A special recreational cannabis committee in Massachusetts began talks again on Monday (July 10), following a halt on the discussion regarding the debate of tax as members of the group intend to find common ground and introduce a revised bill.
Debate sparked between the House and Senate leaders, not due to the intended legal nature of cannabis in the state but about the taxing system set to follow the consumption.
The original bill, approved by voters last year, indicated a 10 percent tax on adult-use of cannabis in the state, however a newly passed bill by the House increased the tax to 28 percent. Now it’s up to a special six-member committee to find common ground with this bill.

Recreational cannabis support group hopes new bill includes “only minor changes”

Talks had been delayed and a self-imposed June 30 deadline wasn’t met due to House Speaker Robert DeLeo breaking discussion on the bill, until a state budget was approved and sent to state Gov. Charlie Baker.
According to a report from the AP, Sen. William Brownsberger, a member of this cannabis bill committee, warned about making any predictions on the results from these renewed talks.

The House voted to repeal the law and replace it with a bill that called for raising the tax on legal cannabis sales from 12 to 28 percent and giving local governing bodies such as city councils and select boards more power to prohibit or restrict the opening of retail marijuana stores.
The Senate’s more narrowly focused bill keeps the voter-approved law in effect and calls for no changes in the tax rate or municipal control.

Jim Borghesani, communications director with Yes on 4, a pro-cannabis group that worked on campaigning the cannabis bill during the leadup to the election last year, said the group continues to support the law “passed by voters” with no changes to it.
“We have no insight into the negotiations underway between the House and the Senate, but we hope that whatever bill emerges—if a bill emerges—includes only minor changes to the law passed by voters,” Borghesani told The Investing News Network (INN) in an email.

Investor Takeaway

A report found the proposed tax on recreational cannabis could hinder it becoming more common than the illegal product.
Peter Schwartz, a consultant for Anderson Economic Group, told Marijuana Business Daily the recently proposed 28 percent tax could “short-term boost” to the black market, as occasional consumers wouldn’t be compelled to make the switch.
However,  other states with higher tax rates– like Washington and Colorado– have seen consumption continue strong.
Don’t forget to follow us @INN_LifeScience for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

US Election 2020 and Cannabis

Investing in cannabis? Read what experts have to say about cannabis and the US Election!

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”), an innovative global cannabinoid company, today announced that Mike Gorenstein, Executive Chairman, is scheduled to speak on a panel at the Cowen 2020 Boston Cannabis Conference on Wednesday, December 2, 2020 at 9:20 a.m. EST.

For more information regarding the Cowen 2020 Boston Cannabis Conference please visit: https://www.cowen.com/conferences-and-events/3rd-annual-boston-cannabis-conference/

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  • Cowen’s 3rd Annual Boston Cannabis Conference, a virtual event taking place November 30-December 2 , 2020. Jason Ackerman will participate in a panel, U.S. MSOs: The West, on November 30, 2020 at 10:25 a.m. ET . Management will also host one-on-one meetings with investors throughout the conference.
  • 2020 Cantor Fitzgerald Virtual Cannabis MSO Summit, a virtual event taking place on December 15-16, 2020 . Jason Ackerman is scheduled to participate in a fireside chat on December 16 th at 1:00 p.m. ET . To register for the fireside chat: Click Here
  • 23 rd Annual Needham Virtual Growth Conference, a virtual event taking place January 11-15, 2021 . Jason Ackerman is scheduled to participate in a fireside chat on January 14, 2021 at 2:45 p.m. ET . Management will also host one-on-one meetings with investors throughout the conference. To register for the fireside chat: Click Here

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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  • Finished product is co-branded under Aurora and Cantek brands


Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today it has entered into a strategic Supply Agreement (the “Agreement”) with Cantek Holdings (“Cantek”), one of Israel’s leaders in the medical cannabis field.

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