It could be a rare chance for ordinary investors to buy into the Green Rush.
Here’s your daily round-up of pot-news, excerpted from the newsletter WeedWeek. Download WeedWeek’s free 2016 election guide here.
Innovative Industrial Properties, a cannabis Real Estate Investment Trust (REIT), filed to go public on the New York Stock Exchange. Led by experienced real estate executives, it plans to sell $175M worth of shares. The deal is the first of its kind.
The marijuana legalization initiative that will be on the November ballot in California is a disappointment to many in the cannabis decriminalization movement. California NORML, the granddaddy of political pot groups, has not fully endorsed it.
These critics say that Proposition 64, which will allow Californians 21 and older to possess up to one ounce of marijuana, is about as conservative as it could be without defeating the very purpose of legalization, which is allowing folks to enjoy weed without fear of arrest.
The newly-released federal policy on recreational marijuana has been as a go-ahead by many marijuana-related businesses who feel that
But according to Forbes writer Robert Wood, the new DOJ policies won’t do anything to change how the IRS views marijuana businesses as completely illegal enterprises, nor will it help protect marijuana business owners from violating federal tax laws.
| Redheaded Blackbelt/Celebitchy |
| Steve DeAngelo, left, and Donald Trump |
On Monday, July 9, this office filed civil forfeiture actions against 1840 Embarcadero, Oakland, California, and 2106 Ringwood Avenue, San Jose, where Harborside, a marijuana dispensary claiming over 108,000 customers, operates.This office has used its limited resources to address those marijuana dispensaries that operate close to schools, parks and playgrounds. As I have said in the past, this is a non-exclusive list of factors relevant to whether we should commence civil forfeiture actions against marijuana properties, and circumstances may require us to address other situations.I now find the need to consider actions regarding marijuana superstores such as Harborside. The larger the operation, the greater the likelihood that there will be abuse of the state’s medical marijuana laws, and marijuana in the hands of individuals who do not have a demonstrated medical need.The filing of the civil forfeiture complaints against the two Harborside properties is part of our measured effort to address the proliferation of illegal marijuana businesses in the Northern District of California.U.S. Attorney Melinda Haag in San Francisco
| Cannabis Defense Coalition |
| AFP/Sonny Tumbelaka |
| Australia’s ambassador to Indonesia, Greg Moriarty, has been working to secure the release of the 14-year-old boy who was arrested for marijuana, among huge media interest |
The arrest of a 14-year-old Australian boy in Bali for marijuana possession has created a media firestorm. The boy will likely be held in “drug rehabilitation” for up to another month while he waits to learn how and when he will go to trial.
| Photo: Flickr / Westword |
| New Mexico: Land of Enchantment. And, well, taxing the sick. |
New Mexico’s Legislature has been looking mighty hungrily at the state’s medical marijuana program as a source of tax revenue. But according the state’s Tax and Revenue Department, such a tax could cause patients to turn to the black market.