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More than 100 marijuana license holders in New Mexico were delinquent on their state taxes, leading to an enforcement push, the state Department of Taxation and Revenue announced Wednesday.

In a news release, the agency noted that 80 marijuana business permit holders paid their tax bills once the department reached them over the summer, but more than 100 are still outstanding.

“Cannabis is a relatively new industry with many new players who may be struggling to get their businesses up and running,” Taxation and Revenue Secretary Stephanie Schardin Clarke said in a statement. “We are here to assist taxpayers to voluntarily comply with the tax law, but cannabis retailers must also make a good faith effort to comply.”

The agency said it can offer “managed audits, a voluntary program to help taxpayers resolve tax debts, and payment plans” to any companies that may be struggling with their tax bills.

New Mexico marijuana companies must be in good standing in order to renew their state permits, a process overseen by the state Regulation and Licensing Department. The Taxation and Revenue release noted that it works closely with its sister agency “to compare active cannabis license holders with other data sources to ensure compliance.”

The agencies could opt for “in person compliance checks” if the delinquent marijuana business licensees still refuse to pay their taxes after the initial notifications, according to the release.

To date, the state has collected more than $47 million in cannabis taxes.

The new tax enforcement push comes after the New Mexico Cannabis Control Division – a wing of the Regulation and Licensing Department – pledged stricter oversight earlier this year and began conducting hundreds of business site inspections.

The post New Mexico Pursues Unpaid Taxes From Cannabis Companies appeared first on Green Market Report.

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John Schroyer, KahliBuds, 420GrowLife

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Two Alberta-based psychedelics startups are teaming up to promote psychedelic therapy across the nation.

ATMA Journey Centers and Cena Life announced the “strategic partnership” and said they’re combining resources to both connect more patients with psychedelic therapy providers and also to push for broader access to various therapies such as ketamine, psilocybin, and MDMA.

Currently, Canadian patients who want to utilize psychedelics legally have to go through a special access program run by the federal government, which grants permission on a case-by-case basis to both therapy providers and their patients.

ATMA and Cena want to streamline that and make industry growth easier by setting up uniform standards for psychedelic therapy clinics, the companies said in a release.

Cena Life already runs two psychedelic therapy clinics – one in Edmonton and the other in Calgary – with more on the way in coming months. ATMA specializes in connecting patients to providers, facilitating psychedelic clinical trials, and expanding the number of psychedelic healthcare professionals.

“Psychedelic therapy will need to find a path of integration into the health care system if it is to be legalized and widely accessible,” Vu Tran, ATMA’s CEO, said in a statement. “Cena Life brings a wealth of knowledge of the Canadian health care industry that will certainly help bridge that integration.”

The two companies noted that their partnership comes in advance of “anticipation of the legalization of MDMA-assisted therapy” in 2024 by the Canadian government, and signaled they’re hopeful that move will herald a broader psychedelics legalization move, which could further fuel the burgeoning sector.

Cena’s CEO, Reverdi Darda, said that “joining forces with ATMA amplifies our capability to expand our mission exponentially.”

“Together, we aim to streamline a nationwide network of clinics committed to safety, regulatory alignment, and excellence,” Darda said. “We are not just increasing access to therapies like psychedelic-assisted therapy and ketamine-assisted therapy, but we’re also opening doors for therapists across the country to be a part of this monumental movement.

“We are aware that in the past individuals have had to seek support on the underground. Our aim is to ensure that there is access to care in regulated programs based initially on the standards in Alberta and compliant across the country as the regulatory landscape evolves,” she added.

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Cybin Inc. (NYSE American: CYBN) (NEO: CYBN)  announced that the United States Patent and Trademark Office has issued two patent grants that offer protection for its deuterated N, N-dimethyltryptamine (“DMT“) program.

“Following Cybin’s recent acquisition of Small Pharma Inc., our development programs are protected by 32 granted patents and over 170 pending applications, establishing our leadership position in developing novel tryptamine-based therapeutics in a key market. This multi-layered and robust IP protection includes composition of matter, medical use, synthesis and drug product protection, providing us with the latitude to advance our deuterated programs with confidence,” said Doug Drysdale, Cybin’s Chief Executive Officer.

The granted patents cover Cybin’s deuterated DMT program and are as follows:

• United States patent no. 11,771,681, which provides a composition of matter protection for certain deuterated analogs of DMT; and

• United States patent no. 11,773,062, which provides protection for medical use and the novel, efficient, and scalable synthesis of certain analogs of DMT.

Cybin said its proprietary novel deuterated DMT compounds, CYB004 and SPL028, are each currently in Phase I clinical trials. CYB004 and SPL028 target an extended DMT psychedelic experience while retaining a short-duration drug profile that could provide optimized dose formulations for different administration routes and distinct therapeutic benefits for patients. The company said that preliminary findings from the studies demonstrate that IV CYB004 and SPL028 elicit a psychedelic experience of less than 1 hour and are well-tolerated. Topline data readouts from both studies are expected in Q4 2023.

