It is still too early for cannabis companies to try and take advantage of potential tax relief should the Justice Department (DOJ) reschedule cannabis under the Controlled Substances Act. In a recent news release, the...more
As anticipated, U.S. Attorney General Merrick Garland has submitted to the Federal Register a notice of proposed rulemaking to consider moving marijuana from a Schedule I to a Schedule III drug under the Controlled Substances...more
Pennsylvania once again seems to have momentum to become one of the next states to legalize cannabis for adult use. After a bipartisan bill was introduced in the commonwealth’s Senate last year, the House now has submitted an...more
4/30/2024
/ Agribusiness ,
Cannabidiol (CBD) oil ,
Decriminalization of Marijuana ,
Discrimination ,
Dispensaries ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
Medical Marijuana ,
Pennsylvania ,
Recreational Use ,
Retailers ,
Tax Revenues
The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more
4/8/2024
/ Agribusiness ,
Bank Secrecy Act ,
Cash Transactions ,
EIN ,
Filing Requirements ,
General-Business ,
Internal Revenue Code (IRC) ,
IRS ,
Marijuana Related Businesses ,
NAICS ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more
If you are about to embark upon a construction project for a facility in the cannabis space, success often depends upon proper planning. Below is a checklist of strategic advice you should consider to achieve a successful...more
Background-
With recent litigation indicating potential further delays for the distribution of additional adult-use dispensary licenses in Illinois, perhaps it makes sense to review how the Land of Lincoln found itself in...more
On March 15, 2022, Illinois Governor J.B. Pritzker announced another planned lottery process to occur later this year, whereby an additional 50 new adult use dispensary licenses would be issued through a new, simplified...more
As the country grapples with the COVID-19 pandemic and drastic changes to the business environment, some cannabis companies have decided to pitch in and use some of their manufacturing and processing capacity to produce hand...more
In the economic downturn triggered by the COVID-19 pandemic, cannabis companies operating in the marijuana space cannot look to the federal Small Business Administration to obtain Economic Injury Disaster Loans or Paycheck...more
The Illinois Department of Agriculture recently released a policy for cultivators regarding the use of hemp in medical and adult use cannabis products. The policy will be in effect through October 31, 2020, although it is...more
3/31/2020
/ Cannabidiol (CBD) oil ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Hemp Cultivation ,
Hemp Related Businesses ,
Licensing Rules ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
Medical Foods ,
Medical Marijuana ,
Plant Based Products ,
State and Local Government
Like all businesses navigating the current COVID-19 crisis, cannabis companies are eager to understand how state and local orders will impact their operations. As states issue orders requiring all but essential businesses to...more
With the General Assembly’s passage of the Cannabis Regulation and Tax Act, Illinois is now poised to become one of the country’s most active markets for new cannabis businesses as state regulators prepare to issue licenses...more
Illinois is poised to begin licensing scores of new dispensaries now that the General Assembly has voted to legalize the possession of recreational cannabis effective January 1, 2020. On May 31, after rounds of spirited...more
With momentum growing for legal adult-use cannabis in Illinois following the election of J.B. Pritzker to the governorship, the Illinois General Assembly is already proposing legislation that would loosen regulations...more
Changes to the Illinois Limited Liability Company Act that took effect on July 1, 2017 may impact either your current Illinois LLCs or your future ventures. The changes generally conformed Illinois law more closely to a model...more
Changes to the Illinois Limited Liability Company Act set to take effect on July 1, 2017 may impact either your current Illinois LLCs or your future ventures. The changes generally serve to conform Illinois law more closely...more
On April 5, the Division of Corporate Finance of the Securities and Exchange Commission released two new compliance and disclosure interpretations (“C&DIs”) regarding Regulation Crowdfunding. Regulation Crowdfunding was...more