Federal Government Opens Up Banking For Hemp-Related Businesses On December 3, 2019 Four federal agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the...
“Kushy Punch” Loses Its State Cannabis License For Engaging In Illegal Activity Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the...
California Raising Cannabis Taxes In 2020 The California Department of Tax and Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 established a new category and tax rate...
MORE Act Approved By The House Judiciary Committee To End Cannabis Prohibition – If You Can’t Beat Them, Then Join Them! Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical...
Another Cannabis Business Hit Hard By I.R.C. Section 280E In U.S. Tax Court I.R.C. § 280E disallows all trade or business expense deductions for a cannabis business even though the cannabis business operates legally under state law. As more “280E Tax Audits” make...
Kern County Sheriff’s Office Seizes 10 Million Marijuana Plants In 11 Hemp Fields Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to...
IRS Targeting Cannabis Businesses With “280E Audits” We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a...
California Cannabis Tax Relief Is Here! California Governor Gavin Newsom signed a bill into law that will approve cannabis companies for tax deductions that have otherwise been denied them under IRC Section 280E. This law give legal cannabis businesses a tax break to...
Cannabis Church Going High Tech To Become A New Orlando Florida Attraction. In an article published July 22, 2019 in High Times, it is reported that an Orlando, Florida cannabis church known as “Reflections Ministry” is producing a new cannabis-inspired multi-sensory...
SAFE Banking Act Passes The House To End Cannabis Banking Prohibition – If You Can’t Beat Them, Then Join Them! Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that...
