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“Many of these establishments are small-to-medium size operators, with their employees keeping their doors open without access to the support systems in place for other businesses, thus depriving them of potentially lifesaving protections.” The majority of these businesses are small-to-medium in size.
There is no doubt that the COVID-19 pandemic is adversely impacting businesses around the world, and smaller businesses especially. That is why these businesses continue to face undue discrimination under federal law, including the lack of access to banking services and a prohibition of standard business tax deductions.
The Coalition letter focuses on the need for small business access to the SBA relief funds as an avenue to protect the progress that has been made by minority entrepreneurs in the emerging legal cannabis marketplaces. RE: Protect Minority-Owned Marijuana Businesses and their Workers. You can read the full letter below.
Representatives Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO) have introduced legislation to allow state-legal marijuana businesses to apply for COVID-19 benefits through the Small Business Administration. Currently, the SBA is prohibited from engaging with cannabis businesses due to federal marijuana criminalization.
Speaker: Jonathan Bench, International Cannabis and Securities Business Attorney at Harris Bricken
Today, many opportunities exist for individuals and businesses that want to engage in the industry. Some want to directly own licensed businesses, while others prefer to keep the industry at an arm’s length and merely profit from it. The ancillary businesses surrounding these industries where people and businesses are profiting.
As first reported by Politico, the House Small Business Committee is waiving jurisdiction over the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act ( HR 3884 ), making it the second House committee in the 116th Congress to advance legislation to end federal marijuana prohibition.
Included in the language of the bill is HR 1595: The SAFE Banking Act, which amends federal law so that explicitly banks and other financial institutions may work directly with state-legal marijuana businesses. The majority of these businesses are small-to-medium in size. But at the federal level, they are being cast aside by Congress.
Representatives with the United States Small Business Administration (SBA) have reaffirmed that state-licensed cannabis businesses are ineligible for financial aid opportunities because marijuana remains classified as a schedule I controlled substance. The majority of these businesses are small-to-medium in size.
State regulators have licensed 192 retailers thus far, with the first of those opening for business on Saturday. The post Missouri: Licensed Medical Cannabis Retailers Now Open for Business appeared first on NORML.
Two of our greatest champions in Congress, Representative Earl Blumenauer and Senator Jacky Rosen, are circulating bipartisan sign-on letters to Congressional Leadership demanding that state-licensed cannabis businesses are able to access the Small Business Administration.
House Small Business Committee Chairwoman Nydia Velázquez along with Representatives Jared Golden and Dwight Evans introduced a package of legislation, ( H.R. You can read more in the release issued by the Committee on Small Business here. 3540 , H.R. 3543 , and H.R. Thirty-three states, Washington, D.C. and the U.S.
For better or worse, cleaning up those messes has kept me (and some of the litigators here) plenty busy over the years. Most business deals are not particularly complex. The person with money may sign a real estate or license purchase agreement in that persons name, while intending that the asset become part of the business.
Sixty-eight percent of Americans say that Congress should pass legislation so that marijuana businesses can "access banking services and products in states" where it is legal. The post Poll: Nearly 70 Percent of Americans Want Congress to Allow Licensed Cannabis Businesses Access to Banking Services appeared first on NORML.
A new study by Whitney Economics has discovered excessive tax burdens placed on cannabis businesses as a result of Section 280E. The post Analysis: State-Licensed Cannabis Businesses Paid Nearly $2 Billion In Excess Taxes in 2022 appeared first on NORML.
Municipalities need to embrace this reality and provide the necessary oversight in order to hold these businesses accountable and to make this marketplace safe, transparent and profitable for the community.”. The post Analysis: Legal Cannabis Businesses Associated with Increased Home Values appeared first on NORML.
The Small Business Tax Equity Act provides an exemption for state-licensed cannabis businesses from federal tax code 280E, which prevents anyone engaged in the trade of certain federally prohibited substances from deducting business expenses.
Excess tax burdens imposed on state-legal cannabis businesses are destroying their profitability. The post 280E is Harming Legal Cannabis Businesses; These States are Legislating Change appeared first on NORML. These states are legislating change.
The post Poll: Majority of Americans Support Legalizing Marijuana, Expunging Past Convictions, and Allowing Banks to Work with Cannabis Businesses appeared first on NORML.
Every day that Congress fails to act needlessly jeopardizes the livelihood of these small businesses and their consumers. The post NORML Op-Ed: Senate Must Act on Legislation Clarifying Cannabis Banking Rules for State-Licensed Businesses appeared first on NORML.
