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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

On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”).
Continue Reading State Board of Canvassers Unanimously Rejects “MI Legalize” Initiative Petitions to Legalize Adult Use of Marijuana