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.

House Committee on Small Business Holds Hearing On Cannabis

NORML

Today, the House Committee on Small Business held a hearing entitled Unlocked Potential? Currently, the SBA is prohibited from providing support, guidance, or microloans to small businesses in the cannabis industry, unlike every other sector of the economy.

Trending Sources

Chairwoman Velázquez Introduced Bill To End Marijuana Prohibition And Promote Small Businesses

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.

Weedmaps to stop advertising unlicensed pot businesses

Cannabis Life Network

LOS ANGELES — The major online pot shop directory and cannabis marketplace Weedmaps announced this Wednesday that it will no longer allow black-market businesses to advertise on its site. Blog Business Cannabis Legalization Editorial Featured Marijuana News dispensary pot shop Weed Maps

Is Bankruptcy Protection on the Horizon for Cannabis Businesses?

Canna Law Blog

After filing for bankruptcy, the debtor-landlord continued to accept rent from the cannabis business. The debtor-landlord proposed a plan of reorganization that would pay off its debts, which included some of the rent received from the cannabis business. Business Basics Legal Issues

Marijuana Business Financing: Tough Questions From Investors

Canna Law Blog

As veteran marijuana business owners (and virtually every other type of industry owners) know, there may come a point in time in the business when you are sitting across the table from someone who is offering to put money into your business. Business Basics Finance/Investment

How to join boom in cannabis business

Cannabis Chronicles

Investors have taken note, pumping $10 billion into North American cannabis businesses last year — a good sign for budding entrepreneurs hoping to cash in on the green rush. To succeed, you need more than a solid business plan and ace team (though those are crucial, too).

Visa Stops Processing CBD Business

Cannabis Law Report

As of , May 15, many CBD business had yet another obstacle thrown in their path when they were notified that they could no longer accept Visa payments on their sites. They write.

Businesses grow around NM medical cannabis producers

The NM Political Report | Medical Cannabis Program

As New Mexico lawmakers try to come up with a legislative proposal to legalize recreational cannabis that might ease the apprehension of some of their colleagues, there is already a group of business owners already laying the groundwork for a post-legalization world.

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.

Law 360: California Senate OKs Tax Breaks For Cannabis Businesses

Cannabis Law Report

California’s legal cannabis businesses would be allowed to claim tax deductions or credits for business expenses under a bill recently passed by the state Senate.

How to Get a Credit Union Account for Your Hemp Business

Canna Law Blog

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.

Yes, Washington, You Really Need Cannabis Business Insurance

Canna Law Blog

In a prior post I discussed some general insurance issues for cannabis business owners to consider. Today we’ll take a deep dive into Washington State insurance for cannabis businesses. For those who enjoy a bit of historical grounding , the first business insurance policies in the U.S.

National Credit Union Administration Issues Statement About Serving Hemp Businesses

Cannabis Law Report

Citing growth in hemp-related commerce, the NCUA emphasized the need for credit unions to understand the gamut of regulation across jurisdictions in order to lend lawfully to hemp-related businesses. By Tonya M. Esposito & Renee B. Appel on September 10, 2019.

5 years in, Washington considers overhaul of pot business regulation

Cannabis Life Network

SEATTLE — Five years after Washington launched its pioneering legal marijuana market (pot business). The officials are proposing an overhaul of the state’s industry rules with: Plans for boosting minority ownership of pot business Paving the way for home deliveries of medical cannabis Letting the smallest growers increase the size of their operations/pot business to […].

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.

Cannabis Business Reality – Conference Agenda Mismatch

Cannabis Law Report

Cannabis Business Reality – Conference Agenda Mismatch – For those of you who read our post regularly, it is no surprise that we have been “beating a drum” over problems within the cannabis industry in California that focus on licensing and the underground market.

Michigan Dispensary Marketing Agency Helps Cannabis Businesses Grow

Canna Newswire

July 2, 2019 / Canna Newswire / – With the recent legalization of marijuana in the state of Michigan, dispensaries, growers, and cannabis-related businesses are beginning to open shop. “Having a unique sales proposition and ongoing marketing campaign is critical for business owners who sell cannabis products and services,” says Brian Boyer, owner of Top Smoke Marketing. TRAVERSE CITY, Mich.

Hemp Business Journal Publish: State of Hemp 2019 Report

Cannabis Law Report

Here’s what they say it covers. This report covers: 2018 Farm Bill insights and analysis: opportunities for operators and investors following the historic passage of the 2018 Farm Bill. Key developments shaping the hemp and CBD market in the U.S. and globally.

