How Recreational Pot Is Hurting Medical Marijuana Patients in California
Recreational marijuana is bringing in millions of tax dollars for the state of California, but there are also some downsides. Greg Zeman, associate editor at Cannabis Now, explains how the state's new laws are hurting some medical marijuana patients.
Some medical marijuana companies donate products to non-profits like the Weed For Warriors Project, which gives medical marijuana patients free pot. Due to the state's new tax regulations on weed, companies still have to pay taxes on these donations. 100 pounds of cannabis would cost roughly $50,000 in taxes.
Regulations across the country are holding American businesses back from competing with Canada, according to Zeman. He says Canadian companies are gearing up to take over global pot markets as more countries legalize recreational marijuana. California is the largest producer of cannabis, but federal regulations prevent it from selling to global markets.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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