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State and local cannabis tax revenue jump 58% surpassing $3B in 2020

Institute on Taxation and Economic Policy

OUR TAKEAWAY

In 2020 state and local cannabis tax revenues brought in $3B. With New York, New Mexico, and Virginia poised to have recreational legalization come online in the coming months, that number is most likely going to soar even higher. We at Bengal believe that the increased need for tax revenue by governments will continue to drive increased recreational legalization of the plant. One day pot taxes could be used to fill potholes across the U.S., even if President Biden might disagree.

Cannabis lounges proposed in Nevada

Ganjapreneur

OUR TAKEAWAY

While cannabis is legal in a wide array of states, it is still illegal to smoke or consume in public. For that reason, cannabis lounges are poised to make a comeback when pandemic restrictions relax more fully, especially in tourist-heavy markets like Nevada. New York, in a very cannabis-user friendly move, made it legal to smoke cannabis wherever it is legal to smoke tobacco.

Why a $12 million Oakland business loan marks a coming of age for the cannabis industry

SF Business Times

OUR TAKEAWAY

Harborside, a vertically integrated, California cannabis operator, announced that it had secured a $12M revolving loan facility. While access to any form of banking credit is a large step for cannabis companies, perhaps tellingly, the sponsor bank asked for its name to be withheld from the announcement.

France launches 2-year experiment with medical marijuana

SF Gate

OUR TAKEAWAY

Our cousins in democracy, France, have launched a 2-year medical cannabis experiment. Some 3,000 patients around the country will be given medical cannabis treatments and their health will be monitored by the central government’s national medicines watchdog.

Greenlane and KushCo to merge in all-stock deal that will create supplier of cannabis accessories

MarketWatch

OUR TAKEAWAY

Two of the largest cannabis accessory and packaging suppliers in the world, KushCo and Greenlane, announced their intent to merge via an all-stock deal. The new company, with its increased reach, diversified revenue streams, and pro forma revenues of $250M will be one of the largest packagers and distributors in both the cannabis and non-THC/hemp markets.

New York, New York

A different green new deal: In 2020 state and local cannabis tax revenues brought in $3B. With New York, New Mexico, and Virginia poised to have recreational legalization come online in the coming months, that number is most likely going to soar even higher. We at Bengal believe that the increased need for tax revenue by governments will continue to drive increased recreational legalization of the plant. One day pot taxes could be used to fill potholes across the U.S., even if President Biden might disagree. (Institute on Taxation and Economic Policy) Pot lounges ready for a comeback: While cannabis is legal in a wide array of states, it is still illegal to smoke or consume in public. For that reason, cannabis lounges are poised to make a comeback when pandemic restrictions relax more fully, especially in tourist-heavy markets like Nevada. New York, in a very cannabis-user friendly move, made it legal to smoke cannabis wherever it is legal to smoke tobacco. (Marijuana Business Daily | 8 News Now | Ganjapreneur)