OAKLAND, Calif., Nov. 16, 2017 /Weed Wire/ – A new report released today shows that licensed marijuana stores are as profitable as Starbucks stores, if only they were taxed at the federal level like Starbucks.
Tag Archives: Tax
Gardner Joins Effort to Reform Tax Laws on Marijuana Businesses
WASHINGTON, Nov. 15, 2017 /Weed Wire/ — Senator Cory Gardner (R-CO) today announced he is cosponsoring the Small Business Tax Equity Act introduced by Senators Rand Paul (R-KY) and Ron Wyden (D-OR).
Seven Things California Cannabis Businesses Need to Know About Taxes
While prospective California cannabis businesses were notified recently by the Department of Tax and Fee Administration that they need to go ahead and register with the CDTFA for a seller’s permit, there are seven additional things California cannabis businesses need to know about tax rates and registration.
Cannabis Sellers Must Register with the California Department of Tax and Fee Administration
SACRAMENTO, Nov. 8, 2017 /Weed Wire/ — Individuals planning to sell cannabis or cannabis products on January 1, 2018, must register with the California Department of Tax and Fee Administration (CDTFA) for a seller’s permit.
California Could Tax Pot By as Much as 45 Percent
Buying legal marijuana in California could be pricey enough to keep the black market healthy. Between customers, retailers and growers, taxes on cannabis may reach as high as 45% in parts of the state, according to a Fitch Ratings report.
Rhode Island Considering Best Ways to Legalize Recreational Marijuana
A special legislative commission is looking into the potential effects of legalizing recreational marijuana in Rhode Island as the state’s northern neighbor readies to allow recreational marijuana sales.
Big Weed is on Board With Trudeau’s Marijuana Tax Plan
Canada’s biggest medical cannabis producers are seeing their stock prices rise after the federal government announced a plan to levy a one dollar per gram tax on recreational marijuana sales.
Gov. Baker Signs Marijuana Compromise Bill
BOSTON, July 28, 2017 /Weed Wire/ — Gov. Charlie Baker today signed the marijuana compromise bill sent to him last week by the Legislature, setting the stage for creation of the regulatory structure to oversee legal marijuana sales in Massachusetts.
Kalamazoo Seeks Public Say in Rx Marijuana Rules
Kalamazoo residents will have a chance to see and comment on how the city will regulate — and tax — medical marijuana in the city.
Maine Legislative Panel Mulls Raising 10 Percent Tax on Marijuana
As the legalization of recreational marijuana sales nears, a Maine legislative panel has spent months pondering the best way to tax pot to bring in state revenue, fund regulatory enforcement and discourage the illicit market.
Lawmakers Reveal New Deal on Massachusetts Marijuana Law
State House and Senate negotiators reached an agreement Monday on the state’s voter-approved Massachusetts marijuana law that would allow retail pot sales to be taxed at a maximum 20 percent rate.
Alaska’s Marijuana Industry Tax Revenue Reaches $1Million
Alaska’s marijuana industry has brought in more than $1 million in tax revenue since commercial sales began in October.
Montana Medical Marijuana Program Brings Big Changes to State Agencies
As June comes to a close, employees of the Montana medical marijuana program are busy preparing for the changes that will go into effect by the end of the week.
New Jersey Recreational Marijuana Bill Gets Committee Hearing
Democratic lawmakers in the Garden State are making moves on a New Jersey recreational marijuana bill. On June 19, 2017, the state Senate Judiciary Committee held a formal hearing on S-3195, a bill that would legalize, tax and regulate recreational marijuana in the state.
Massachusetts Senate Introduces Proposal to Preserve Current Recreational Marijuana Tax Rate
On June 16, 2017, the Massachusetts Senate introduced an outline to a bill that preserves the current tax rate on retail marijuana sales. The proposal is in stark contrast to the measure put forth by the Massachusetts House of Representatives.
NJ United for Marijuana Reform Coalition Members Testify at Marijuana Legalization Hearing
NEWARK, N.J., June 19, 2017 /Weed Wire/ — Key members of the New Jersey United for Marijuana Reform (NJUMR) coalition testified at a legislative hearing to discuss a bill to legalize, tax and regulate marijuana for adults in New Jersey.
