- 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.
Finally, Federal Cannabis Banking Reform?!?!
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?!?!
Cannabis is (Almost) Legal in Minnesota: Here’s What You Need to Know
After advancing through 13 committees and narrowly winning a 34-33 vote, Minnesota’s State Senate finally approved a bill to legalize adult-use cannabis on April 28th. But before it reaches the desk of Governor Tom Walz (who has pledged to sign it), the bill with have to move to a conference with the State House to reconcile differences with a companion reform measure passed three days prior. With the session ending on May 22nd, the clock is running for lawmakers to get the final bill in front of the governor. Here’s what sets the two versions apart:Continue Reading Cannabis is (Almost) Legal in Minnesota: Here’s What You Need to Know
IMMEDIATE ATTENTION: Michigan Cannabis Licensees Face Imminent Loss of METRC
Update II: We have been informed that METRC’s report to the state that 85% of licensees were in arrears was erroneous; METRC now reports that 11% of Michigan licensees are affected.
Update I: The CRA has had METRC agree to a 30-day pause before suspending any accounts. We will continue to monitor and report on updates as they unfold.
Related News: Michigan’s marijuana industry nearly shut down over new tracking system service provider fees
On February 27, 2023, Dykema’s Cannabis Industry Group was contacted by the Michigan Cannabis Regulatory Agency (“CRA”) about possible immediate suspensions of METRC user accounts. According to CRA, approximately 85% of all Michigan licensees may be impacted by these upcoming suspensions, so immediate action is critical.Continue Reading IMMEDIATE ATTENTION: Michigan Cannabis Licensees Face Imminent Loss of METRC
Dykema Launches First-Ever Cannabis Podcast
Dykema is thrilled to announce the launch of A Higher Law: a cannabis podcast from our award-winning cannabis practice group. A Higher Law will serve as an essential resource for cannabis operators looking to navigate latest legal developments in this complex industry.
Hosted by a rotating lineup of cannabis attorneys, we’ll sit down with industry insiders from across the industry to discuss a variety of topics: from understanding cannabis tax codes, to complying with OSHA as a cannabis operator, to the latest news that’s impacting the future of the industry.Continue Reading Dykema Launches First-Ever Cannabis Podcast