The California cannabis industry is increasingly underwater with its tax bills to the state, and it appears that the primary tax authority wants to ensure more effective collections. According to the California Department of Tax and Fee Administration, the state industry’s total outstanding tax tab neared $1.3 billion as of …
First adult-use license lottery set for Tuesday in Minnesota, as some industry hopefuls sue
The Minnesota Office of Cannabis Management will hold its first lottery for recreational cannabis business permits on Tuesday, the agency announced just before the weekend, in an apparent move to fast-track the new market launch. The OCM lottery will be live-streamed on the agency’s YouTube page, the OCM said in …
Illinois hemp vape maker sued for having too much THC
Two men are hoping for a larger class action lawsuit against Illinois-based hemp vape maker Lifted Liquids (OTC: LFTD) for making products that exceed the legal amount of delta-9 tetrahydrocannabinol (THC). Law360 reported that Josue and Sergio Hernandez filed the proposed class action lawsuit in an Illinois federal court on …
Cannabis REIT Nova Net to liquidate, sell assets for $3.7M
Nova Net Lease REIT (CSE: NNL.U) (OTCQB: NNLRF) plans to sell its cannabis real estate portfolio and wind down operations after struggling with low cash reserves and deteriorating market conditions in the cannabis REIT sector. The Toronto-based company will sell its operating partnership’s Class A units to Bluebird Real Estate …