Albany Press Conference: New York State Legislators Renew Push for Marijuana Legalization
ALBANY, New York, June 12, 2017 /Weed Wire/ — Today, a coalition of community advocates led by Drug Policy Alliance will join Senator Liz Krueger (New York) and Assemblymember Crystal Peoples-Stokes (Buffalo) to announce reintroduction of the Marijuana Regulation and Taxation Act (MRTA, S.3040A/A.3506A), a bill that would establish a legal market for marijuana in New York.
Medical Marijuana Advocates Worry Pot Price Spike Coming to California
In 2016, more than 750,000 people in the state of California were registered medical marijuana users, making up nearly 2 percent of the state’s population. So what will change for the medical industry since the legalization of marijuana? Prices.
Nevada Marijuana Tax Bill Revived, Sent to Governor
Days after failing twice amid a bitter tug-of-war between lawmakers, Nevada’s special sales tax on marijuana sales was revived and sent to the governor’s desk on the final day of the Legislature.
Massachusetts Lawmakers Debate Tax on Recreational Marijuana
Western Massachusetts sheriff’s want the state to use marijuana tax revenues to help combat the state’s deadly opioid addiction crisis. The bill under consideration would impose a 17% tax on marijuana.
Coalition Forms to Support Illinois Marijuana Regulation Bill; Gen. Assembly Sets First Hearing
CHICAGO, April 12, 2017 /Weed Wire/ — Sponsors of a proposal to regulate and tax marijuana for adult use in Illinois announced Wednesday that lawmakers will hold the first hearing on the bill next week in Chicago.
Alaska Sees Slight Increase in Marijuana Tax Revenue for February
According to a recently released report from the Alaska Department of Revenue, the state banked $128,000 in marijuana tax revenue for the month of February, marking a slight increase from the $107,500 collected in January.
Arkansas Senate Endorses Special Tax On Medical Marijuana
The Arkansas Senate approved a bill Wednesday to levy a special tax on medical marijuana.
Congressmen Curbelo, Blumenauer and Senators Wyden, Paul Release 280E Tax Reform Bills
DENVER, March 30, 2017 /Weed Wire/ — The New Federalism Fund applauds Reps. Carlos Curbleo (R-FL 26), Earl Blumenauer (D-OR 3) and Sens. Ron Wyden (D-OR), Rand Paul (R-KY) for introducing the Small Business Tax Equity Act of 2017 in the U.S. House and Senate on Thursday, March 30.
Business Leaders Form New Group to Support State-Based Cannabis Trade
DENVER, March 23, 2017 /Weed Wire/ — A coalition of companies related to the legal cannabis industry have announced the formation of the New Federalism Fund (NFF), an effort dedicated to working with Congress and the administration to protect current state-based regulatory systems for the legal cannabis industry.
Regulate RI Report Shows Legalization Will Create State Revenue
Regulate Rhode Island’s report suggests that legalizing marijuana will create new jobs and bring in tax revenue for the state.
Backers of Legal Pot Urge MA Panel to Hold Off on Changing Law
Backers of legalized recreational marijuana urged Massachusetts legislators Monday to hold off on making any significant changes to a law voters approved in November.
Montana Lawmakers Consider Sales Tax on Medicinal Marijuana
Montana lawmakers are considering a 6 percent sales tax on medical marijuana.
World of Cannabis: Acquisitions and Mergers
Buying, selling or investing in any business requires proper due diligence. In the cannabis industry – you need to take extra steps. Hear Kevin Sutherland, CEO of Canna Mergers, and Paul Shively, a compliance expert, discuss the diligence you need to perform as you invest in the legal cannabis industry.
MA Legislators Looking to Make Changes to Marijuana Law
Massachusetts adults can grow and use recreational marijuana, but it’s still illegal to sell the drug without a license. Legislators are looking into how to change the laws.
Lawmakers to Rewrite Massachusetts Marijuana Law
The Massachusetts House and Senate created a new “Committee on Marijuana Policy” to take a second look at the recreational pot law. Top state leaders have several concerns, from public safety to the tax structure, to the number of pot plants someone can grow at home.
Colorado Government Reports $1.3 Billion in Marijuana Sales Generated Nearly $200 Million in Tax Revenue in 2016
WASHINGTON Feb. 10, 2017 /Weed Wire/ — The Marijuana Policy Project issued the following statement in response to the Colorado Department of Revenue’s announcement that $1.3 billion in regulated marijuana sales took place in calendar year 2016.
