Businesses Need Bank Accounts; Marijuana Shops Included

NORML

Imagine operating a business without a bank account. Imagine being forbidden from letting your customers pay for purchases with a credit card, or being able to ask a bank for a small business loan. This is the reality of hundreds of small and medium-sized business owners throughout the country who are engaging in the emerging cannabis marketplace. Currently, state-licensed marijuana businesses face a web of conflicting regulations.

First Arkansas Dispensaries Now Open for Business

Leafly

The post First Arkansas Dispensaries Now Open for Business appeared first on Leafly. After a long wait, Arkansas's first two medical cannabis dispensaries have opened in Hot Springs—but long wait times and product shortages are expected.

Congress looks into allowing banking for marijuana businesses

SpeedWeed

lawmakers are once again exploring efforts to allow legal cannabis businesses access to banks. The lack of banking services has forced many business owners to risk getting robbed by stashing large amounts of cash, or to resort to money laundering.

Support These Charitable Cannabis Business That Give Back

Leafly

Speak with your wallet and donate to good causes with the help of these charitable cannabis businesses. The post Support These Charitable Cannabis Business That Give Back appeared first on Leafly. Lifestyle dispensaries

New Model Ordinance’s Envisioned To Promote Small Businesses and Inclusivity

NORML

This week, the Minority Cannabis Business Association unveiled their Municipal Ordinance model on how localities can administer new business licenses in a fashion that promote minority entrepreneurs and ensure that the emerging industry will not be dominated by a flood on new investors who have not been harmed by the consequences of prohibition.

NY: CPA & Business Advisory Service Launches Cannabis & Hemp Advisory Practice

Cannabis Law Report

DKB’s expertise and experience with other regulated industries, especially the alcoholic beverage market, can help make sure businesses get it right. Careful planning surrounding 280E is one of the many ways that DKB will help cannabis business owners maximize after tax cash.

Accounting Today Publish Article, “Special tax issues for cannabis businesses”

Cannabis Law Report

They write……… It’s tax time for everyone, but for entrepreneurs in the rapidly growing cannabis business, it’s a particular challenge.

How Risk Management Can Make Marijuana Businesses Bulletproof

Cannabis Law Report

Indentifying Marijuana Related Businesses’ Loss Exposure. billion, and marijuana stocks trading on Canadian exchanges, cannabis is officially big business and in dire need of risk management. If you wish to re-publish this story please do so with following accreditation.

Social use cannabis is now permanent in Denver, opening the door for new business.

MJ Business Attorneys

The Denver City Council voted 10-1 in favor of lifting the 2020 sunset date on social use cannabis businesses. While it is legal to buy and consume cannabis is Colorado, there are only two businesses in Denver that will allow you to vape or consume edibles on the premises.

California: Guidance – Micro-business – Multi-License

Cannabis Law Report

Guidance – Micro-business – Multi-License. Guidance – Micro-business – Multi-License – CDTFA has published a new notice that provides new guidance to the holders of multiple cannabis licenses with respect to the calculation of Cannabis Excise Tax [CET”].

Florida adds eight more medical marijuana business licensees

Cannabis Law Report

Florida adds eight more medical marijuana business licensees. The state will grant the additional licenses to companies that failed to gain approval during the first round of licensing in 2015, the News Service of Florida reported. See the full report at MJ Biz.

Tax Consequences to Cannabis Businesses of Licensing Delays

Cannabis Law Report

471 include: Small businesses which have average gross receipts for three trailing years of less than $25 million [1] and are not a tax shelter [2] may rely on their book method of determining COGS for tax purposes.

The Business of Marijuana in Oregon: Join Us May 17!

Canna Law Blog

In exactly two weeks, on May 17, 2019, our own Vince Sliwoski will co-chair an all-day continuing legal education (CLE) event in Portland called The Business of Marijuana in Oregon , along with Danica Hibpshman, Director of Statewide Licensing at the Oregon Liquor Control Commission (OLCC).

Hoban Law Brings On A Director of Business Development

Cannabis Law Report

Halston launched her career in the Denver area, starting off in the beverage industry, where she began to develop her sales and networking skills with an eye for marketing and business development.

