Cannabis

Will Rescheduling Come In Time To Help The Marijuana Industry

Published

9 months ago

April 25, 2024

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The Biden keeps sort of promising/pushing rescheduling – will be in time to help the industry this year?

The public has turned a corner about marijuana use. Except for a few older members in Congress (Mitch McConnell being one), the majority of the US and Canadians believe cannabis should be legal. The American Medical Association, founded in 1847 and long the platinum standard of medical decision in the US, has declared marijuana has medical benefits. But the older members of the current administration, and most likely Biden himself, are still reluctant to make a move to help patients, people and the industry. The concern is will rescheduling come in time to help the marijuana industry in 2024.

In October of 2022, in order to fulfill a campaign promised to younger voters, the government decided to look at scheduling. Both Health and Human Services (HHS) and the Food and Drug Administration (FDA) did the research and recommended to the Drug Enforcement Agency (DEA) to reschedule it from a dangerous drug to one with health benefits. While the DEA has never not followed their decision, the DEA has been quiet about doing so regarding cannabis. And time has marched on, rumor was it would be declared by the end of 2023, then 4/20, now maybe the end of summer.

And while customers continue to spend on legal weed, the underpinning of of the industry is crumbling with zero tax benefits, onerous decisions and a business stigma. The Vice President mentioned it should move forward and the President tried to take credit during his State of the Union address, but nothing has happened.

A key benefit is rescheduling would allow the industry typical business tax write offs. Currently, businesses which touch the plant can take zero tax deductions, but have the gift of extra business expenses. Rescheduling with give an industry with 50+% mom and pop businesses a chance. A decision will have to be made by the beginning of October to have any sway with young voters for the election, but will be it be too late to help this year? And how many small businesses will be hurt or be forced to close.

In political circles, it is clear while this isn’t a policy wanted by Biden and his team, it is a necessary one to help attracting increasingly distant younger voters. The DC rumor mill says a decision will be made in the fall if a decision is “need” or if they have regained enough ground with young voters.

Lonnie Rosenwald from Zuber Lawler shared “Whether the timing of rescheduling makes a difference depends on the effective date. For example, if the effective date is January 1, 2025, companies could deduct their ordinary and necessary business expenses on their 2025 federal income tax returns.”

“Rescheduling could be retroactive, in which case companies would need to file amended returns claiming deductions for past years quickly enough to avoid the running of the statute of limitations. Finally, if rescheduling is effective in 2024, it should be retroactive to January 1, 2024, regardless of the specific effective date of rescheduling. Companies that overpaid their 2024 taxes in making quarterly payments prior to the effective date of rescheduling would be able to claim deductions for ordinary business expenses for the entire year, and to receive refunds in 2025 for their overpayments.”

The general feel in the industry is the rescheduling decision needs six months of runway to go into effect before the elections. However, there is the potential to skip the interim process and go right to a final ruling and, in theory, this could happen as late as September.

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Cannabis

Panama And Cannabis

Published

8 hours ago

January 21, 2025

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In the news today regarding the famous canal – but what about Panama and marijuana?

Panama is the only place in the world where the sun rises in the Pacific Ocean and sets in the Atlantic Ocean. It is slightly smaller than South Carolina but has more bird species than the continental United States. It’s also home to many natural attractions, including whitewater rafting, snorkeling, and birding. Long a friend, it was the first Latin American country to use the US dollar as its currency. Now it is the news with the new administration. Considering the talk here, what about Panama and cannabis?

The economy of Panama is based mainly on the tourism and services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income. Services include banking, commerce, insurance, container ports, and flagship registry, medical and health. Enjoy a significant number of travelers who enjoy adventure, outdoor activities and chilling, the country’s stance on marijuana is evolving.

Panama has made significant strides in the realm of cannabis, particularly regarding its medical use. In 2021, Panama became the first Central American nation to legalize medical cannabis when President Laurentino Cortizo signed Law 242, allowing for the medicinal and therapeutic use of cannabis and its derivatives. This law was a response to growing demands from patients suffering from various medical conditions, including epilepsy and chronic pain, who had previously resorted to smuggling cannabis products due to a lack of legal options

In September 2022, the Panamanian government established regulations to support the implementation of Law 242. These regulations created a National Directorate for the Monitoring of Activities Related to Medical Cannabis, which operates under the Ministry of Public Security. This body is responsible for overseeing the cultivation, production, and distribution of medical cannabis products, ensuring patient data protection and product traceability from cultivation to sale. The Ministry of Health (MOH) is tasked with issuing licenses for manufacturing and commercializing cannabis products, with an initial cap on manufacturing licenses set at seven for the first five years. Regulations aim to ensure that all medical cannabis produced in Panama adheres to strict quality standards.