Rep. Applebaum Introduces Bill to Legalize Marijuana in Minnesota
ST. PAUL, Minn., Feb. 8, 2017 /Weed Wire/ – Deputy Minority Leader, State Rep. Jon Applebaum (DFL – Minnetonka) today announced plans to introduce a bill to legalize the personal, recreational use of marijuana in the state of Minnesota. Under the legislation, the state would regulate marijuana in a similar fashion to alcohol, with purchase, possession, and use only permitted by those aged 21 or older.
New Rhode Island Poll Finds Strong and Widespread Support for Regulating Marijuana Like Alcohol
PROVIDENCE, R.I., Feb. 7, 2017 /Weed Wire/ — A new poll shows momentum is building behind the effort to end marijuana prohibition in Rhode Island. Regulate Rhode Island director Jared Moffat held a news conference Tuesday at the State House to discuss the results.
Maryland Legislature to Consider Regulating and Taxing Cannabis Similarly to Alcohol
ANNAPOLIS, Md., Jan. 30, 2016 /Weed Wire/ — State lawmakers rolled out legislation Monday that would regulate and tax cannabis similarly to alcohol in Maryland. Senate and House bill sponsors discussed the details of the proposal at a news conference in the Lowe House of Delegates Office Building.
4 Best Marijuana Stocks to Play the Green Rush
Marijuana sales has the potential to greatly add to government’s treasury as well, and it will be immensely helpful in medical fields. Nowadays, it is also easier for banks for provide services for legal marijuana businesses.
NY Medical Marijuana Tax Revenue Comes in Lower Than Expected
The low projection in tax revenue signals an administration belief that little will change in the coming months even as the state Department of Health works to expand access for patients, which should, in theory, bring in new revenue.
Nevada’s Marijuana Industry Cheers Governor’s Tax Proposal
Nevada’s marijuana industry sees the Governor’s proposal to levy an excise tax on the sale of recreational marijuana as more evidence it is a player, with a seat at the table.
First Tax Return for Marijuana Retailers Due Soon
SALEM, Ore., Jan. 17, 2017 /Weed Wire/ — The year is just starting, but for many who sold recreational marijuana in October, November or December, there are already tax obligations they need to fulfill.
Rhode Island Lawmakers Plan to Introduce Legalization Bill
On Jan. 11, 2016, Rhode Island state Sen. Joshua Miller and state Rep. Scott Slater announced in a press conference that they intend to introduce legislation that would legalize recreational marijuana in the state.
Bill Proposed to Make Selling Recreational Marijuana Legal in DC
There is a new push in the District of Columbia to further legalize marijuana.
Colorado’s Pueblo County Pushing to Enforce Marijuana Tax
Caught in the crosshairs of a pending court battle, Pueblo County is working to compromise state legislation to preserve its authority to impose a special 3.5 percent marijuana tax.
NYSSCPA Marijuana Symposium: Neil Kaufman Talks Industry
Corporate cannabis lawyer Neil Kaufman talks about the challenges and prospects for CPAs who get involved in New York’s medical marijuana industry in its early stages.
Rhode Island Governor Estimates Legalization Could Generate $15M
Rhode Island Gov. Gina Raimondo recently estimated that if The Ocean State legalizes recreational marijuana, it could generate between $10 to $15 million in revenue during its first year.
Colorado MMJ Caregivers Face New Grow Limits in 2017
Medical marijuana caregivers are facing a new limit in the number of plants they’ll be able to grow in 2017.
New MMJ Regulations Rolling Out in Michigan
Michigan Gov. Rick Snyder signed three bills on Sept. 21, 2016, to overhaul the state’s medical marijuana system, and now the new laws are going into effect.
Taxation of Regulated Cannabis: Searching for Higher Authority
Can a taxpayer who sells medical marijuana which is subject to the IRC §280E disallowance rules also be engaged in another business not subject to IRC §280E?
Recreational MJ in Massachusetts is Legal, Here’s How to Profit
Under the new Massachusetts marijuana laws, adults aged 21 and older will be able to possess up to 10 ounces of marijuana. Adults will also be allowed to grow up to 12 plants in their residence. But first, we want to make sure our readers know all the details about recreational marijuana laws taking effect today in Massachusetts.
The Wait for Legal Recreational MJ Is Almost Over in Massachusetts
Beginning Thursday, December 15th, it will be legal for adults 21 or older to possess up to an ounce of marijuana outside a home.
Department of Revenue Releases Marijuana Tax Statistics
SALEM, Ore., Dec. 12, 2016 /Weed Wire/ — The Department of Revenue has added a new page dedicated to marijuana tax statistics to its website.