Pat Oglesby

YouTube video by North Carolina Department of Health and Human Services NC Advisory Council on Cannabis Meeting 9/30/2025

The North Carolina Cannabis Advisory Council meets 2 to 5 p.m. EDT today. Live stream:
www.youtube.com/watch?v=fFuc...

Farm Bill THC Drugs and Taxes Pending Congressional restriction of Farm Bill Hemp THC Drugs will tax them.   Proposals before Congress would classify these drugs as “marijuana,” and put them into Schedule I of the Controlled Su…

A Congressional bill on Farm Bill “Hemp” THC Drugs will:

- classify them as “marijuana,”
- put them into Schedule I of the CSA (for now), and
- subject them to the 280E selling expense tax.

newrevenue.org/2025/09/23/f...

Abstract Academic and market interest in environmental, social, and governance (ESG) investing has grown markedly in recent years. Although less prominent, a substantial literature also explores whether “sin pays” in the public capital markets. This literature’s underlying theory is that social norms discourage the funding of businesses that promote vice. According to this theory, some investors—particularly institutions sensitive to social norms, such as pension funds and foundations—will shun vice investments. A consequence of this aversion is a “vice premium” for those investors who will invest in such companies. Largely unexplored, however, is what industries or business models qualify as “vice,” how this definition is constructed and changes, how vice aversion affects startup corporate governance and finance, and what consequences vice aversion holds for the real economy. We address these gaps through a series of interviews with startup founders, venture-capital (VC) and angel investors, and legal and financial practitioners. Descriptive data from commercial VC databases supplement our interviews. We find that the definition of “vice” is nuanced and shifts over time as the subjective preferences of investors and their constituents adapt to changing regulatory environments and social mores. Our respondents report that vice startups face heightened regulatory and business-infrastructure hurdles compared to non-vice startups. This experience is especially true for women and other minoritized vice entrepreneurs and those serving minoritized customer bases. These challenges implicate entrepreneurship, society, and capital markets, including by complicating the concept of the vice premium in finance theory and by showing the potential for vice aversion to shape both the vice and non-vice sides of the real economy.

How do venture capitalists respond to startups in the adult, alcohol, gambling, cannabis, weapons, and other sin industries?

My article "Vice Capital" (w/ @kimkrawiec.bsky.social) is now published in UC Irvine Law Review! scholarlycommons.law.emory.edu/faculty-arti... 1/2

Schedule III for only medical cannabis? There’s speculation that the Trump Administration might reschedule cannabis into Schedule II rather than the predicted Schedule I.  That sounds doubtful.  To exhaust the possibi…

Schedule III for ONLY medical marijuana, in line with President Trump's hearing "great things" about medical, "bad things having to do with . . . everything else"?

Why that would be chaotic: newrevenue.org/2025/08/29/s...

Most Consumers Obtain Cannabis Exclusively From Legal Market 78% said "all their cannabis came from legal sources in the past year"

🇨🇦 In Canada, where marijuana is legal nationwide, nearly 8 in 10 consumers say they obtain cannabis products exclusively from the legal market. #NORML #cannabis #marijuana #Canada #legalization

So don't state bans on cannabis imported from other states fail under the same analysis?

Favorable rules for marijuana next?

North Carolina Cannabis Council hears from @NC_Governor @JoshStein_ .

#marijuana #cannabis #hemp #thc #ncpol #ncga

John Bell’s High Hopes House Rules Committee Chair John Bell runs a hemp company. He’s also trying to kill a bipartisan Senate bill to regulate the hemp industry.

Hemp THC drugs in North Carolina:

www.theassemblync.com/politics/leg...

3 states increase cannabis levies as ideal tax rate remains elusive Three states are raising cannabis taxes this year in response to budget deficits, with more predicted shortfalls looming in 2026.

For cannabis, "additional taxation without either the appetite or the funding for a crackdown on a freshly incentivized illicit market might backfire."

mjbizdaily.com/3-states-inc...
@_chrisroberts

@MJBizDaily

#marijuana

mjbizdaily.com/3-states-inc...

Accuracy of labeled THC potency across flower and concentrate cannabis products - Scientific Reports Scientific Reports - Accuracy of labeled THC potency across flower and concentrate cannabis products

No surprise: THC testing is more accurate for concentrates than for flower.

So Canada's bifurcated marijuana tax system, taxing raw plant material by weight and processed products by THC content, makes sense.

#marijuana #cannabis #hemp #tax

www.nature.com/articles/s41...

Center for New Revenue Person of the Decade Steve Shay, when he was at the Obama Treasury, worked on and pushed through regulations to slow down “corporate inversions”– companies shifting headquarters overseas – over vehement corporate…

It's good to see Steve Shay still at work. A great American. newrevenue.org/2019/12/31/c...

The Many Perils of California’s Legal Cannabis Market | Tax Notes Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.

Reasons for California’s marijuana woes: taxes, regulations, and lack of enforcement. #Cannabis

"Washington state, by contrast, maintained law enforcement pressure on illegal marijuana."

taxnotes.com/tax-notes-st...

‪@taxnotes.com‬
($paywall, free trial)

My conservative Christian friend Mark Creech writes that regulating hemp drugs "inadvertently legalizes . . . intoxicating substances for adults over 21 – substances still illegal under federal and state law.”

But hemp THC is legal and widespread in NC.

revmarkcreech.org/the-good-the...

Why I started studying marijuana taxation in 2009 -- before people called it cannabis.

newrevenue.org/2025/02/20/w...

Congress won't deschedule THC in this decade.

Unintended consequences of the 2018 Farm Bill -- opening the door to Delta-8 , THCA, and more -- show even the dullest legislators that cannabis issues are a can of worms.

They can hardly pass banking. #marijuana

Jon Caulkins on social equity in marijuana:  

Although most discussion focuses on access to cannabis LICENSES, "that is a mistake." Here's his full presentation to the Pennsylvania Legislature:

wordpress.com/post/newreve...