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Cannabis Briefs for December 14, 2021

December 14, 2021

•Canadian cannabis giant Tilray acquired Breckenridge Distillery in Colorado. Located in the eponymous skiing town, Breckenridge Distillery produces a range of gin, vodka, rum, and numerous whiskies including Powder Hound, Dark Arts, and Two Clans Blended Whiskey. Tilray plans to leverage the acquisition much in the way it has Sweetwater Brewing Company in Atlanta, which it acquired about a year ago, using it to develop a U.S. presence and experiment with cannabis infused beverages, including a non-alcoholic, cannabis-infused Bourbon in this case. Tilray also plans to use its Sweetwater distribution network to begin raising Breckenridge’s profile outside Colorado. Financial terms were not disclosed.

•New York state Senator Jeremy Cooney has introduced a bill that would allow cannabis businesses to deduct business expenses. While this is standard practice in virtually all businesses, cannabis companies are not allowed to do so under federal tax law by the IRS’s infamous Section 280E, leading some to pay effective tax rates of up to 80%, according to estimates. As written, Cooney’s proposed law would invalidate Section 280E within New York State, which he said on Twitter would “allow more local, small businesses to participate in the cannabis market.” Cooney previously introduced cannabis legislation that would allow growers to begin cultivating ahead of the full rollout of the recreational market and another piece that would qualify transgender and nonbinary people as social equity applicants.

•Wakefield, Massachusetts-based Curaleaf is launching Select X Bites, a new line of edibles. Marketed toward experienced cannabis consumers, Select X Bites tout a proprietary THC encapsulation technology that both speeds up the initial onset of effects and prolongs them through controlled absorption afterward. Each edible is at 10mg. Select X Bites are launching in a vanilla orange flavor called Orange Matter, with additional flavors coming in the following months. They will be available in the near future in Arizona, Maine, Colorado, and Nevada, with Massachusetts, Michigan, California, and Maryland slated for launch early next year.

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