According to the National Library of Medicine, “Deuteration refers to the selective replacement of protium hydrogen isotope atoms in small-molecule drugs with deuterium hydrogen isotope atoms. Deuteration of a drug is most likely to affect pharmacokinetic properties, such as metabolism, rather than its pharmacodynamic effects. For this reason, the metabolism of certain drugs may be favorably influenced when deuterium is substituted for protium, resulting in improved safety, tolerability, or efficacy.”

In September, Cybin said it had successfully obtained a U.S. patent for the compounds it uses in pre-clinical deuterated tryptamine research. The patent, No. 11,746,088, is valid until 2041.

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Debra Borchardt, KahliBuds, 420GrowLife

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Many cannabis operators in California have continued to struggle, but some areas have been showing growth.

Throughout the course of 2023, roughly 40 retailers have closed down, estimated Los Angeles consultant Hirsh Jain, with even more “just barely hanging on.” He cited a handful of prominent operations that closed their doors, including:

• Grupo Flor in Moss Landing (which did business as East of Eden)
• The Parent Company/Caliva in Ceres
• Trulieve Cannabis Corp. in Grover Beach (as well as Palm Springs and Venice)
• Urbn Leaf in Seaside
• Humboldt Patient Resource Center

While another 120 or so have also opened in other parts of the state – making the retail scene more of a net gain than a loss – a lot of businesses continue to struggle and many Los Angeles retailers, in particular, are looking to sell and exit, Jain said.

“The same listings in L.A. that were advertised for $3.5 million 18 months ago are now being listed for $1.5 million,” Jain said, referring to some dispensaries for sale. “For the first time in California, we’re seeing a wave of people voluntarily closing stores.”

By contrast, retailers that have set up shop in relatively unsaturated local areas – such as Fresno – appear to be doing quite well. But almost half of all of California’s marijuana shops are in just seven cities:

• Los Angeles
• San Francisco
• Oakland
• San Diego
• Sacramento
• Santa Rosa
• Palm Springs

It’s this oversaturation that makes it hard for many retailers to survive.

Jain said the retail closures can also be attributed in part to many of the well-chronicled industry hurdles, such as high state and local taxes, tough competition from the cheaper underground market,  and heaps of red tape that drive up costs.

But it’s also the result of a still-snowballing debt bubble due to a systemic problem of businesses not paying vendor bills. That’s one of the larger problems undergirding the California cannabis industry woes, Jain said.

“This kind of culture of nonpayment that’s become entrenched in California would not fly in markets like Arizona,” Jain said. “We’ve kind of accepted that it’s OK. Aside from the structural challenges of the industry, this behavior has been normalized to some extent, which I think is very concerning.”

That trend by itself has led to a broader pivot by brands and distributors, Jain said, where they’ll refuse to do business with certain retailers unless they have a solid reputation for paying on time.

“Brands like Pacific Stone … have been very public about how that’s a big part of their strategy, to be thoughtful about which retailers they partner with,” Jain observed. “That’s an interesting maturation.”

The post California’s Marijuana Market Remains Mired in Challenges appeared first on Green Market Report.

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Although Rhode Island has already banned hemp-based delta-8 goods that could be intoxicating for consumers, marijuana regulators in the state expressed concern over similar items that are easily available online.

“These products are completely untested, and they can be sold to minors,” Erica Ferrelli, chief of strategic planning, monitoring, and evaluation at the Rhode Island Office of Cannabis Regulation, told WPRI Target 12, adding that the situation is “incredibly problematic.”

One hemp-based delta-8 edible that the news outlet purchased and had tested by an independent lab was found to have 70 milligrams of both delta-8 and delta-9 THC, WPRI reported, which exceeds the state limit of 10 milligrams of THC.

“Folks have reached out to us because of both adverse reactions they themselves have had via purchasing these products, or that their children have had either through intentional consumption or through finding a product that looks exactly like a Sour Patch Kid or Starburst and unintentionally consuming that and ending up in the hospital,” Ferrelli told WPRI.

While state regulators have been busy trying to persuade local retailers – such as gas stations and convenience stores – that they’re not allowed to sell such goods, the going has been slow and is on uncertain legal footing, WPRI reported.

The problem is it’s unclear whether the 2018 federal Farm Bill – which legalized hemp nationally and led to the delta-8 boom – would supersede the state’s ban on delta-8 products, WPRI reported, which means it’s not clear whether any such state ban would be upheld if challenged in court. Earlier this month, a court in Maryland sided with hemp operators challenging restrictions on hemp-derived products.

According to a recent report by CBD Oracle, 17 states have already enacted total bans on delta-8 goods, and another seven have severely restricted the sale of such items. Hemp-based delta-8 goods remain completely legal and unfettered in another 23 states.

The post Rhode Island Regulators Warn Intoxicating Hemp Goods ‘Incredibly Problematic’ appeared first on Green Market Report.

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