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
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
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,
Lack of banking access has been a stumbling block for the billion dollar U.S. cannabis industry, and a federal bill aiming to change that may finally get enough traction this year for a vote. The Secure and Fair Enforcement (SAFE) Banking Act would change the regulatory landscape for financial institutions that provide services for cannabis-licensed
State-legal marijuana companies locked out of using financial services due to the federal prohibition of cannabis have been warned not to deceive banks about the nature of their business. Benjamin William Perry and Alex McFall of Bradley Arant Boult Cummings LLP law firm, writing for Lexology, said there’s a strong incentive for cannabis businesses to
Holding large sums of cash is too risky for Internal Revenue Service (IRS) personnel. Hmm. The agency would prefer electronic tax payments. Okay. They say the cash-based system in use now is tedious and risky. Absolutely. The cannabis industry has been clamoring for banking access. Cash is notoriously tricky to track. Rep. David Joyce (R-OH)
For advocates and cannabis business owners alike, the Secure and Fair Enforcement (SAFE) Banking Act needs to happen sooner rather than later. And in a glimmer of hope, the new chairman of the Senate Banking Committee told reporters he's open to advancing a bill that would protect banks serving state-legal cannabis businesses. The caveat? The
With the election of President Joe Biden and canna-friendly VP Kamala Harris, marijuana industry advocates brimmed with newfound hope that federal legalization was on the horizon. It's no secret that Democrats are historically accepting of laws relating to cannabis use. Is 2021 going to be the year of green? Some states are throwing out low-level
Cannabis banking is a hot topic for politicians, marijuana industry advocates, and bankers alike. Pause for a moment, and think back to the past, where cannabis was flat-out illegal in all 50 states. Now shift to the present, where cannabis is not only legal in 33 states, but a proven tax revenue powerhouse. And now
