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There is no doubt that the COVID-19 pandemic is adversely impacting businesses around the world, and smaller businesses especially. According to a recent report by Leafy.com , the state-licensed cannabis industry employs more than 240,000 American workers. even if the business is legal under local or state law.”
“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.
Our cannabisbusiness attorneys regularly handle transactions involving the purchase and sale of licensed cannabisbusinesses. These deals often move fast, with brokers rushing both sides toward closingfrequently without regard for applicable diligence and cannabis regulations. Know the red flags and find them.
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.
Speaker: Jonathan Bench, International Cannabis and Securities Business Attorney at Harris Bricken
cannabis industry is still in its infancy, even though states began engaging with legalization in one form or another in the late 1990s. Today, many opportunities exist for individuals and businesses that want to engage in the industry. cannabis marketplace. The current state of the U.S.
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 with the United States Small Business Administration (SBA) have reaffirmed that state-licensed cannabisbusinesses 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.
For the past decade, Ive taken several calls a week from individuals making a play in the cannabis industry. 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. Sometimes, its more than ten hours too. Dont dodge!
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.
As NORML’s political director, it’s my job to go to Capitol Hill and engage in face-to-face conversations with lawmakers and their staff about the failures of cannabis prohibition and the need for reform. If you want to see a robust consumer-oriented cannabis marketplace, then we must act now to protect these small businesses.
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 cannabisbusinesses due to federal marijuana criminalization.
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? Some industries are relatively low-risk (spoiler: cannabis is not one of them).
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.
Cannabisbusinesses share the modern environment of extremely high data security risk. The cannabis industry occupies a unique spot when it comes to user data security.
Cannabis is here and here to stay. 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.”.
A new study by Whitney Economics has discovered excessive tax burdens placed on cannabisbusinesses as a result of Section 280E. The post Analysis: State-Licensed CannabisBusinesses Paid Nearly $2 Billion In Excess Taxes in 2022 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. House Small Business Committee Chairwoman Nydia Velázquez along with Representatives Jared Golden and Dwight Evans introduced a package of legislation, ( H.R.
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 CannabisBusinesses Access to Banking Services appeared first on NORML.
The Small Business Tax Equity Act provides an exemption for state-licensed cannabisbusinesses from federal tax code 280E, which prevents anyone engaged in the trade of certain federally prohibited substances from deducting business expenses.
The First Circuit decision means the feds are still entitled to enforce the criminal provisions of the federal Controlled Substances Act (CSA) against against state-licensed marijuana businesses. to enact medical marijuana; and that 23 states have created non-medical, regulated cannabis markets. Or from anywhere to Canada.
Excess tax burdens imposed on state-legal cannabisbusinesses are destroying their profitability. The post 280E is Harming Legal CannabisBusinesses; These States are Legislating Change appeared first on NORML. These states are legislating change.
The post Poll: Majority of Americans Support Legalizing Marijuana, Expunging Past Convictions, and Allowing Banks to Work with CannabisBusinesses appeared first on NORML.
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.
"Marylanders already pay a premium tax on retail cannabis products. 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." Raising these taxes even higher will undoubtedly drive prices out of reach for some consumers.
Australia Cannabis Q&A A. Is cannabis legal for business purposes in Australia? Growing cannabis for personal use remains illegal in most Australian states and territories. Industrial hemp (low-THC cannabis) is regulated under separate licensing frameworks in most Australian jurisdictions.
With so many unsubstantiated claims being made regarding cannabis and staying safe during the COVID-19 outbreak, we’ve compiled a list of resources for consumers and ways your activism can thrive during social distancing. We all know a large part of what binds cannabis consumers together is community and sharing. Download tips.
A budding cannabisbusiness stands to take the market and competition by storm. But it comes down to thoughtful interior design hacks like these. Read More
Drug Enforcement Administration (DEA) will move to reclassify cannabis — a historic shift that could have wide ripple effects across the country. What could the implications be for patients on their medical cannabis journey? Rescheduling would stand to have the largest impact on cannabis research and business taxes.
Starting a cannabisbusiness can be both exciting and challenging. With the rapid expansion of the cannabis industry, entrepreneurs face a range of legal and regulatory hurdles that can make the process daunting. One of the most significant legal hurdles in the cannabis industry is dealing with land use and zoning regulations.
There are many ways to set up a cannabisbusiness, 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 new rule will encourage more inclusiveness and diversity in Washington's growing cannabis industry.". The post Washington: New Rule Expands the Pool of Those Eligible for Marijuana Business Licenses appeared first on NORML.
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.
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 cannabisbusiness disputes. CannabisBusiness Agreements and Structures.
Charlie Baker has signed legislation into law that seeks to promote greater diversity among those participating in the state’s licensed cannabis industry and that lays the groundwork for the establishment of on-site cannabis consumption facilities.
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.
The severe drop in wholesale cannabis prices in many states over the past year can be traced to a few key factors: Regulatory missteps, high taxes for consumers, and competition from still-thriving illicit markets are contributing to the industry’s current woes. What’s the Best Move for a CannabisBusiness License Holder?
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 the new online portal for cannabisbusinesses. Heres what cannabisbusiness establishments need to know for a successful transition. What Does the Online Transition Mean for Your Business?
The Illinois Department of Agriculture (IDOA) recently released two press announcements dealing with new online portals for cannabisbusinesses. The second announcement (see previous article for first announcement ) focused on the implementation of a paperless registration system for cannabisbusinesses.
Cannabisbusinesses are usually structured as limited liability companies (LLCs)and for good reason. Below, we look at a few critical reasons why cannabis LLCs shouldn’t operate without one. Below, we look at a few critical reasons why cannabis LLCs shouldn’t operate without one. But thats a major misstep.
Illinois officials recently released the Annual Cannabis Report for Fiscal Year 2024. The 144-page report, compiled by the Cannabis Regulation Oversight Office (CROO), incorporates data from several state departments. Increase public outreach with the industry, newcomers to cannabis, advocacy groups, and the general public.
Members of the House of Representatives voted 321 to 103 in favor, representing 79% of the vote of 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.
For many cannabis brands, licensing their trademarks can be a savvy business move (for more information on cannabis trademarks generally, check out our webinar, Trademarking Cannabis: Cutting Through the Legal Haze ). Heres what you need to know if youre thinking about licensing your cannabis brand.
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