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Schumer, Booker And Other Senators Push DEA To ‘Promptly Finalize’ Marijuana Rescheduling
Published on August 3, 2024By Kyle Jaeger
Top Democratic senators, including Senate Majority Leader Chuck Schumer (D-NY), are pushing the Drug Enforcement Administration (DEA) to”promptly finalize” a rule to reschedule marijuana.
In a letter sent to Attorney General Merrick Garland and DEA Administrator Anne Milgram on Friday, Schumer and Sens. Cory Booker (D-NJ), Ron Wyden (D-OR) and others implored the administration to follow through on a proposal to move cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA), as the Justice Department formally proposed in May.
“The proposed rule to reclassify marijuana to schedule III recognizes the medical benefits of marijuana, will improve access for studying the health effects of short and long-term cannabis use, and will provide relief to cannabis businesses that continue to navigate a patchwork regulatory system to conduct legal business,” they said.
VP Harris Tells Group of Activists: 'We Need to Legalize Marijuana'
A public comment period on the proposed rule closed last week, with more than 40,000 people weighing in on the modest reform. Initial analyses of the comments indicated that the vast majority were in favor of reclassifying cannabis or descheduling it altogether.
The senators said they “urge DEA to promptly finalize this proposed rule to reschedule.”
“Rescheduling presents significant benefits to public health, research, business, and Americans harmed by the lasting effects of our punitive drug policies,” the letter says. “It will also bolster cannabis related businesses, many of which are owned by people criminalized for marijuana offenses, opening them up to critical investment opportunities.”
While rescheduling would remove certain research barriers and free up state-licensed cannabis business to take federal tax deductions under the Internal Revenue Service (IRS) code known as 280E, it would not federally legalize marijuana, as the Congressional Research Service (CRS) has made known in multiple recent reports.
The senators said rescheduling could additionally prompt the Food and Drug Administration (FDA) “to generate and update technical information on cannabis to clarify its regulatory approach to relevant stakeholders” and “create broader availability of supply for studies, while allowing researchers to avoid the stringent and costly DEA administrative review process.”
“Better study of marijuana will make its use safer for users and communities,” they said, while adding that existing federally approved studies “do not reflect the full range of products consumed by customers,” as the U.S. Department of Health and Human Services (HHS) separately explained in a report to Congress in June.
“Reclassification is a long overdue step toward the end of prohibition, which has disproportionately impacted young people and people of color for decades,” the letter says, noting that the issue could be more comprehensively addressed if Congress enacted legislation to end federal marijuana prohibition, such as the Cannabis Administration and Opportunity Act (CAOA) that Schumer, Booker and Wyden have sponsored.
“The bill would create a federal regulatory framework to protect public health and prioritize restorative justice to undo the decades of harm caused by the failed War on Drugs,” they said. “This legislation was heavily informed by states’ laws creating legal adult-use cannabis markets.”
“Marijuana prohibition has denied scores of Americans from benefiting from the drug’s accepted medical uses and resulted in criminal enforcement that has harmed communities around the nation. Criminal enforcement has contributed to our country’s exorbitant incarceration rates, racial disparities in policing, and immense pain and loss in communities hardest hit by punitive marijuana policies. This is true especially for low-income communities and people of color. From 2010-2018, marijuana related arrests reached 6.1 million, with 700,000 in 2018 alone.”
The senators, who back full legalization, wrote that incremental rescheduling is “not the panacea to undoing the harms caused by decades of marijuana prohibition, but it is a step toward addressing the policies that have devastated communities across the country.”
“Cannabis should be entirely de-scheduled,” the said. “Yet, we recognize and appreciate DEA’s effort to address the flaws in our current marijuana policy by using its authority under the CSA and following the scientific and medical evidence to reschedule marijuana as a schedule III drug. We urge DEA to finalize the rule.”
Other signatories on the letter include Sens. Tina Smith (D-NM), Ben Ray Luján (D-NM), Patty Murray (D-WA) and Kirsten Gillibrand (D-NY).
Kamala Harris Is The First Major Presidential Candidate To Back Marijuana Legalization
Published on August 4, 2024By Marijuana Moment
“Harris’s trajectory from marijuana legalization skeptic to proponent mirrors that of many Americans.”
By Paul Armentano, NORML
Like most Americans, Vice President Kamala Harris has evolved on marijuana.
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In 2010, when she was San Francisco’s district attorney, Harris urged voters to reject a proposed ballot initiative to legalize the adult-use marijuana market. At the time, Harris’s position aligned with that of most California voters, 54 percent of whom ultimately decided against the measure.
