This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
“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.
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.
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. The ancillary businesses surrounding these industries where people and businesses are profiting.
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.
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.
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.
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.
The post Poll: Majority of Americans Support Legalizing Marijuana, Expunging Past Convictions, and Allowing Banks to Work with Cannabis Businesses appeared first on NORML.
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.
House Small Business Committee Chairwoman Nydia Velázquez along with Representatives Jared Golden and Dwight Evans introduced a package of legislation, ( H.R. Moreover, an estimated 73 million Americans now reside in the ten states where anyone over the age of 21 may possess cannabis legally. 3540 , H.R. 3543 , and H.R.
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.
I would add that, as applied to legal matters, an hour of planning can save ten hours of doing, as well as undoing. Some of these callers havent yet taken any formal steps; others are partway down the road, amid some episode with legal atmospherics; and a third group is similar to the second group, but dealing with self-inflicted wounds.
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. Together, we’re going to legalize cannabis nationwide.
A complex and comprehensive plan laid out in over 200 pages of legislative text, the CRTA would implement one of the most tightly regulated, highly taxed and heavily controlled legal cannabis markets in the world. It also creates on-site consumption licenses for retail facilities to apply for.
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. Currently, state-licensed marijuana businesses face a web of conflicting regulations.
“HB150 will reduce arrests and create much needed jobs and business opportunities for our city and state to help reduce the unemployment rate, especially post-pandemic.”. The post Wilmington, Delaware City Council Votes to Support Cannabis Legalization appeared first on NORML.
“The refusal [of the federal government] to acknowledge the existence of legal cannabis jobs is a powerful act of shaming and stigmatization,” the report concludes. … If cannabis industry jobs were tallied like other jobs, … legal cannabis would be acknowledged as the fastest growing industry in America.”
Texas has one such cannabis program in flux, with a new bill being introduced that may change the legality of recreational marijuana within the state. What is the current legal status of cannabis in Texas, and what potential changes are on the horizon? Well examine these questions to get a holistic view of the situation.
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.
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?)
Allows the existing state-legal marijuana industry to access financial services and enjoy the standard tax treatment available to all legalbusinesses. This also will pave the way for more scientific and medical research.
"I'm calling on the legislature to to legalize recreational marijuana, with the revenue going to: small business grant funding [and] restorative justice programs.".
Commenting on the new findings, NORML Executive Director Erik Altieri said, “The federal government needs to deschedule marijuana to allow states to better and more fully benefit from the economic growth engine that is the legal marijuana industry.
NORML Canada launches official Post-Legalization platform to focus advocacy efforts on reforming Canada’s legal Cannabis system. Our goal is to ensure consumers have ease of access to legal cannabis products, access to medical dispensaries, access to world-class product options, as well as access to affordable legal options.
Its provocative kicker states: Much of whats sold as hemp today isnt hemp at all its a mix of synthetic intoxicants and illicit THC masquerading as a legal, natural product. There’s also THCP, THCO, HHC, and others that can’t be made from CBD starter material and thus are outside the legal definition of “hemp.”
be creating undue barriers of entry for those seeking to participate in the legal adult use marketplace," she said. The post Washington: New Rule Expands the Pool of Those Eligible for Marijuana Business Licenses appeared first on NORML.
When it comes to any hot-button issue like cannabis legalization, there are always two sides, often without much middle ground. For those looking through a pro-legalization lens, efforts to continue federal prohibition and bar states from legalizing should be a thing of the past. Current Anti-Legalization Efforts in the U.S.
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.
The most essential component in creating a stable business environment to meet consumer demand is certainty, and that is what states and businesses would have with Congressman Correa’s legislation to protect state-lawful programs from potential rouge US Attorneys under a Department of Justice likely to be led by known drug warrior William Barr.
Lawmakers in several states have recently moved forward legislative proposals to either legalize or decriminalize marijuana-related activities. LEGALIZATION. Chris Sununu, who has pledged to veto any legalization bill, “regardless of what the language looks like.”
Chief Petitioners Madeline Martinez, Leia Flynn, and Angela Bacca filed a ballot measure to be known as “The Legalization Justice Act of 2020” at the Oregon State Capitol on Monday, March 18. The OJL seeks to right these wrongs as well as provide a model for other states to implement a more just version of cannabis legalization.
The post State-Legal Marijuana Industry to Employ Nearly 300,000 Workers by Year’s End appeared first on NORML. The analysis projects as many as 295,000 marijuana-related jobs by the close of 2020 – a total that is slightly higher than the total number of computer programmers working in the United States.
Legal Status & Industry Overview 1. 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. Cannabis Business Licensing & Compliance 6.
Starting a cannabis business 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.
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.
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.
Here are some recent legal developments in the Cannabis Industry at both the State level and Federal level. This reporting comes from two major Cannabis industry trade publications, Cannabis Business Times and Gangapreneur. Montana Governor vetoes proposal allowing tribal nations to legalize cannabis on reservations.
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.
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. Now we look to the Senate, where we are cautiously optimistic.
Additionally, in states that were early legalization adopters like Colorado, Michigan, and Oregon, production capacity has caught up to the needs of the mature market and supply continues to outpace demand. What’s the Best Move for a Cannabis Business License Holder?
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.
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!
We organize all of the trending information in your field so you don't have to. Join 14,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content