The Bay Street Butcher: A Cannabis ETF Rebalancing Triggers Volatility
By Todd Harrison via Cannabis Confidential (August 14)
Editor’s note: this article is an excerpt of the full newsletter. You can find additional analyst notes on the Substack version.
The US Supreme Court’s June decision in Loper Bright Enterprises v. Raimondo offers immediate support for cannabis companies to challenge IRS interpretations of the Internal Revenue Code.
With the elimination of Chevron’s deference to agencies when laws are ambiguous, cannabis companies may be in a stronger position to use this tax code section to mitigate the onerous tax consequences of Section 280E.
Thankfully, that legal process is already in motion.
Screwed Up Beyond Recognition
The U.S. Department of Veterans Affairs issued a reminder that, while Ohio’s adult-use cannabis market launched this week, government doctors are still prohibited from recommending medical cannabis to veterans as long as it remains a Schedule I.
“The U.S. Department of Veterans Affairs is required to follow all federal laws including those regarding marijuana,” it says. “As long as the FDA classifies canna as Schedule I, VA health care providers may not recommend it or assist Veterans to obtain it.”
But thank you for your service.
Click here to get Cannabis Confidential delivered to your inbox daily.
Get Bucked Up!
Adult-use cannabis sales in Ohio have been legal for a week and business is booming.
Sales are rivaling some of the top cannabis markets in the country and customers are coming from nearby states, where adult-use cannabis isn’t yet legal.
“We’re seeing numbers at dispensaries that rival numbers in established markets like Illinois, that have been up and running for years. We’re seeing that in the first week in Ohio.” Jason Erkes, Cresco Labs
Home Cooking
Among cannabis consumers in states with legalization laws, nearly 8 in 10 say they purchase all or most of their marijuana from licensed retailers, supporting advocates’ arguments that enacting regulated markets can detract from illicit sellers.
NuggMD found that 77% of people in legal marijuana markets buy all or most of their …