and sealing of prior, relevant marijuana-related convictions.

“California has cleaned up the paperwork, seized the illegal product, and created a legal market that works,” Newsom said in a statement. “While our work continues, we are focused on strengthening this legal market so that it can compete and succeed.”

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Nabis has grown from an apartment to the largest distributor in the state

Tucked away among irrigation canals and orchards, a nondescript Central Valley building is home to what is likely the largest collection of cannabis ever assembled. Inside, there is a constant buzz of activity as dozens of workers in reflective jackets unload semi-trucks filled with cannabis and move box carts back and forth across the warehouse floor. It’s like someone took a Costco and swapped the toilet paper pallets for millions of joints, vapes, and cannabis flowers, all packaged and ready to go.

This is a shelter for Nabi, California’s Largest Distributorthrough which 30% of the legal market passes on its way from pot farms to retail. You’ve probably never heard of the company, but if you’ve bought legal marijuana in California, there’s a good chance Nabi has touched it.

While thousands of cannabis companies are dying in California a spectacular collapse of the state’s previous largest distributorNabis has quietly grown into one of the biggest winners in the California cannabis market. The company makes about $100 million a year and is profitable — a rare feat in the world of legal cannabis margins — and recently became the largest distributor in New York. according to CEO Vince Nino.

To read the rest of this article on SF Gate, Click here

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