Texas THC Lawyer

Nevada’s cannabis industry continues to sizzle, with revenue in the fiscal year ending June 30 totaling $529.9 million overall, including $424.9 million for recreational alone, state officials reported Tuesday.

According to the state, marijuana tax revenue for the first full year of adult-use sales totaled $69.8 million – about 140% of expectations – with the last four months of the fiscal year particularly robust.

“Nevada’s first year with a legal adult-use market has not only exceeded revenue expectations but proven to be a largely successful one from a regulatory standpoint,” Bill Anderson, executive director of the Nevada Department of Taxation, said in a news release.

A coalition of the top financial regulators in 13 states is demanding congressional action to protect banks that serve marijuana businesses.

In a letter sent to congressional leaders late last week, the regulators stressed that conflicting state and federal cannabis laws have inhibited economic growth, created confusion among state banks and credit unions and jeopardized public safety.

“It is incumbent on Congress to resolve the conflict between state cannabis programs and federal statutes that effectively create unnecessary risk for banks seeking to operate in this space without the looming threat of civil actions, forfeiture of assets, reputational risk, and criminal penalties,” the regulators wrote.

“While Congress has taken some action, such as the Rohrabacher amendment prohibiting federal funds being used to inhibit state medicinal marijuana programs, this has been an impermanent approach that requires a permanent resolution.”

Finance officials from Alaska, Connecticut, Hawaii, Louisiana, Michigan, Montana, Nevada, New York, Oklahoma, Oregon, Pennsylvania, Utah and Washington State signed the letter.

Colbert County Attorney Bryce Graham and Lauderdale County Attorney Chris Connolly declared that they plan to “crackdown” on CBD oil sales in Alabama.  County Attorney Connolly claims that “CBD oil is on the list of controlled substances”, but fails to mention the impact of the 2014 Farm Act on the treatment of legally grown industrial hemp in the Uinted States.  Hemp advocates  remain hopeful that the 2018 Farm Bill and the Hemp Amendment will pass through Congress in September and be signed into law by President Trump. If that happens, it will once and for all end this debate and formally declassify hemp and CBD oil as a Schedule I Controlled Substance under the CSA.

  

On the eve of passage of the Farm Act of 2018 and the Hemp Amendment through Congress, the DEA has raided a vape shop in Amarillo and seized CBD oil. Texas Health has still yet to make a decision on whether it too will begin to seize CBD oil. This is a troubling day for advocates of Hemp based products. CBD oil contains a fractional amount of THC, if any, and in has none of the hallucinogenic affects of cannabis. Stay tuned for updates.