• IRS Marijuana Banking Reform Would Help Feds Get Paid

IRS: Marijuana Banking Reform Would Help Feds ‘Get Paid’

By |November 9th, 2021|

A top Internal Revenue Services (IRS) official said the agency’s job would be a lot easier if banks could offer their services to state-legal marijuana businesses without fear of federal reprisals. Susan Collins, who serves as senior counsel in the IRS Office of Chief Counsel, made the comments during an event organized by UCLA’s Annual

  • Key Senators Agreemen Not to Advance Cannabis Banking Reform Before Legalization

Key Senators Have ‘Agreement’ Not to Advance Cannabis Banking Reform Before Legalization, Schumer Says

By |October 22nd, 2021|

Senate Majority Leader Chuck Schumer said he and the two other senators behind a bill to federally legalize cannabis have an “agreement” in place not to advance marijuana banking legislation until they’ve passed their more substantive reform proposal. Schumer, alongside Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), is one of

  • irs advice marijuana businesses

IRS Official Shares Tax Advice with Marijuana Businesses

By |October 14th, 2021|

The Internal Revenue Service (IRS) published a blog post providing advice to state-legal marijuana businesses on how to stay compliant with tax rules, given cannabis’s Schedule I controlled status at the federal level. The IRS’s De Lon Harris wrote that the rapid growth and expansion of the cannabis industry had created a complex situation with

  • irs event cannabis tax cryptocurrency

IRS Hosts Event to Discuss Cannabis, Taxation and Cryptocurrency

By |September 9th, 2021|

Cannabis and crypto were the topic of the day at a recent seminar hosted by the Internal Revenue Service (IRS). Led by a representative of the National Association of Tax Professionals (NATP), the seminar discussed an array of issues, including the different approaches states have taken to regulate cannabis and what kind of deductions are

  • how to get a cannabis business loan

How to Get a Loan for Your Marijuana Business

By |August 22nd, 2021|

Cannabis is becoming a more prevalent commodity in the U.S., and more and more businesses are applying for state licenses with hopes to open their gates. Entrepreneurs looking to create new ideas and find a specific niche have plenty of opportunity as more states began to regulate cannabis. But it won’t be an easy road

  • benefits of accepting credit cards for cannabis businesses

How Cannabis Businesses Will Benefit from Accepting Credit Cards

By |August 9th, 2021|

Credit cards have become a commonly accepted payment in the U.S. and around the world, and your cannabis business has much to gain from making this available to your customers.  Research on consumer payment preferences by BAI Research and Hitachi Consulting found that 41 percent of shoppers have reduced the amount of cash they use,

  • cannabis industry cryptocurrency

Could Cryptocurrency Be the Solution to Cannabis Industry Banking Issues?

By |August 4th, 2021|

Three dozen U.S. states have legalized medical cannabis and 17 states have begun to regulate adult-use as well. But even with this major market, many cannabis businesses find it difficult to obtain financial services from traditional institutions. Federal prohibition of cannabis has kept banks and credit unions hesitant to provide services to cannabis-related businesses. Regulators

  • rise in cannabis dispensary crime

The Lack of Cannabis Banking Is Causing an Increase in Dispensary Crime

By |July 8th, 2021|

More states legalize cannabis every year, yet banks and other financial institutions are hesitant to get involved in the billion-dollar industry for fear of federal retaliation under prohibition. There has been movement at a congressional level to resolve this problem and clear up the rules for financial institutions, but not enough movement yet to pass