Welcome back to The Week in Weed, your Friday look at what's happening in the world of legalized marijuana. This week, we see Minnesota legalize adult-use cannabis. New Hampshire presses pause on their legalization effort. Illinois joins New Jersey in enacting changes to their tax code. And finally, farmers' markets for cannabis are in the works in New York.
MINNESOTA
Not unexpected, but noteworthy nonetheless, Minnesota's governor Tim Walz (D) signed an adult-use legalization bill into law. Minnesota is now the 23rd state to legalize. It's also the first state in the upper Midwest to allow adult-use, so look for lawmakers in neighboring states to notice the tax revenue crossing the border. Sales won't begin immediately; dispensaries will likely open in late 2024 or early 2025. So where does that leave the state's Legal Marijuana Now Party? Looking for a mission broader than legalization for starters.
NEW HAMPSHIRE
Last week, we reported that the New Hampshire House (fun fact: it's the second-largest legislative body in the country, after the federal House of Representatives) was looking at a new retail model. That discussion has now ceased, but they may take up the issue again in the fall. Could 2024 be the year? Possibly...
ILLINOIS
The Illinois legislature passed a bill that would allow cannabis businesses to take state tax deductions. This is illegal at the federal level, due to Internal Revenue Code Section 280E. The measure is part of a larger bill that is making its way to Governor J.B. Pritzker (D) for signing.
AND FINALLY
Warmer temperatures make a trip to the farmers' market a pleasant way to spend an afternoon. In New York, markets focused on cannabis may be up and running this summer. Note: on-site consumption will not be permitted.
Be well everyone - we'll see you next week!
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