The government envisions creating a robust local industry that not only meets domestic needs but also positions Panama as a potential hub for international medical cannabis trade. While they are making advancements in medical cannabis regulation, recreational use remains illegal in Panama. The law against recreational cannabis is often unenforced, leading to a culture where its use is tolerated among the youth. Both the public and tourist find it an easy atmosphere.

Panama has one of the fastest growing economies in Latin America and has as stable government. Like the United States, it is a republic and engages the public. They have evaluated cannabis as a benefits and have moved to integrating into their healthcare.

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Canada

Does Your Dog Really Care When You Are Sad

Published

11 hours ago

January 21, 2025

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They are more popular than dating apps and are consider a best friend – but are they really there when you need them emotionally?

They are man’s best friend with 38% of Canadians and roughly 50% of Americans having a dog. In the US more men have dogs and in Canada more woman have the furry companion. While they are fun, loving and play, does your dog really care when you are sad? Dogs have long been known as loyal companions, but recent research suggests that their emotional intelligence may run deeper than mere companionship; they can actually empathize with their owners’ feelings, particularly during times of distress.

A study published in the journal Learning & Behavior explored how dogs respond to their owners’ emotional states. Researchers found that dogs not only recognize when their owners are upset but also take action to provide comfort. In the experiment, 34 dog-owner pairs were observed in a controlled setting where owners either cried or hummed a cheerful tune. The results showed that while the dogs opened a door to reach their owners at similar rates, those who heard crying did so significantly faster—averaging just 23 seconds compared to 96 seconds for the humming group. This indicates that dogs are more inclined to respond quickly when they perceive their owner is in distress.

Interestingly, the study also noted physiological responses in dogs when their owners cried. Dogs that opened the door displayed lower stress levels than those who did not, suggesting that while they were affected by the owner’s crying, they were not overwhelmed by it. Conversely, dogs who showed high levels of stress likely cared deeply but were too anxious to act. This highlights a range of emotional responses among dogs, similar to human reactions.

The bond between dogs and their owners plays a crucial role in these empathetic behaviors. Dogs with stronger attachments to their owners exhibited quicker responses to distress signals. This bond is essential as it fosters a mutual understanding of emotions, allowing dogs to act on their instincts to comfort their human companions. As research continues to unfold, it becomes increasingly clear that our canine companions are not just pets; they are emotionally attuned partners capable of providing significant comfort during our most challenging moments.

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Cannabis

A Look At Martin Luther King And Cannabis

Published

1 day ago

January 20, 2025

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MLK shared a vision about building a fabric of society, including everyone and working together. Can this happen with the marijuana industry?

The swearing in a new president always gives hope. The cannabis industry has seen 3 presidents, none who have helped move the industry truly forward. The public has had a change of heart and now almost 90% believe it should be legal in some form. The major medical associations and federal agencies (aside from the Drug Enforcement Adminstration) believe it has medical value. And yet, our older, white politicians see it for something it is not. Thousands of mom and pop business are hoping for a change to help them on their ladder to the American dreams. And tens of millions are turning to marijuana to not only solve medical problems, but to wean themselves off the more dangerous alcohol. Here is a look at Martin Luther King and cannabis.

Dr. Martin Luther King Jr. is widely recognized for his pivotal role in the American civil rights movement, advocating for racial equality and justice. Although he did not publicly address cannabis use during his lifetime, his principles resonate deeply with contemporary discussions surrounding marijuana legalization and the broader implications of drug policy on social justice.

The prohibition of cannabis in the United States has roots in racial discrimination and social control. The Marihuana Tax Act of 1937, which effectively criminalized marijuana, was influenced by prejudiced attitudes towards minority communities, particularly targeting Mexican immigrants. This historical context is crucial when examining how the “War on Drugs” has disproportionately affected people of color, echoing the systemic injustices that King fought against.

Many scholars and activists argue if King were alive today, he would likely advocate for an end to the War on Drugs, recognizing it as a continuation of racial oppression. Michelle Alexander, in her influential work “The New Jim Crow,” highlights how the drug war has perpetuated cycles of racial injustice and mass incarceration. Statistics reveal that Black individuals are arrested for cannabis offenses at rates significantly higher than their white counterparts, despite similar usage rates. This disparity aligns with King’s vision of equality and justice for all.

As discussions around cannabis legalization continue to evolve, figures like Martin Luther King III emphasize the importance of equity in the cannabis industry. He advocates for creating opportunities for marginalized communities to participate in this burgeoning market. This aligns with King’s broader vision of building a “beloved community” where economic and social justice prevail.

A large portion of industry leaders who were involved in the incoming president’s campaign are hopeful. Millions of average people want it, millions more need it for medical issues, and thousands of small business owned by a variety of people want it, will this administration take the step forward?

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