Marijuana

California pot companies warn of impending industry collapse

Leading California cannabis companies warned Gov. Gavin Newsom on Friday that the state’s legal industry was on the verge of collapse and needed immediate tax cuts and a rapid expansion of retail outlets to steady the shaky marketplace.

Senate Democrats unveil plan for federal marijuana legalization

The Cannabis Administration and Opportunity Act would legalize marijuana at the federal level by removing it from the federal list of controlled substances, expunge criminal records for individuals with marijuana-related offenses, and help minority businesses get ahead through new small business grant programs and a 50% tax rate reduction.