California
California Cannabis Industry Fears a Big Crash Soon
![California Cannabis Industry Fears a Big Crash Soon California Cannabis Industry Fears a Big Crash Soon](https://img1-azrcdn.newser.com/image/1473196-12-20230520130856.jpeg)
The massive cannabis industry in California is in real peril, with one industry vet telling SF Gate that an “extinction event” is on the horizon. A number of marijuana dispensaries are in danger of closing due to mounting debt and missed tax payments, according to the outlet. While the state’s cannabis industry has long faced debt issues, recent legislative changes have raised the pressure on pot shops by shifting responsibility for marijuana excise taxes from distributors onto sellers. Those taxes came due on May 1, and about 265 shops failed to make a payment, which means penalties will start piling up.
“I’ve seen a lot of cycles, but this will have a real impact,” the owner of San Francisco cannabis manufacturer Sunset Connect tells SF Gate. “The extinction event is when the government wants its taxes, and no one can pay it,” says Ali Jamalian. Additionally, Democratic Assemblyman Phil Ting is proposing a bill to aid cannabis suppliers that haven’t been paid by stores selling their products. In a press release, Ting explained that federal restrictions have long “left our state’s legal cannabis operators with limited options for financing and capital. This has led to a severe debt bubble across the supply chain from cultivators all the way through to the retailers.”
The industry isn’t sitting back, though. MJ Biz Daily reports that several brands in the cannabis business have formed the Financial Stability for California Cannabis (FSCC). The coalition sent a letter to Democrat Chris Holden, chair of the Assembly appropriations committee, in support of a bill that would be the first credit law in the United States for weed sales. (Read more cannabis stories.)
![](https://newspub.live/wp-content/uploads/2022/03/np-logo.png)
California
Car plunges off California’s Devil’s Slide cliff into ocean, killing three passengers: cops
![Car plunges off California’s Devil’s Slide cliff into ocean, killing three passengers: cops Car plunges off California’s Devil’s Slide cliff into ocean, killing three passengers: cops](https://nypost.com/wp-content/uploads/sites/2/2024/07/https-www-ktvu-com-video-86296631.jpg?quality=75&strip=all&w=1024)
Three people died Friday when their car tumbled down a cliff and into the ocean near the Devil’s Slide on California’s famed Highway 1.
Cops got a call about a single-vehicle crash just before noon that day, forcing police, fire crews and other first responders to mobilize for a cliff rescue, according to SFGate.
The car — a gray two-door sedan — careened off the southbound side of the road and dropped about 300 feet down an embankment between Pacifica and Montara, according to a California Highway Patrol spokesperson and news reports.
Authorities shut down the road for several hours as rescuers rappelled to the vehicle, which lay on its roof as seawater lapped around the wreckage.
“It was a recovery mission, and it was steep cliffs and tough terrain,” a member of Cal Fire told Fox 2 KTVU. “The car was partially submerged, so our rescuers were taking on waves.”
The impact was so violent that it catapulted pieces of the vehicle away from the wreck.
When they reached the site, rescuers quickly pronounced two of the vehicle’s occupants dead.
But an incoming high tide curtailed their efforts, which included hauling heavy machinery down the cliff so first responders could cut the car apart and recover the bodies, the station said.
A third person — also dead — was found inside the car on Saturday, the outlet said.
Cops haven’t released the victims’ identities, and the investigation is still ongoing, the highway patrol said.
California
Latest Line: A good week for Kamala Harris, bad week for California unions
![Latest Line: A good week for Kamala Harris, bad week for California unions Latest Line: A good week for Kamala Harris, bad week for California unions](https://www.mercurynews.com/wp-content/uploads/2024/07/harris-MRlisting.png?w=1024&h=670)
Kamala Harris
President Joe Biden ends his re-election bid and supports Vice President Harris, California’s former Senator and Attorney General and San Francisco’s former District Attorney, to run in his place, as Democratic leaders quickly unite in support of her historic campaign.
Unions
California’s powerful labor unions lose key California Supreme Court ruling unanimously upholding a voter-approved Proposition 22 that allows gig-work companies like Uber and DoorDash to treat their drivers and delivery workers as independent contractors instead of employees.
Gavin Newsom
Democrats’ quick move to support Vice President Kamala Harris for president after President Biden ended his re-election bid snuffed out talk of California’s governor as a viable alternative. But recent U.S. Supreme Court ruling boosts Newsom’s effort to clear illegal encampments of homeless people that have hurt Newsom’s national image.
California
California wildfire evacuee shelters with her 7 dogs
![California wildfire evacuee shelters with her 7 dogs California wildfire evacuee shelters with her 7 dogs](https://s.yimg.com/ny/api/res/1.2/XGT0mY8hOg.N7KY9pWcU5g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD02NzU-/https://cf-images.us-east-1.prod.boltdns.net/v1/jit/6415665815001/1410a3bb-6a93-48e3-9049-e9b4e1c7e01a/main/1280x720/24s650ms/match/image.jpg)
Thousands of firefighters battling a wildfire in northern California are getting some help from the weather just hours after the blaze exploded in size, scorching an area larger than Los Angeles. But it is little consolation to the many who have had to evacuate or have lost their homes to the flames, including evacuee Susan Singleton and her 7 dogs. (AP Video by Eugene Garcia)
-
News1 week ago
RNC speakers want to separate the president from the person to show softer side of Trump
-
News1 week ago
Video: Young Republicans on Why Their Party Isn’t Reaching Gen Z (And What They Can Do About It)
-
World1 week ago
Civilians try to pick up daily life in Ukraine's East
-
World1 week ago
Freshers' week in Strasbourg for new EU lawmakers
-
News6 days ago
How the Trump Rally Gunman Had an Edge Over the Countersnipers
-
Politics1 week ago
Balance of Power: Trump singles out Nevada at RNC as he looks to flip state he lost twice
-
Politics1 week ago
Reporter's Notebook: 'Do not stop filming'
-
Politics1 week ago
Trump breaks out immigration chart shown right before assassination attempt: ‘Saved my life’