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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.
Our cannabis business attorneys regularly handle transactions involving the purchase and sale of licensed cannabis businesses. Laws and compliance obligations for cannabis businesses can vary widely by state, county, and city. Failing to verify these items could leave you owning a cannabis business that cant legally operate.
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.
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 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.
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.
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.
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.
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.
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.
Cannabis businesses share the modern environment of extremely high data security risk. The cannabis industry occupies a unique spot when it comes to user data security.
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.
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.
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.
Choosing the Right Business Entity in the Cannabis Industry One of the most fundamental questions facing any entrepreneur – whether in the cannabis industry or elsewhere – is: What type of business entity should I choose? Will you own 50% of the business, but your partner wants to claim 100% of the early losses?)
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.
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.
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.".
The post Poll: Majority of Americans Support Legalizing Marijuana, Expunging Past Convictions, and Allowing Banks to Work with Cannabis Businesses appeared first on NORML.
They will also hurt state-licensed businesses, many of which have already invested millions of dollars in up-front costs and are still struggling to break even." "Marylanders already pay a premium tax on retail cannabis products. Raising these taxes even higher will undoubtedly drive prices out of reach for some consumers.
Starting a cannabis business can be both exciting and challenging. Lawyers specializing in cannabis law are well-equipped to handle the specific challenges of obtaining a business license and growing your operation. The specific licenses required for your cannabis business will depend on the type of operation you’re running.
There are many ways to set up a cannabis business, and we like to think that we’ve seen them all. But there’s probably no worse category than 50/50 ownership of a business– a recipe for all sorts of disasters. Most partners are aligned at first, but over time a business will have its ups and downs. This is bad!
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.
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.
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.
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.
The first will be held on Wednesday, June 19th, in the Small Business Committee, entitled Unlocked Potential? Small Businesses in the Cannabis Industry.
Is cannabis legal for business purposes in Australia? Cannabis businesses must comply with several laws, including: Narcotic Drugs Act 1967 regulates cannabis cultivation and manufacture for medicinal or scientific purposes. Laws apply to business activities of all kinds at the local government level. The specific license type.
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