As Minnesota approaches the legalization of marijuana, the Minnesota Supreme Court has just ruled on a case we covered in September 2021. The case involves the difference between hemp and marijuana and a state prosecutor’s burden to prove what side of the line a leafy or liquid cannabis substance falls. As we explained two years
As New York moves steadily closer to a fully rolled out adult-use cannabis industry, two New York state legislators recently proposed legislation that would significantly simplify the tax structure for adult-use cannabis. Under the Marijuana Regulation and Taxation Act (MRTA), New York would have charged a potency THC tax on all adult-use cannabis, plus an
Register HERE to attend a free panel of experts directing cannabis operators on how to best combat the forces of recent movements from the IRS. IRS enforcement is increasing and cannabis businesses should be on alert. Cannabis businesses are accounting for and reporting the results of their operations with gross receipts, cost of goods sold
We’ve written regularly about the plight of cannabis businesses not being able to secure traditional lending (and other financial services) from major, federally regulated institutions. In this post, we dive deeper into a promising federally regulated equity offering as an alternative funding means: Rule 504 under Securities and Exchange Commission (“SEC”) Regulation D. Why aren’t
Here comes more New York cannabis program litigation. After one lawsuit halted a significant portion of New York Conditional Adult Use Retail Dispensary (CAURD) program, a new lawsuit filed on March 16, 2023 by the Coalition for Access to Regulated & Safe Cannabis against the Cannabis Control Board (CCB), Office of Cannabis Management (OCM), CCB
Federal law prohibits marijuana users from owning or possessing firearms– even in states with legal marijuana. Over the last few months, different federal courts issued critical orders in cannabis gun rights cases which could challenge this status quo. Both cases centered on the 2022 U.S. Supreme Court case New York State Rifle & Pistol Association,
In the U.S., cocaine is a Schedule II controlled substance and its use, possession, etc. is illegal except for certain, limited medical applications. The licensed sale of cocaine for recreational use is not even remotely a concept in the U.S., and the same goes for Canada. Why then did we see a Canadian cannabis company
Continuing our series on New York’s cannabis rules and regulations, we’re breaking down everything you need to know about New York’s cannabis processor licenses (check out our other posts in the series here, here, here, and here). Because there is so much information packed into the regs, we’re doing this FAQ style. What are the
The Safe Banking Act, also known as the Secure and Fair Enforcement Banking Act (SAFE Banking Act), is sorely needed legislation to address the critical issue of financial services being denied to marijuana businesses that operate in the state-legalized industries. We’ve written extensively about the SAFE Banking Act over the past several years. See here,
President Joe Biden just dropped the federal budget for 2024. The White House boldly claims that the tax plan will reduce the deficit by $3 trillion over the next 10 years. But several parts of the budget’s tax reforms are likely to significantly (and adversely) impact the cannabis industry. Today, I’ll analyze a few key
