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Today, we stood with Representatives Tulsi Gabbard and Don Young as they introduced the Ending Federal Prohibition Act and Marijuana Data Collection Act. Despite this economic boon, marijuana businesses are still unable to utilize financial services and face issues regarding taxation that no other legal business faces.
House of Representatives’ Small Business Committee will hold a hearing on Wednesday on the challenges and opportunities small businesses face in the cannabis industry. Activists in Mississippi have collected approximately two thirds of the needed signatures to qualify a medical cannabis ballot initiative in 2020.
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?
There are five important “categories,” that require company leaders’ utmost focus and attention as they launch a compliant cannabis business in a newly legal state. Non-compliant businesses face the risk of being shut down and attract negative attention to the cannabis industry. Cutting across these categories is the team.
Compliance in the cannabis industry is fraught with risk across areas like licensing, equipment, testing, distribution, and retail sales – and insurance professionals are a big part of addressing all of that (or they should be). Big trends and developments in compliance. Compliance standards, and the toughest states.
The Santa Barbara County Board of Supervisors will hear an update on cannabis tax collection in the last quarter of the fiscal year 2020-2021 during its regular meeting on Tuesday. During the last fiscal quarter that ended June 30, the county collected about $3.8 million in gross tax receipts paid by 58 operators.
Marijuana regulators in Oakland, California, have begun referring a handful of social equity licensees to the city’s collections department after they defaulted on loans intended to help get their companies started. About 60% are “in compliance” with the terms of the loan, according to the report.
The Hawthorne Collective to Invest $150 million in Canadian-based RIV Capital. To that end, The Hawthorne Collective will provide a $150 million convertible loan to Toronto-based RIV Capital (TSX: RIV) (OTC: CNPOF), a cannabis investment and acquisition firm currently listed on the Toronto Stock Exchange. MARYSVILLE, Ohio, Aug.
According to its sponsors and supporters, the Safe and Fair Enforcement (‘SAFE’) Banking Act would help address the challenges faced by small cannabis businesses that cannot currently access banking services or loans. Promote compliance with state and local regulatory requirements regarding business ownership.
–(BUSINESS WIRE)–Cannabis compliance consulting firms Allay Consulting , iComply Cannabis , GMP Collective and TraceTrust today announced the formation of the Cannabis Compliance Alliance , a collaborative group created to put the cannabis industry on the same footing as mainstream business sectors.
It’s almost two years in, California city has 11 marijuana businesses in operation now, with about 50 more working their way through the planning process but there’s still no official cannabis compliance officer. She also found businesses that had changed their names and contact information without notifying the city.
Starting April 1st, Cannabis Operators Face CEQA Compliance Requirements for State Licenses. She also serves on the firm’s Diversity and Inclusion Committee, the Recruiting Committee, and the Latin Business Team. CEQA Compliance and Consequences to Cannabis Operators. Tuesday, April 12, 2022. Whitney Hodges. 714-424-8257.
Regis Mohawk Tribe has established an entire regulatory structure within its jurisdiction and will award licenses to tribal members and tribal businesses. This is different from the route many other tribes have taken, which often set up tribally owned and operated marijuana businesses.
What constraints does the MRTA place on the location of these businesses? Applicants for licenses will also be evaluated based on how they minimize environmental impacts in the course of conducting their business. Licensing Considerations for Adult-Use Cannabis Operators in New York.
This week, a bipartisan coalition of more than 100 co-sponsors has reintroduced legislation in Congress, The Secure and Fair Enforcement Banking Act (SAFE Banking Act), HR 1595, to allow state-licensed marijuana-related businesses to engage freely in relationships with banks and other financial institutions. Legislation is pending, H.
Some highlights include expedited expungement for past misdemeanor marijuana convictions, a three-percent tax to be collected by or paid to municipalities wherever retail stores exist, and provisions to incentivize socio-economic, racial, and gender equity in the state’s cannabis industry. CA resident? HI resident? MT resident?
The weakness relates to the collection and remittance of Cannabis Excise Tax [“CET”] and Cannabis Cultivation Tax [“CCT”]. When the Distributor role was created, the California Legislature decided to place the majority of the collection and remittance responsibility on it [1]. “A
The guidance states, “Cannabis Loan Funds shall be used for ordinary and necessary expenses to start and operate a cannabis business.” All uses of the proceeds must be necessary for the Illinois business, supported by adequate proof of obligation and expenditure, and comply with all requirements of the loan program.
“The inaugural Hemp Grower Conference will be an opportunity for hemp industry stakeholders to come together to learn valuable market insights and discover grower-specific innovations and technology solutions that will bolster their businesses,” said Group Publisher Jim Gilbride. Louis Vega, Founder and CEO of ¡WEPA! View original article.
Financial institutions that work with marijuana businesses must conduct due diligence to ensure that marijuana businesses are complying with state law. That has made it very difficult for many hemp and hemp-derived CBD (“Hemp-CBD”) businesses to access bank accounts.
Cannabis remediation is the process of removing or reducing undesirable elements, contaminants, or pathogens from cannabis products to ensure the products safety, quality, and compliance with regulations. Remediation is usually performed when a cannabis crop has failed or is likely to fail testing.
The Core Business delivered strong organic growth 13 in H1 2021 (17% year-on-year) despite some of Eurofins’ businesses remaining affected by lockdowns during H1 2021. With organic revenues 13% above H1 2019 in H1 2021, Eurofins’ Core Business is once again leading the TIC industry in terms of organic growth.
