Dale Schafer Law News – 5/24/22 – Law Office of Dale Schafer

#cannabisindustry – “Cannabis tax revenue generated more than two billion dollars across legalized states in the last year alone and is expected to grow to nearly 12 billion dollars by 2030, exceeding tax revenues collected from the sale of alcohol, according to bond strategists at Barclays. For the states that do tax the sale of cannabis products, there have already been significant benefits that have helped further develop cities and smaller towns, making the streets safer, and increased funding for new municipal projects, local businesses, subsidies for low-income renters, improvements to public school systems, water and sewer line upgrades, and other significant infrastructure projects….
A study conducted in Illinois on the impacts of property values after the state made recreational cannabis legal showed that home prices actually went up. Because the tax revenues collected partially contributed to making streets safer, the demand for housing in certain areas began to outpace the available supply. The conclusion was that for every one million in additional tax revenue from marijuana sales, home values increased by almost $500. Even just the presence of dispensaries nearby positively correlated with an increase in home values as well. With each new dispensary that a city adds, property values increase by an additional $519. This is likely due to residents viewing dispensaries as premium commercial amenities, and those who partake in cannabis use enjoy having one nearby.”

#californiacannabis – ““Many of these licensees made promises to the board to fix existing negative conditions on-site in exchange for their permits, and others are occupying valuable commercial space without producing value, while limiting the abilities of other potential applicants to come in and actually open their business.”
The supervisor said that nearly two dozen cannabis business permits have been authorized by the board since December 2019, but of those, “only two have actually opened.””

californiacannabis – “In his plea agreement, Dayspring admitted paying Hill multiple bribes in cash and money orders totaling $32,000. But prosecutors report that the value of bribes was over $32,000. The sentencing recommendation disclosed that Dayspring is responsible for between $95,000 and $150,000 in bribes.
“His lofty ambitions drove him to bribe a SLO County supervisor with tens of thousands in cash to advance and protect his cannabis growing operations, offer to bribe a mayor for cannabis distribution permits, and conceal over $9 million in income on his tax returns,” according to prosecutors in their sentencing recommendation. “Defendant did this all with the intent to become the cannabis king of San Luis Obispo and Santa Barbara counties.”….
Federal agents confronted Dayspring after a multi-year investigation. Dayspring “accepted responsibility for his actions and assisted the government in its investigation,” prosecutors wrote.
“With these factors in mind, the government’s recommended sentence – 27 months in prison, followed by three years of supervised release – is sufficient, but not greater than necessary, to adequately punish and deter,” they said.”

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