Hello, MBA readers,
Missouri medical marijuana companies are hoping Gov. Mike Parson will deliver them a win after state lawmakers approved a bill that would create a state income tax deduction for marijuana businesses. The bill, passed before the legislative session wrapped earlier this month, now awaits Parson’s signature or veto. In the entertainment business, the Chinese conglomerate that formerly was AMC Entertainment’s largest shareholder has sold almost its entire stake in the company. Dalian Wanda Group unloaded 30.4 million shares in the Kansas City-area cinema chain, according to a recent filing, marking another twist in a volatile stretch on the stock market for AMC. And, across the state in St. Louis, at least a half-dozen new youth sports facilities have either opened recently or will debut soon. Local officials hope that investment will yield big returns in the form of sports tourism in the region.
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Tax break bill for medical marijuana businesses awaits Parson’s signature
The bill, which received almost unanimous approval from Missouri lawmakers, would allow medical marijuana businesses to deduct business expenses on their state tax returns. (Missouri Independent)
Wanda Group sheds millions of AMC shares
The Chinese conglomerate sold 30.4 million of its shares in AMC in mid-May for about $426.9 million, according to a recent securities filing. That leaves the former majority shareholder with only a 0.002% stake in the Leawood, Kansas-based entertainment company. (Wall Street Journal)
New youth sports venues break ground as demand grows
New venues for large-scale youth sporting events are breaking ground soon in the St. Louis area. There’s hope that these venues will draw crowds — and their money — to surrounding businesses. (St. Louis Post-Dispatch)
Kansas City company looks to redevelop Jamestown Mall
NorthPoint Development is again working to redevelop the shuttered St. Louis County mall after an effort to do so in 2018 fell through. Plans call for a $75.8 million project on the 145-acre site. (St. Louis Post-Dispatch)
Midland States Bank names new St. Louis market president
David Noble, the bank’s director of community economic development, will take on the role of market president in St. Louis. (St. Louis Business Journal)
St. Louis developer requests additional tax incentives for hotel
A developer turning a former YMCA in St. Louis’ Downtown West neighborhood into an arts hotel is seeking more tax incentives for the project — up to $92 million in industrial revenue bonds — due to COVID-19 and cost overruns. (St. Louis Post-Dispatch)
Kansas City’s Red Snapper faces lawsuit
The restaurant owes more than $110,000 in back rent and other fees. Now, its landlord is suing. (Kansas City Star)
Say that again
“God gives people gifts, and if you’ve got a gift, you’ve got to give back. That’s how I feel. I love teaching.”
Blacksmith George Robb and his Red Dog Forge shop in Rocheport are keeping the art of blacksmithing alive in mid-Missouri, training young apprentices and selling handmade products. Robb and his wife, Christina Robb, have run the establishment for more than 20 years. Last summer, after the onset of the COVID-19 pandemic, Red Dog Forge saw its best three months of business to date. As he continues to cater to customers’ demand for handmade metal pieces, George Robb tries to give back by passing on his blacksmithing skills to a younger generation.
As the pandemic has progressed, many people have turned to home improvement projects. However, the price of lumber has increased by more than 300% since last April, complicating those plans, the Columbia Missourian reports. The price is at an all-time high and is expected to keep climbing. A number of factors in recent years have contributed to rising prices, and the pandemic brought a dramatic spike.
Hello, my name is
He may not be a household name yet, but this developer is transforming Kansas City’s West Side and aiming to become a known brand in apartment development. Currently, Nagaoka is turning old shipping containers into 48 modern apartments on a bluff atop Signal Hill, The Kansas City Star reports. “This is a proof of concept project to create an apartment complex brand that I want to bring across the nation,” he said. Neighbors, however, are not exactly on board. Nagaoka, who moved to the area a few years ago after pursuing modeling and acting, has 108 additional shipping container apartments planned elsewhere in the Kansas City area.