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IRS Launches Cannabis Industry-Focused Compliance Initiative

Cannabis Law Report

And, if you have employees helping you produce and sell federal Schedule I or II controlled substances (as many state-legal cannabis businesses do), you owe federal employment taxes as well. Collaborating with external stakeholders to increase an awareness of tax responsibilities to improve compliance.

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Protect Your Cannabis Business from Crime Risks

Canna Law Blog

Increasingly, cannabis businesses, particularly dispensaries, are targets for robbery or other criminal activity. The reason that cannabis businesses are being hit particularly hard is not hard to fathom. Federal law still treats cannabis as a Schedule I narcotic, which means businesses have limited access to banking.

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Are 504 Private Placement Security Offerings Allowed in Cannabis Businesses?

Canna Law Blog

We’ve written regularly about the plight of cannabis businesses not being able to secure traditional lending (and other financial services) from major, federally regulated institutions. Thus, the passive investment of capital into a cannabis business with the expectation of a return based on the success of the cannabis business is a security.

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Waitr Enters into Letter of Intent to Acquire a Dispensary Compliance POS Company

Cannabis Law Report

–(BUSINESS WIRE)–Waitr Holdings Inc. dba Cova (“Cova”), a leading point of sale (“POS”), inventory and compliance software business serving cannabis dispensary retailers in North America. Cova is an award-winning dispensary POS, inventory management and compliance platform designed to streamline cannabis retail.

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Cannabis Companies Need Security

Otherside Farms

Additionally, many dispensaries operate as cash-only businesses, which makes them vulnerable to robbery. In addition to these risks, there is also the threat of regulatory compliance violations. The footage should be stored in a secure location and only accessed by authorized personnel.

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UK’s Prohibition Partners Buys Canadian Publishing Outfit, Business of Cannabis

Cannabis Law Report

Prohibition Holdings Ltd (parent company of Prohibition Partners) today announces its 100% acquisition of Business of Cannabis to form the industry’s new leader in media and data as well as the largest B2B audience in cannabis. About Business of Cannabis. London, United Kingdom, August 4, 2021.

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Parallel bills to provide financial assistance for Social Equity Applicants

Illinois News Joint

House Bill 5562 and Senate Bill 3785 were introduced late Friday and would amend the Cannabis Regulation and Tax Act and provide lending support or private investment from the Cannabis Business Development Fund. To find cannabis-friendly events in Illinois, visit here. sponsored HB5562, and Sen. Kimberly A. Lightford sponsored SB3785.