The Week's Bengal News Bite - December 10, 2021

• Illinois Adult-Use Cannabis Sales Increase 61% in November to $121 Million (New Cannabis Ventures) | Illinois adult-use cannabis sales reached $120.75 million in November, down 2.1% from October, which had one more day, and up 61% from a year ago. So far in 2021, adult-use sales of $1.24 billion have increased 113% over the same period a year ago. Sales to non-residents have been an increasing percentage of overall sales, reaching a record 34.2% in October, but November saw the percentage dip to 32.3% as non-resident sales fell 7% from October.
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• IRS Official Gives Marijuana Businesses Advice On Tax Compliance (Marijuana Moment) | The Internal Revenue Service (IRS) can’t do anything on its own to resolve the unique financial challenges that marijuana businesses face as a result of federal prohibition—but the agency wants to make clear that it’s here to support cannabis firms with tax compliance nonetheless.
• De Lon Harris, commissioner of examination at the IRS Small Business/Self Employed (SB/SE) Division, spoke about tax-related issues in state-legal marijuana markets in a webinar published on Wednesday by PBC Conference. He said that while cannabis remains federally illegal, businesses that deal in the controlled substance must still file federal taxes, and IRS is here to help.
• “It’s really our mission at the IRS—not just with marijuana and cannabis industries, but with all taxpayers—to promote voluntary compliance,” Harris said. “When most people think of the IRS, they think of examinations or audits and they think that’s the only way that we interact or try to promote voluntary compliance with taxpayers, but we do our fair share of outreach and education as well.”
• Cannabis growers need to know the nuances of tissue culture (MJ Biz Daily): Bum seeds. Females that turn into males. Hemp plants that go into THC overdrive and must be destroyed. Cannabis producers have seen firsthand the devastation that inconsistent genetics and pests can have on a crop.
• The good news is that as the cannabis industry begins to mature, horticultural companies are pouring research and money into cannabis to advance the science of breeding new varieties and establish clean stock standards to ensure supply-chain integrity.
• Tissue culture is a key area where advances are being made. The biotechnology could lead to consistent, successful cannabis crops.
• But cannabis producers must understand the different types of tissue culture – and the risks and opportunities that come along with them.