MJBizMag February 2022 - 23

INDUSTRY DEVELOPMENTS
California
A group of cannabis industry leaders sent a letter to Gov. Gavin Newsom and
legislative leaders warning that California's licensed marijuana market is on
the verge of collapse. " An unwillingness to effectively legislate, implement
and oversee a functional regulated cannabis industry has brought us to our
knees, " reads the letter, which was signed by 29 business executives and
longtime activists. Industry leaders asked the Newsom administration to
eliminate the state MJ cultivation tax, implement a three-year suspension of
the 15% cannabis excise tax and expand the number of marijuana retailers.
Colorado
U.S. Rep. Ed Perlmutter, a champion for cannabis reform, announced that he
won't run for reelection in 2022. The Democrat has served in the U.S. House
of Representatives since 2007. Perlmutter is perhaps most well-known in
the industry for writing the SAFE Banking Act, a measure designed to grant
protections to any bank or financial institution that provided services to
state-legal cannabis companies. Steve Hawkins, the president and CEO of the
U.S. Cannabis Council, said he believes the SAFE Banking Act might still be
passed in 2022, which he said would be a fitting end to Perlmutter's tenure.

MJBizMag February 2022

Table of Contents for the Digital Edition of MJBizMag February 2022

MJBizMag February 2022 - 1
MJBizMag February 2022 - 2
MJBizMag February 2022 - 3
MJBizMag February 2022 - 4
MJBizMag February 2022 - 5
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