Law 75

Record Keeping for Marijuana Businesses

Connor & Connor PLLC

Good record keeping is essential to ensuring your marijuana business runs smoothly. Not only does it allow you to track your business’ progress and stay organized, it also helps your business remain in compliance, as some records are required to be kept by law and can be subject to inspection by government officials. Additionally, you should always be tracking and recording the amount of marijuana that is stored at your business.

Mnuchin Says “Opportunity Zone Tax Breaks for Cannabis Businesses?” Aren’t Viable

Cannabis Law Report

Bloomberg reports… Treasury Secretary Steven Mnuchin advised against leveraging the 2017 tax law’s opportunity zone tax incentives to fund a marijuana business, even those that are legal at the state level. Lankford said he didn’t believe such businesses should qualify. .

North Dakota’s First Medical Cannabis Dispensary Is Open for Business

Leafly

The post North Dakota’s First Medical Cannabis Dispensary Is Open for Business appeared first on Leafly. Patients who visit The Botanist will find themselves walking into a room that has the feel of a spa or salon, with wood floors and two large display cases illuminated by hanging lights. Industry dispensaries legalization medical marijuana north dakota

The Key to Success for California Cannabis Businesses – Managing Tax Liabilities

Cannabis Law Report

The key to the long-term success of every medical or adult-use cannabis business in California will be found in the management of tax liabilities. We are, of course, addressing the long-term success of fully-licensed, fully-compliant, fully tax-reporting California cannabis businesses.

How Risk Management Can Make Marijuana Businesses Bulletproof (or at Least Bullet Resistant)

Cannabis Law Report

However, when armed with decent risk management fundamentals, a marijuana related business can diminish most horrible outcomes, fortify the enterprise’s sustained growth, and maybe even get rich along the way. Indentifying marijuana related businesses’ loss exposure. Steve Schain.

Bank On It: One Step Closer to Cannabis Business Banking

Greenspoon Marder Cannabis Law Group Blog

The House Financial Services Committee yesterday approved legislation that would help financial institutions serve cannabis businesses operating in legalized states. and would allow banks and credit unions to work with growers, dispensaries and other marijuana-related businesses. The post Bank On It: One Step Closer to Cannabis Business Banking appeared first on Greenspoon Marder Cannabis Law. By: Rachel Gillette , Partner and Cannabis Law Practice Chair.

Bridge West Event: Accounting and Tax Strategies for Cannabis, CBD, and Hemp Businesses

Cannabis Law Report

Jim Marty, CEO, and Cory Parnell, COO, of Bridge West LLC will discuss the accounting and tax issues facing cannabis and hemp businesses. Seminar attendees will learn how to navigate the ever-changing accounting and tax landscape in the cannabis, CBD, and hemp industries.

I’m A Business Owner Who Uses Cannabis & CBD For Anxiety

Miss Marijuana

This story comes from Alexa, a cannabis enthusiast and business owner who uses CBD for anxiety. Here’s how she uses cannabis and CBD to reduce stress and relieve anxiety so that she can run her business like the girl boss she is.

Get It Right: California Cannabis Business Lease Agreements

Above The Law

Marijuana Real Estate Business Lease Agreements California Cannabis Cannabis Lease Agreements Harris Bricken Hilary Bricken Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA

MJ Biz – Chart of the Week: California marijuana business licenses expiring at a rapid clip

Cannabis Law Report

Chart of the Week: California marijuana business licenses expiring at a rapid clip. Read more and see their chart at and as MJ biz finish their reportwith.

Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses

Cannabis Law Report

Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses. Hearings. Subcommittee on Consumer Protection and Financial Institutions. f t # e. 2128 RHOB, 0 Wednesday, February 13, 2019 @ 02:00. Click here for the Committee Memorandum. Legislation.

Portland Awards Cannabis Grants to Minority Owned Cannabis Businesses

Canna Law Blog

We have been skeptical of cities being involved in the licensing cannabis businesses in the past. Cannabis businesses are taxed and regulated heavily enough at the state level–why involve cities as well?

