MJBiz - September 2023 - 16

INDUSTRY DEVELOPMENTS National & International
Cannabis News
federal government is Vancouver,
British Columbia-based cannabis
producer Tantalus Labs, which
entered court-supervised
restructuring this summer.
Of the $6.3 million that Tantalus
Mastercard Rocks Industry
With Debit-card Ban
on Marijuana Purchases
Mastercard's demand that
banks and payment processors
immediately halt transactions
using its debit cards to purchase
marijuana upended the cannabis
industry and put licensed operators
at more financial risk, industry
insiders told MJBizDaily.
Mastercard issued its cease-anddesist
orders to participating banks
in August.
" In accordance with our policies,
we instructed the financial
institutions that offer payment
services to cannabis merchants and
connect them to Mastercard to
terminate the activity, " a company
spokesperson told Bloomberg news
agency.
The development is expected
to affect adult-use and medical
marijuana retailers as well as
consumers, who will likely revert to
cash-only transactions. As a result
of the Mastercard order, cannabis
businesses said consumers will
likely see more ATMs in stores.
The ban serves as a reminder that
such business setbacks will persist
without federal marijuana reform,
executives told MJBizDaily.
Mastercard's abrupt decision to
16 September 2023 | MJBizMagazine
stomp out marijuana debit-card
purchases has renewed industry
pleas for federal lawmakers to
address cannabis banking.
Retailers and their supply chain
also will have to deal with more
cash, which brings its own set of
challenges and risks. Marijuana
companies are particularly
vulnerable to break-ins and
robberies given the highly cash
nature of the business.
" Hopefully this is a wake-up call
that action is needed, " said Brady
Cobb, CEO of Sunburn Cannabis,
which operates several medical
marijuana stores in Florida.
Canadian Government at Top
of Unpaid Cannabis Creditors
Canada's federal government
accounts for a growing share of
the unpaid debts racked up by
failed cannabis companies, lending
credence to claims that the nation's
nascent adult-use industry is
suffering from pricey fees and
heavy taxation.
Licensed producers owed the
Canada Revenue Agency (CRA)
$143.3 million as of March 31,
2023, while unpaid regulatory fees
jumped to almost $3 million.
The latest example of
outstanding debts owed to the
owed to 92 creditors, $3.4 million
was due to the Receiver General for
Canada, the body responsible for
accepting payments owed to the
federal government. The producer
also owed Health Canada $214,835.
Together, the two government bodies
make up 58% of Tantalus' debt,
an indication that fees and taxes
contribute a significant amount to
cannabis businesses' costs.
Other large debtors include
Concord, Ontario-based cannabis
company Aleafia Health and
Vaughan, Ontario-based Phoena
(formerly called CannTrust).
The number of LPs with
outstanding excise debt grew
from 141 in 2022 to 213 in 2023.
Facing a tidal wave of delinquent
payees, the CRA earlier this year
began issuing " legal warning "
letters to cannabis producers with
outstanding excise payments.
Albania Passes Medical
Marijuana Law
The Albanian parliament voted
69-23 to approve a law that
would lay the legal and regulatory
foundation for a medical and
industrial cannabis industry.
The law creates the National
Agency for the Control of Cannabis
as the main regulatory body, which
will regulate the processing and
production of products for medical
use.
The law, which also allows for
medical marijuana cultivation, had
been presented by the Minister
of Health and Social Protection,
Ogerta Manastirliu.

MJBiz - September 2023

Table of Contents for the Digital Edition of MJBiz - September 2023

MJBiz - September 2023 - CT1
MJBiz - September 2023 - CT2
MJBiz - September 2023 - Cover1
MJBiz - September 2023 - Cover2
MJBiz - September 2023 - 3
MJBiz - September 2023 - 4
MJBiz - September 2023 - 5
MJBiz - September 2023 - 6
MJBiz - September 2023 - 7
MJBiz - September 2023 - 8
MJBiz - September 2023 - 9
MJBiz - September 2023 - 10
MJBiz - September 2023 - 11
MJBiz - September 2023 - 12
MJBiz - September 2023 - 13
MJBiz - September 2023 - 14
MJBiz - September 2023 - 15
MJBiz - September 2023 - 16
MJBiz - September 2023 - 17
MJBiz - September 2023 - 18
MJBiz - September 2023 - 19
MJBiz - September 2023 - 20
MJBiz - September 2023 - 21
MJBiz - September 2023 - 22
MJBiz - September 2023 - 23
MJBiz - September 2023 - 24
MJBiz - September 2023 - 25
MJBiz - September 2023 - 26
MJBiz - September 2023 - 27
MJBiz - September 2023 - 28
MJBiz - September 2023 - 29
MJBiz - September 2023 - 30
MJBiz - September 2023 - 31
MJBiz - September 2023 - 32
MJBiz - September 2023 - 33
MJBiz - September 2023 - 34
MJBiz - September 2023 - 35
MJBiz - September 2023 - 36
MJBiz - September 2023 - 37
MJBiz - September 2023 - 38
MJBiz - September 2023 - 39
MJBiz - September 2023 - 40
MJBiz - September 2023 - 41
MJBiz - September 2023 - 42
MJBiz - September 2023 - 43
MJBiz - September 2023 - 44
MJBiz - September 2023 - 45
MJBiz - September 2023 - 46
MJBiz - September 2023 - 47
MJBiz - September 2023 - 48
MJBiz - September 2023 - 49
MJBiz - September 2023 - 50
MJBiz - September 2023 - Cover3
MJBiz - September 2023 - Cover4
https://www.nxtbook.com/emerald/MJBizMag/20240304
https://www.nxtbook.com/emerald/MJBizMag/20240102
https://www.nxtbook.com/emerald/MJBizMag/20231112
https://www.nxtbook.com/emerald/MJBizMag/202310
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-packaging-23
https://www.nxtbook.com/emerald/MJBizMag/202309
https://www.nxtbook.com/emerald/MJBizMag/202308
https://www.nxtbook.com/emerald/MJBizMag/202307
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-retail-strategy-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-lighting-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2022
https://www.nxtbook.com/emerald/MJBizMag/202210
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-sustainability
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-retail
https://www.nxtbook.com/emerald/MJBizMag/202204
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-security
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag
https://www.nxtbook.com/emerald/MJBizMag/202208
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2022
https://www.nxtbook.com/emerald/MJBizMag/2022-buyers-guide-indoor-grow
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-packaging-automation-buyers-guide-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021-lighting-buyers-guide
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-september-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2020
https://www.nxtbookmedia.com