But not long after, Harris—and most Americans—changed their stance.
In 2016, Californians reversed course and passed Proposition 64 legalizing marijuana statewide. And in 2019, Harris—then California’s junior U.S. senator—sponsored legislation to end the federal prohibition of cannabis. That same year, Gallup pollsters reported that some two-thirds of Americans believed that “the use of marijuana should be legal”—up from 46 percent in 2010.
Today, public support for legalization stands at 70 percent.
As vice president, Harris has repeatedly stated that Americans should not be incarcerated for marijuana use. She’s championed the Biden administration’s efforts to pardon low-level marijuana offenders and to loosen certain federal cannabis restrictions.
And as the presumptive Democratic presidential nominee, she’s the first major party candidate to have ever called for the plant’s legalization and regulation.
Harris’s trajectory from marijuana legalization skeptic to proponent mirrors that of many Americans. Like most voters, her views on cannabis softened following the legalization of marijuana for medical purposes. As district attorney of San Francisco, Harris pledged not to prosecute people who either used or sold medical cannabis.
“In my own life, I have had loved ones and close friends who relied on medical marijuana to relieve their suffering and even prolong their lives,” she acknowledged. Many Americans had similar experiences—which is why nearly 20 states approved medical cannabis access between 1996 and 2011, almost all by voter initiative.
But it wasn’t until 2012 that voters gave the green light to outright legalization. That year, voters in Colorado and Washington became the first to approve measures regulating the adult-use cannabis market. By 2016, the total number of legal states had risen to nine.
Today, 24 states—home to more than half of the U.S. population—have legalized marijuana.
How has America reacted to this real-world experiment? For Harris, living in a legal state likely influenced her transition from a one-time critic into a staunch advocate. That’s been the case for many others too. In states like California and Colorado, a greater percentage of voters back legalization now than they did when the laws were initially enacted.
Further, no state has ever repealed its marijuana legalization laws. That’s because these policies are working largely as voters and politicians intended—and because they’re preferable to cannabis criminalization.
State-level legalization has led to a drastic reduction in low-level marijuana arrests and prosecutions. It’s significantly disrupted the illicit marketplace, and it’s led to the creation of over 400,000 full-time jobs. Taxes from regulated cannabis sales have generated over $20 billion in state revenue. And contrary to some critics’ fears, marijuana legalization and regulation has not led to any increase in cannabis use by young people.
But while Americans’ attitudes have shifted over the years, federal marijuana policies have largely remained static.
In Congress, far too many politicians remain wed to the sort of “Reefer Madness” view that most voters have long since abandoned. Like Harris did, they also need to evolve their views on cannabis to more closely align with current scientific and public consensus. Those who refuse to adapt do so at their own political peril.
Yep, I’m always trip one buyer all over the place.
When they mentioned the 3rd quarter to finalize early on January, I expected this:
They will sell shares, collect money, lock all shareholders, and take the price down to .0001
Then by October, they will collect all the shares when people fedup, and fake a run.
Typical Paul Riss scam process. You can make money with him if you know how to trade with a thief
There will be plenty of takers IMO
Any takers .0001??
They want it to drop??
I bet the company will bet upon the betting mechanism of double speak, and least that's what I'm betting on
(inspired by Kamala)
Maybe that is what we need. Maybe he can pump this up out of the cellar
Riss can make any deal he wants if he takes the Co over. Irrelevant topic as he has making money with accounting and as consultant the entire time.
Riss holds over 300M common shares. He shouldn't be exempt from a RS, if they decide to do one.
He, the marketing guru and others are completely incompetent to have even tried this BS expansion without capital. I do not think an RS will do them any good, the market does not react like it did to penny RS crap. Some will take it for a swim for a short lived run and it will just sit and rust away as they sell new shares.
I think it would be better to take bets on when/if they do an RS.
Burtscher is a joke, totally ignoring shareholders interest here
Just curious, have we started taking bets on when this stock will hit .0001? This is so ridiculous/sad the management here is full of promises without any delivery. I’ve been here since 2012 a few years back to stock went a bit over .01 with nothing going on, today we supposedly have lots going on unfortunately the company is making no money and not following through with any of its promises.
As the PVSP world turns!!
Must be really busy in PVSP QC??
Everyone talks about Riss 300M shares, does Burtscher have any skin in the game? Actually I’m impressed that he seems careless to create anything here?
Lolololol, you want us to believe Zen didn’t know this before hand????????? Failed expansion effort.
No, not the first that I have ever read, I know its CYA, so when this does flop like a fish out of water, they can say, told yea so.
Correct. Boilerplate OTC language.
