The Drug Enforcement Administration (DEA) announced this week it will hold a hearing regarding the attorney general’s proposal to ease restrictions on marijuana. The hearing is scheduled for the morning of December 2 at the DEA’s headquarters in Arlington, Virginia, effectively delaying any further action on federal cannabis policy until after the upcoming election.Continue Reading Cannabis Rescheduling Timeframe Ends Speculation of Immediate 280E Tax Relief
Even When Section 280E No Longer Applies to Cannabis Businesses, Another Tax Problem Will Remain
Much has been written over the last week about the recommendation by Attorney General Merrick Garland to loosen restrictions on cannabis. That recommendation would, among other things, reclassify marijuana from its current status as a Schedule I substance, similar to heroin and LSD, to a Schedule III substance, similar to prescription drugs such as anabolic steroids, ketamine, and testosterone. Given that Schedule II substances include fentanyl, hydromorphone, meperidine, methadone, morphine, oxycodone, dextroamphetamine, methylphenidate, methamphetamine, pentobarbital, and secobarbital, it has long been questioned why marijuana would be subject to significantly greater regulatory scrutiny than these Schedule II substances that have been directly responsible for so many deaths, hospitalizations, addictions, and broken families in the U.S. and around the world over the last two decades.Continue Reading Even When Section 280E No Longer Applies to Cannabis Businesses, Another Tax Problem Will Remain
Appeals of Classification of Cannabis Growing Real Property – Opportunity for Tax Savings
- 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