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Budding Woes: Navigating the Weedy Waters of Cannabis Companies in Financial Distress

The Blunt Truth

STATE OF PLAY The United States Trustee Program (“USTP”), as the bankruptcy system watchdog, has long taken the position that the system may not be used as in instrument in committing a crime, and that trustees and estate fiduciaries may not administer assets in violation of federal criminal law. [1] Cal October 23, 2012). [5]

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Looking Back on 25 Years of California Cannabis: Growing Pains (STILL) Persist

Canna Law Blog

215, I was recently interviewed on KCRW to give my take on how California (and specifically the City of Los Angeles) has done when it comes to legalizing and licensing cannabis businesses. 215 legalized medical cannabis in 1996–it didn’t. 215 wasn’t about legalizing, regulating, and taxing cannabis at all.

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Tax Court’s decision in Harborside A Big Challenge For CA Cannabis Dispensaries

Cannabis Law Report

Tax Court has issued a final decision under Tax Court Rule 155 on the income tax deficiency for Patients Mutual Assistance Collective Corporation (“PMACC”), the Company’s 100% owned subsidiary and owner of the iconic Harborside Oakland cannabis dispensary. million for the fiscal years 2007 through 2012.

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Three Tax Court Judges Find Section 280E Unconstitutional

Greenspoon Marder Cannabis Law Group Blog

The respondent, the Internal Revenue Service (“IRS”), issued the petitioner a Notice of Deficiency, claiming “a deficiency in petitioner’s 2012 income tax of $1,264,212 and an accuracy-related penalty under section 6662(a) of $252,842.40.” [2] The Sixteenth Amendment permits Congress to “collect taxes on incomes.” [8]

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New Study Says. Not One California Dispensary Caught Selling to Minors

Cannabis Law Report

Instead, adult-use dispensaries in the state are proving the system works by checking IDs as required by state law. The study , entitled “What is the likelihood that underage youth can obtain marijuana from licensed recreational marijuana outlets in California, a state where recreational marijuana is legal?”

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Federal Drug Law Presents Few Obstacles for Cannabis Patents

Cannabis Law Report

As of the date of publication, marijuana is legal for medical use in 33 states and the District of Columbia, while it is legal for recreational use in 11 states and the District of Columbia. Pure Hemp Collective, Inc. , Its use for any purpose remains illegal at the federal level. Are They Enforceable?

Law 40
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International and Cross-Border Tax Issues in the Cannabis Industry

Greenspoon Marder Cannabis Law Group Blog

The courts have consistently held that marijuana dispensaries operating in compliance with state law are trafficking in controlled substances and are subject to Section 280E.[11] The Tax Court in Patients Mutual [15] Assistance Collective Coop. United States , 313 F.2d 11] Patients Mutual Assistance Collective Coop.