Oregon Artizen has to be grown there to be sold there, MSO Plan
Hopefully we will continue to expand following this low cost way to get our Artizen brand grown and sold in multi states.
Going concern statement is in EVERY Qtr report, LOL
Standard language in EVERY Qtrly report and annual report PVSP has ever filed for past 20 plus years.
Must be the first report you have read?
Here is another interesting read taken from the latest Quarterly report:
There can be no assurance that the Company will be able to achieve its business plan objectives or be able to achieve or maintain
cash-flow-positive operating results. If the Company is unable to generate adequate funds from operations or raise sufficient
additional funds, the Company may not be able to repay its existing debt, continue to operate its network, respond to competitive
pressures, or fund its operations. As a result, the Company may be required to significantly reduce, reorganize, discontinue, or
shut down its operations. Accordingly, the management of the Company has concluded that there is substantial doubt about the
Company’s ability to continue as a going concern within one year after the issuance date of these financial statements
Riss better get to pumping this, if he wants to unloads his 321M shares of common stock
The brothels are already full . . .
Did the theft occur in the reported Qtr?? Actually, with Zen stuck with pvsp it may be better for shareholders w/o spinoff. They need to bring Riss back in to create another run.
Reads as if the company is looking for a way to survive IMO. Nothing mentioned in the quarterly about the theft or loss of inventory. Couldn't or shouldn't have that loss of inventory been wrote off? IMO this company is severely lacking in management and marketing expertise. I also believe that bid setters on .0002's will get filled in the near future. Unfortunately, the fork will be getting stuck in this one soon, I do not expect to see any Artizen spin off, JMO
Unfortunately, I view this as a failure re the CO’s expansion goals. Bottom line is a Co can not expand without the capital, management and marketing expertise. Big tobacco will own it all when and if the legislation falls into place. BUT, it won’t fully fall into place until big tobacco sees these companies are ready to just get out cans will buy them cheap.
Taken from the latest Quarterly report:
"The Company has entered into negotiations to transfer operational control of its cultivation and fulfillment operations in Oregon
to a third party. The Company will execute a brand licensing agreement with the third-party operator to continue retail sales
of the Artizen brand in the market"
I assume this would be a major costing cutting measure? No employee overhead expense?
BTW 3rd quarter is from July, potentially more waiting
I know buddy, but personally I’m so tired of waiting. Getting inpatient, but still hope for redemption
The 3rd quarter, June, July and August. That was the indicated time frame to finish the spin- off.
https://www.otcmarkets.com/otcapi/company/financial-report/398323/content
Oldrogue.
I really appreciate GB’s priority to communicate with shareholders. Always a step ahead, that’s the way CEO’s should act. Stellar performance, we are in safe hands here. Maybe the spinoff will take place in 2029ish or whatever
You mean as sales decrease?????
German Shepherd ?
Not more than a Chihuahua 🤣
Thanks for sharing, looks promising but where is German? Time to deliver!
Artizen Cannabis Sales for June 2024 - $1Million +
https://www.headset.io/brands/artizen-cannabis
Check out the product mix for Artizen, looks like the Dutchberry PreRoll has moved to our #1 product now with the Dutchberry Flower now a number #2. Blue Dream Pre-rolls #3 and Jack Herer Pre-roll #4. Our marketing lady maybe gaining some market share for Artizen.
German had to relinquish George Jordan of his CFO duties for whatever reason, he hires this Marketing director that as far as I believe, has done absolutely nothing for this company, other than smoke up their product and take their money. What a train wreck
I guess Artizen will get their Tax write off one way or another?
Oldrogue
Remember, someone(s) came in and acquired a majority of their crop. A facility growing millions of dollars worth of cannabis, with no security camera's, guards, etc.!!! That was a very convenient hit.
I saw Feb 2024 for Lacy1, Lacy2 no activity! Lacy 1 down -80%!
German’s got some explaining to do!
Oldrogue.
Has anyone looked at the state numbers for revenue??
I know now that the paid pumper is monitoring the board 24x7, although it's deserted 🤣
Let me guess-Management will drag these 2023 audited financials into-Oh we have to get 2024 Audited financials completed before we can move forward with the spin off-- looking out for your shareholders best interest,
Is this business even operating any longer?
Nothing from Management--Yes G that's what I call
Be sure to keep us mushrooms fed SIR. ;)
DEAD STOCK WALKING
Okay G.M. I get it, we will wait forever here, that’s okay I guess, shareholders are not worthy in any regard.
Anybody have DD on when Jordon left?...I saw a post...went to OTC Co. Profile and he's still listed...so is it real or is it Memorex?
