- In the month of February, Notices of Assessment for the 2024 tax year will be sent to taxpayers in the State of Michigan. The Notice of Assessment will include the Classification of your property in addition to the Assessed/State Equalized and Taxable Values.
- Licensed Medical or Adult-Use Marijuana Growers should pay particularly close attention to their Notices of Assessment, as they have an opportunity to pursue substantial property tax savings.
In 2023, historic strides were made in the efforts to pass federal legislation to protect financial institutions that do business with the cannabis industry. The SAFE Banking Act is a bill that aims to protect banks that serve legal cannabis businesses from federal penalties. The bill was first introduced in 2019 and passed the House of Representatives numerous times but stalled in the Senate during each session. That was, until this year. The Senate Banking Committee, by a notable bipartisan majority of 14-9, on September 27, passed their version of the bill (The SAFER Act) out of committee. The bill, SB. 2860 now goes to the Senate floor sometime for consideration, but roadblocks remain on its future in that chamber.Continue Reading Cannabis Banking Bill Faces Challenges as 2023 Ends, Hopes for Passage in 2024
It’s been an active few weeks in Michigan on the psychedelics front, with activity on both the legalization and law enforcement sides of the issue. Here’s a quick recap of two important bits of psychedelic news.Continue Reading Updates on Michigan Psychedelic News
As readers of this blog and the cannabis industry are aware, the conflict between state and federal law on the issue of cannabis is a constant source of tension, struggle, and frustration for the cannabis industry, their employees, and those who provide services to the industry. Among the many sources of consternation is the unwillingness of many financial institutions to provide services to the cannabis industry given its illegal status under federal law. While most cannabis businesses have access to traditional business checking account services, they generally lack access to the full suite of financial products and services that financial institutions offer to all other businesses, such as business loans, lines of credit, commercial mortgages, etc.Continue Reading Finally, Federal Cannabis Banking Reform?!?!
In a significant decision for cannabis advocates and the cannabis industry, on September 1, 2023, the Michigan Court of Appeals issued an opinion directing the placement of a cannabis-related charter amendment on the November 7, 2023, ballot for the residents of the City of Keego Harbor, Michigan, to consider on Election Day. Thanks to the Court’s decision, the voters of Keego Harbor have the chance to directly determine whether they wish to permit recreational marijuana retailers in their community. John Fraser served as lead attorney on the matter in the Oakland County Circuit Court and the Michigan Court of Appeals with assistance from Lance Boldrey, Gary Gordon, Alan Wilk, Steve Liedel, Cheyenne Benyi, and Olivia Flower.Continue Reading Michigan Court of Appeals Orders Placement of Cannabis-Related City Charter Amendment on November 2023 Ballot