Based on government agency data, when viewed collectively, Ionic Brands manufacturing partners’ amount to the fifth-largest wholesale operator in Washington by revenue for the period of 2020. Announces Record First Quarter of 2021 Proforma Financial Results and Provides Business Update appeared first on CannabisFN.
As we dive into the formation and operation of a cannabis business, we need to make a shameless plug for an article that is about how we think our clients can make the best use off our services. The core team of advisors should be selected, the composition of which will vary according to the size, nature and operations of the business. [We
The Pantheon Collective. . Lars is a very busy attorney picking up the pieces for clients after the outing of the Juicy Fields debacle. THE COMPLIANCE COUCH With SHERI TARR. Supplementary Information: QueerInCannabis. Devan’s Song: Big Time Sensuality by Björk. . INTERVIEW 2. SPECIAL SCOOP. INTERVIEW 3. 315:III.
This has created opportunities for businesses that work alongside cannabis dispensaries to tap into this growing market and increase their revenue. In this blog post, we'll highlight some of the ways your business can benefit from having a relationship with a cannabis dispensary.
Among these requirements is that if the producer is a business entity, the State or Tribe must collect and submit information that includes: The full name of the business, Address of the principal business, The location, full name and title of the “ key participants ”, An email address if available, and.
Attorney Charles Feldmann—former DEA Task Force Commander himself—understands government policy and utilizes his background to help his clients in the marijuana industry achieve and maintain strict compliance with state and federal regulations.
And this isn’t for lack of want — in fact in 2017 some forward thinking dispensaries had collection boxes for these products, although without scale they wound up just hoarding them as well. The only way to achieve this scale is to use dispensaries as the collection points, much like some were already doing back in 2017.”
The case primarily involves recordkeeping, compliance with reporting requirements, and the maintenance of a comprehensive system of internal accounting controls. 1 Alterman should be read by anyone contemplating engaging in commercial business within the cannabis industry. 1 IRC §6651(a)(1). 301.6651-1(c); U.S.
We provide technical and business advisory expertise to our clients in tax compliance, financial and business consulting, and accounting services. Help collect contact information and organize information in a coherent manor. Ensuring compliance with local and state cannabis regulations and respective taxes.
In addition, the licensees must execute a management agreement with a third-party operator to manage and operate the remaining facilities that the department will continue to permit in compliance with state law. California Steps Up Tax Collection Efforts. The CDTFA plans to escalate tax enforcement against legal cannabis businesses.
However, marijuana remains illegal under Federal law, and this creates an uncertain landscape for marijuana businesses in the preparation of their Federal income tax returns and in handling an IRS audit. In addition, marijuana businesses must be aware of cash handling issues. Section 280E, Business Expenses, and Costs of Goods Sold.
WSDA will apply the measurement of uncertainty (+/- 0.06%) outlined in the USDA’s interim hemp rules to the reported THC concentration to determine if hemp material is in compliance with the 2018 Farm Bill. The Plan also includes a detailed sampling protocol for testing hemp. ” Transportation.
David focuses on complex business and commercial litigation in state and federal courts involving data security and privacy, product liability and business disputes. The CCPA will require thousands of businesses, including cannabis businesses, to undertake significant compliance efforts or risk substantial penalties.
Additionally, it positions ezGreen to showcase its POS solution which includes fully customizable compliance reporting, workflow management, business analytics and more to dispensaries participating in city sanctioned cannabis events. ” About ezGreen.
This milestone speaks to the success of licensees that have interacted with the Commission from the application stage, maintained compliance with our strict regulations, and contribute every day to communities across the Commonwealth. Licensing, Agents, and Equity.
Although denied many standard “risk management tools” (like credit cards, bankruptcy law protection, and federal patents and trademarks), assembling a “risk management insurance, accounting and legal advisory team” could prevent an insufficiently prepared marijuana related businesses from foundering. . investing $3.88
Actions Designed to Provide Economic Relief and Business Opportunity in Face of Covid-19 Hardships. The changes including enacting temporary rules, licensing process changes, and waiving certain fees connected with business and licensing transactions. Here is their full release. March 20, 2020.
The imminent maturation (and consolidation ) of businesses and more concrete and consistent enforcement from regulators is taking longer. Unless you’ve been living under a rock, you know that the “collective model” died on January 9 of this year, and it’s not coming back. Screwy M&A. Crappy legal advice.
With tax revenue about a third of what was expected and with only about 800 of an anticipated 6,000 licensees open for business, the panel said, officials may need to consider “revisiting the ballot initiative process. Cannabis businesses that are properly structured, organized and operated can minimize the impact of high tax rates.
The Seed to Sale software is designed to amplify operations and automate compliance to promote exponential levels of success, profits, and growth. Data Collection: Input data directly off the scale or the warehouse floor, getting it digitized as fast as possible. How Seed to Sale Works.
– Integrated solution provides a single platform for compliance with vaccination status tracking and weekly testing requirements – STONY BROOK, N.Y. & –(BUSINESS WIRE)– $APDN #COVID19diagnostics — Applied DNA Sciences, Inc. & WATER MILL, N.Y.–(BUSINESS About Applied DNA Sciences.
A Business Plan. Sure, medical marijuana dispensaries aren’t viewed as a traditional business. Before you even begin shopping for a location, make sure you have a business plan that you can show investors. There are a number of ways that your skills can be used to develop a business. Fund your Business.
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