The post Washington: New Rule Expands the Pool of Those Eligible for Marijuana Business Licenses appeared first on NORML. "This new rule will encourage more inclusiveness and diversity in Washington's growing cannabis industry.".
introduced a never-before-seen bill—the Capital Lending and Investment for Marijuana Businesses Act (“the CLIMB Act”). What Business Services Would the CLIMB Act Protect? 8200 intends for a broad interpretation so that cannabis and cannabis-related companies are put on an even playing field with traditional business operations.
Licensed Cannabis-Related Businesses (CRBs) in the U.S. The majority of CRBs operate as cash-only businesses, exposing them to security risks and making compliance with federal regulations challenging due to the absence of a paper trail. Using a professional payroll service aware […]
The Illinois Department of Agriculture (IDOA) recently released two press announcements dealing with new online portals for cannabis businesses. The second announcement (see previous article for first announcement ) focused on the implementation of a paperless registration system for cannabis businesses. See Extension Announcement.
The Illinois Department of Agriculture (IDOA) recently released two press announcements dealing with the new online portal for cannabis businesses. The first announcement stated that Illinois is set to streamline cannabis business operations with the launch of the new online licensing portal (see following article about paperless system ).
The post History made: Mississippi’s first medical marijuana dispensaries open for business appeared first on Leafly. The first of 162 state-licensed dispensaries opened on Wednesday afternoon.
Medical Cannabis Businesses In Arkansas Sued For Inflating THC Levels. "We The post Medical Cannabis Businesses In Arkansas Sued For Inflating THC Levels appeared first on The Fresh Toast. We noted over time that some marijuana was more potent than others, despite being labeled with similar amounts of THC," said the plaintiffs.
The post Inflation is making it tougher to open a cannabis business appeared first on Leafly. Construction costs are crazy—and that could mean fewer stores and higher prices for cannabis consumers.
In the business world, Artificial Intelligence (AI), or technology that is coded to stimulate human intelligence, is having a major impact on the way which businesses operate. There are many ways in which AI tools are used in businesses, but most applications focus on driving growth.
As the legal cannabis industry suffers through a period of distress brought on by global economic woes, along with punitive taxation structures and an oversaturation of products, and plummeting prices, there has naturally been an uptick in internal cannabis business disputes. Cannabis Business Agreements and Structures. Separation.
Businesses that were operating well enough to remain solvent when cannabis flower was well over $1,000 a pound are struggling to stay afloat, downsizing and laying off staff. And those profitable businesses with a proven track record of proper operations justify a higher price than enterprises operating in the red.
Instead, its the comfort and confidence knowing that not only does my accountant understand the industrys tax laws and governmental regulations but also actively supports people and businesses in industry. Though Vineyard Accounting works with clients across the Unites States, the firm specializes in businesses located in Illinois.
Attorneys Generals from 34 states and territories sent a letter today to Congressional leadership urging members to expeditiously pass The Secure and Fair Enforcement (SAFE) Banking Act so that state-licensed cannabis business can explicitly engage in relationships with banks and other financial institutions.
Majority Leader Hoyer on Friday announced that members of the House are anticipated to hold a floor vote next week on The SAFE Banking Act (HR1595), which explicitly permits banks and other financial institutions to work directly with state-legal marijuana businesses.
Urge Congress to Provide Small Business Relief to State-Licensed Cannabis Companies. Representatives with the United States Small Business Administration (SBA) recently reaffirmed that state-licensed cannabis businesses are ineligible for financial aid opportunities because marijuana remains classified as a Schedule I Controlled Substance.
Rescheduling would stand to have the largest impact on cannabis research and business taxes. Cannabis business taxes If rescheduling is approved, it means state-legal cannabis businesses could start taking federal tax deductions they’ve been previously banned from under Internal Revenue Service (IRS) code 280E.
” Tiffany Devitt’s response: As Cheech & Chong are well aware, businesses are subject to federal and state laws. There has been a rash of bills in several states to raise taxes and permit fees on cannabis business to prohibitive levels, or to ban smokable flower from state-licensed medical marijuana programs.
Selling quality products and adjusting your business according to consumer data are essential. Learn how data analysis can improve your cannabis business. Read More
Several other businesses have applications pending. Nonetheless, a statewide rollout of marijuana-related business is anticipated to be slow because many communities have passed local ordinances prohibiting adult-use establishments. On January 1, Illinois will become the eleventh state to permit adult marijuana use.
Judges are frustrated, businesses are losing money, and lawsuits that should never have been filed are clogging up the courts. If you run a cannabis business, you need to know why this is happeningand how to avoid becoming the next case on the docket. Cannabis litigation is exploding. Why Are There So Many Cannabis Lawsuits?
Only people with business-related convictions (such as fraud or tax evasion) will be explicitly barred from receiving licenses. Because structural racism is ingrained in marijuana prohibition, it’s important that the MRTA both ends marijuana prohibition and promotes racial justice. Our communities can’t wait.
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