What tax deductions will be available to marijuana companies if 280E disappears?
By Neil Prasad and Martin Martinez, Guest Columnists
July 5, 2024
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The cannabis industry has long been shackled by the constraints of Section 280E of the Internal Revenue Code, which prohibits companies dealing with substances classified under Schedules 1 or 2 of the Controlled Substances Act (CSA) from deducting ordinary business expenses.
While Section 280E is applicable to federal deductions, only half of the markets with medical or adult-use marijuana business licenses are decoupled from federal limitations, meaning state-regulated cannabis companies in those regions aren’t subject to 280E rules when filing state taxes.
This provision has stifled the growth of legal marijuana enterprises across the United States.
But with the Biden administration proposing the reclassification of marijuana from Schedule 1 to Schedule 3, the industry stands on the brink of a fiscal revolution.
What deductions are currently out of reach for cannabis companies?
Under Schedule 1, marijuana businesses face severe limitations when it comes to their tax filings and income-tax obligations.
They also should review whether each state where they operate conforms to federal tax provisions.
The iron grip of Section 280E bars companies from claiming a myriad of selling, general and administrative deductions that are otherwise routine for businesses in other sectors, such as:
Rent: The simple overhead of leasing space for operations – a deductible expense in virtually any other industry – remains a fiscal ghost in the cannabis realm.
Salaries and wages: Employee compensation, from budtenders to executives, is money spent without the prospect of tax relief.
Utility costs: Electricity, water and other utilities essential to cultivating and selling cannabis cannot lighten the tax load.
Maintenance and repairs: Upkeep of facilities is a nondeductible money pit hindering reinvestment and upgrades.
Marketing and advertising: Building and promoting a brand are crucial for growth and customer acquisition, and they bleed funds without tax write-offs that offset their costs.
Health insurance: Employee medical coverage is an unacknowledged expense, pressuring the industry’s workforce stability.
Depreciation and amortization (on non-plant-touching assets): Federal tax regulations ignore the gradual loss of asset value over time.
ADVERTISEMENT
Preparing for 280E changes
Imagine a world where the marijuana industry no longer finds itself in the same category as heroin or LSD but instead sits alongside prescriptions filled daily at local pharmacies.
What transformation could this bring to cannabis businesses once freed from the 280E punitive regime?
Full-spectrum deductions: You could claim deductions for ordinary and necessary business expenses, such as rent, salaries, utility bills and marketing costs.
Profit reinvestment: Funds liberated from 280E could go back into the business, fueling expansion, research and development, innovation and employment.
Lower consumer prices: Potential cost savings might be passed to consumers, making medical cannabis more accessible.
Enhanced financial services: With the stigma reduced, obtaining loans, credit lines and banking services could become more accessible.
Elevated market competition: Tax relief could lead to competitive patient or consumer pricing, driving down the illicit market’s appeal.
The prospect of such changes has the industry buzzing with excitement and speculation.
Will these potential deductions lead to a flourishing economic ecosystem for cannabis businesses, or will the dream of financial parity with other industries remain just out of reach?
One thing is clear: The rescheduling of marijuana and the subsequent rendering of Section 280E obsolete for cannabis businesses could potentially unleash a green wave of prosperity, transforming a once-hamstrung industry into a financial powerhouse.
The question remains: When will the cannabis industry be allowed to bloom to its full financial potential?
Neil Prasad leads the National Cannabis Industry Group at Marcum, a national business and accounting firm. He can be reached at neil.prasad@marcumllp.com.
Martin Martinez is the partner in charge of Marcum’s Tax & Business Services division in Houston and a member of the firm’s National Tax Office. He can be reached at martin.martinez@marcumllp.com.
Do you now that this what every loser stock pumper says to lure newbs?
This can go 50x.. calling the greed!
This is also what GoingreenPick said on 2021 all year log, stock of the year, 50 cents by the end of the year (GoingGreenPick is Paul Riss himself). BTW, when he was pumping that, pps was half cent already!
Now half cent is the new dream, which also will never happen!
Do you also remember when Paul Riss forgot to switch the users on his twitter account, and wrote this infamous pumping tweet, and caused the fall from .0092 to .0033 in one hour?
Dude, this stock will never go back to more than .001 max.. if ever left the trips!
The stinky reputation of Paul Riss becomes a deterrent.
And to answer your question: no, I don't have a lot of shares now. Will start buying a few at .0002 then, at .0001.
No rush, basic fundamentals: Paul Riss has to sell and can't afford the cost of buying or false pumping at this time when the market is giving him the finger!
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