Hemp 56

Advocates Ask Maine to Put Locals, Small Businesses First

Leafly

The post Advocates Ask Maine to Put Locals, Small Businesses First appeared first on Leafly. The state needs to use the rules to prevent corporate marijuana interests from overrunning the state's small cannabis industry, dispensary owners said.

Oregon: Deschutes County Imposes Moratorium On Grow & Processing Businesses

Cannabis Law Report

Existing businesses, as well as any kind of marijuana operation in a city, will not be affected regardless of whether voters decide to opt out of approving marijuana business.

Compliance over Enforcement: The New Normal For Washington Marijuana Businesses

Canna Law Blog

” Technical Assistance Programs are designed to allow state agencies to collaborate with individuals and businesses subject to that agency’s regulations without issuing civil penalties. On July 28, 2019, Senate Bill 5318 (“ SB 5318 “) went into effect.

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.

The STATES Act Reintroduced: Bipartisan Measure Limits Federal Government’s Ability To Interfere With State-Sanctioned Marijuana Business, Policies

NORML

This Act amends the Controlled Substances Act to reduce the number of instances in which federal law enforcement agencies could carry out legal actions against state-licensed cannabis businesses or other related enterprises. ” The STATES Act joins multiple bills have been filed to amend the Controlled Substances Act to restrict federal enforcement actions against state-legal marijuana businesses.

Policy 146

National Credit Union Administration Issues Statement About Serving Hemp Businesses

The Blunt Truth

Citing growth in hemp-related commerce, the NCUA emphasized the need for credit unions to understand the gamut of regulation across jurisdictions in order to lend lawfully to hemp-related businesses. Second , credit unions that service hemp-related businesses operating under the 2014 Farm Bill pilot provisions need to also understand the state laws, regulations, and agreements under which such businesses operate.

Law 360 Article: Cannabis Business Asks Tax Court To Restore $US600K In Business Deductions

Cannabis Law Report

You will need a paid sub to see full article. Pot Shop Asks Tax Court To Restore $600K In Biz Deductions. By David Hansen · July 18, 2019, 4:04 PM EDT. A Colorado marijuana dispensary has asked the U.S.

Green Market Report Article: Maximizing the Tax Deduction for Business Expenses of a Cannabis Business

Cannabis Law Report

Despite the legalization of cannabis on a state-by-state basis, federal tax laws continue to limit the availability of certain tax benefits for businesses engaged in cannabis production and sales. By Lewis Taub, CPA, Director of Tax, Berkowitz Pollack Brant.

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.

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.

Here’s A UK Business That’s Treading On Very Thin Ice

Cannabis Law Report

Mr Chu may well find that he has just jumped into a pit of vipers with this business venture. Co-founder, Ricky Chu, set up the shop with his business partner after they went into the wellbeing industry, and after having his own beneficial experience with CBD.

CBD 72

Weedmaps Decision To De-List Unlicensed Cannabis Businesses Is To Head Off Lawsuit At The Pass

Cannabis Law Report

The decision by Weedmaps to cease carrying ads for unlicensed cannabis businesses is a critical step for wiping out the black market industry that undercuts legal retailers that play by the rules,” said Manny Medrano, a Zuber Lawler litigation partner. “It’s

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”].

Kamala Harris Proposes Loaning Government Funds to ‘Disadvantaged’ Marijuana Business Owners

Cannabis Law Report

plans to make government loans available to “economically and socially disadvantaged” Americans seeking to launch marijuana businesses, she revealed as part of a broader criminal justice plan released Monday. The National Review reports… Senator Kamala Harris (D., Calif.)

Health Canada’s New Licensing Requirements Favour Larger Marijuana Businesses

WeedAdvisor

Legalization brought plenty of concerns, but one issue that preceded the October 17 th , 2018 deadline was how small businesses would access the industry. However, industry experts say “…the new rules are making the market less accessible for smaller businesses.”.

Cannabis Real Estate Leases: The Roots of Your Cannabis Business, Part 1

Canna Law Blog

The structure of the leasing relationship and the terms of the lease are key components, both for getting funds out of the primary business and mitigating your risks, of which there can be many. Business Basics Real Estate Recreational MarijuanaThese leases are different, you know.

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.

Canadian Cannabis Businesses Flocking to Colombia as Medical Market Grows

WeedAdvisor

But as Canadian companies got involved with their Colombian counterparts through acquisitions, independent operations or partnerships, the need for a streamlined, reliable system of business solutions became paramount.

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.