5 Must-See Cannabis Business Talks in San Francisco This Friday

Leafly

The International Cannabis Business Conference brings a heady whirlwind of key panels to San Francisco all day Friday—sponsored in part by Leafly. The post 5 Must-See Cannabis Business Talks in San Francisco This Friday appeared first on Leafly. Here's what you should not miss. Industry adult-use cannabis b2b California

Judge halts licensing process for 7 commercial cannabis businesses in San Bernardino

Cannabis Law Report

The report says……A week after San Bernardino city leaders approved 16 commercial cannabis businesses , a local judge halted the licensing process for seven of them.

Dear Cannabis Business Owners: Clear Your Marks Before Investing in Branding

Canna Law Blog

Choosing a name and a brand that will not infringe the trademark rights of anyone else is critical, because even though your marijuana business might not be able to obtain a trademark of its own, other business owners can.

Common Tax Litigation Situations Marijuana Businesses May Encounter

Connor & Connor PLLC

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. This article addresses a few of the common tax issues facing marijuana businesses and why these businesses should seek the advice of a tax lawyer in any communications with the Internal Revenue Service.

Denver City Council Votes 10-1 “the city should permanently allow“social” cannabis use at certain businesses in the city.”

Cannabis Law Report

On Monday night, the Denver City Council decided in a 10-1 vote that the city should permanently allow “social” cannabis use at certain businesses in the city. The change is meant to give some stability to businesses where people can vaporize or eat marijuana legally.

Alterman Opinion Suggests Cannabis Businesses Apply Double Diligence In Records Keeping

Cannabis Law Report

In addition, the taxpayer must have exercised ordinary business care and prudence in determining whether to obtain additional advice based on the taxpayer’s own information and knowledge. Diligence is required of a cannabis industry business in vetting professionals [e.g.

The Cannabis World Comes To Portland For The Global Cannabis Business Development Conference

Cannabis Law Report

I recently had the unbelievably good fortune to be a participant, attendee and a featured speaker at the Global Cannabis Business Development Conference held in Portland, Oregon last week. If you wish to re-publish this story please do so with following accreditation. AUTHOR: Rob Hendrix.

Minority Cannabis Business Association Releases Model Municipal Social Equity Ordinance for Nationwide Adoption

Cannabis Law Report

Members of the Minority Cannabis Business Association (MCBA) unveiled their latest model policy recommendation to lawmakers and cannabis regulators, this time releasing a Model Municipal Social Equity Ordinance to be adopted by local governments throughout the country.

Article – Quartz: Here’s how much marijuana businesses pay in taxes

Cannabis Law Report

Read the full article at. link]. Here’s a chart Quartz compiled. State. Grower tax, flower. Grower tax, trim. Excise and sales taxes. Alaska. 50/oz. 15/oz. By locality. California. 9.25/oz. 2.75/oz. By locality. Colorado. 15% on sales from grower to retailer; 15% on retail sales. Massachusetts.

Federal Legislation to Allow Banks to Work with State-Legal Marijuana Businesses Advances in the House

The Joint Blog

Federal legislation that would allow banks and other financial institutions to provide services to marijuana businesses that are legal under their state’s law has been passed by a key House panel.

Avoiding OG Legal Counsel: 5 Worst Pieces Of Legal Advice For California Cannabis Businesses

Above The Law

California Marijuana Cannabis Cannabis Businesses Harris Bricken Hilary Bricken Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA We hope you haven't done any of these stupid things.

Banking for Marijuana Businesses on the Rise

Garvey Schubert Barer - Cannabis Business

The Financial Crimes Enforcement Network (“FinCen”) issued a Marijuana Related Business update in June with data from the first quarter of 2017.

Weekend Unlimited’s Orchard Heights Signs LOI With Boggy Boon to Accelerate Washington State Business Expansion

Canna Newswire

The post Weekend Unlimited’s Orchard Heights Signs LOI With Boggy Boon to Accelerate Washington State Business Expansion appeared first on Canna Newswire.

Will Banks be Able to Play it SAFE with Marijuana Related Businesses?

The Blunt Truth

institutions interested in providing banking services to marijuana related businesses (MRBs). Marijuana is estimated to be a $10 billion industry and rapidly growing. Almost all of it is conducted in cash. Although legal in thirty three states plus Washington, D.C., Puerto Rico and Guam, marijuana remains illegal at the federal level.