News & Analysis as of September 24, 2024

Medical Marijuana › Tax Revenues

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Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite state laws to the contrary, Federal law still prohibits the use or possession of marijuana. The conflict between state and federal law on this issue has created interesting enforcement issues and significant legal hurdles for medical marijuana providers. less -

Will Rescheduling Cannabis Open the Industry to Increased Financing, Real Estate and Banking Opportunities?

Greenbaum, Rowe, Smith & Davis LLP on 6/5/2024

On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more

Marijuana Rescheduling is Here: How DEA’s Decision Will Impact Cannabis Businesses

McGlinchey Stafford on 5/1/2024

After fifty years, the federal government finally acknowledged that marijuana has medical value and is not as dangerous as heroin. As first reported by the Associated Press and confirmed by Marijuana Moment, on April 30,...more

New Adult-Use Cannabis Law Proposed in Pennsylvania

Fox Rothschild LLP on 4/30/2024

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

Wisconsin Medical Marijuana…Maybe

Husch Blackwell LLP on 1/11/2024

I split my time between Los Angeles and Milwaukee these days (I’m eligible to practice law in Wisconsin), and I often find myself working from my firm’s Milwaukee office depending on the month. Wisconsin is an incredibly...more

The Cannabis Cure for the Public Pension Crisis

Clark Hill PLC on 11/20/2023

Pensions are, and have been, an important compensation component for public employees, including teachers, police, fire, and other municipal positions. However, limited funds and riskier investments are threatening pension...more

Cannabis Industry Quarterly Update: Q2 2023

Benesch on 7/27/2023

There Has Been Little Movement in Federal Legalization. This has led to cannabis investors and companies to downgrade expectations for federal legalization and focus their strategies on state reform. Federal lawmakers...more

Minnesota to Legalize Recreational Cannabis: What You Need To Know

Fox Rothschild LLP on 5/26/2023

Minnesota is set to become the nation’s 23rd state to legalize recreational cannabis. The Minnesota State Senate approved on May 19, 2023, the final version of HF100 — a bill regulating adult-use cannabis for people 21...more

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on 3/31/2023

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

Could a Small Town in Pennsylvania Force Congress to Deschedule Cannabis?

Amundsen Davis LLC on 11/15/2022

Last Thursday, November 10, 2022, a court-appointed receiver threw the City of Chester, Pennsylvania into bankruptcy. At its most basic, a chapter 9 bankruptcy case is a rarely used provision of the Bankruptcy Code which is...more

Cannabis & the Mid-Terms: What Tax Policy?

Rivkin Radler LLP on 10/18/2022

On October 6, 2022, the President announced three changes in the Federal government’s policy toward cannabis: 1.He pardoned all prior Federal offenses of simple possession of marijuana; 2.He urged governors to do the same...more

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on 4/13/2022

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

New York State Of Mind- An Overview Of The Unique Aspects Of New York’s New Marijuana Regulatory Framework.

Husch Blackwell LLP on 5/26/2021

The Marijuana Regulation & Taxation Act (the “Act”) was signed into law by Governor Andrew Cuomo on March 31, 2021. Not only does the Act create the foundation for the adult-use marijuana program, it contains sweeping changes...more

NY Is Set To Legalize Recreational Marijuana

Rivkin Radler LLP on 3/31/2021

After years of fits and starts, New York has passed legislation to legalize recreational marijuana under the Marihuana Regulation and Taxation Act (S854-A) which Governor Cuomo intends to sign. The legalization aspect of the...more

The Biden Presidency: How Will Cannabis Business Be Taxed?

Farrell Fritz, P.C. on 2/22/2021

Wither the Weed? It has been one month since Mr. Biden’s inauguration as President of the United States. Among the many questions being asked of President Biden is whether he will seek the decriminalization of cannabis....more

Social Equity Programs in Cannabis – Worth their Weight?

Seyfarth Shaw LLP on 2/27/2020

As the legal cannabis industry has expanded across the US over the past decade, green is the most prominent color seen in this space. In addition to the color of the flower, sales are projected to reach up to $30.4 billion in...more

The Week in Weed: December 2019

Seyfarth Shaw LLP on 12/6/2019

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. New Jersey is talking about decriminalizing marijuana. Regular readers will doubtless recall that legalization...more

Utah Legislative Update - August 2019

Holland & Hart LLP on 8/29/2019

Utah Budget Update: The state of Utah’s budget runs on a fiscal calendar of July 1-June 30. That gives legislators the ability to set the state budget during the legislative session and have the budget year begin in the...more

Historic Vote in Congress Aims to Protect State Cannabis Programs

Steptoe & Johnson PLLC on 6/24/2019

By a vote of 267 to 165, the United States House of Representatives (the “House”) passed a bipartisan amendment protecting state cannabis programs and its users from federal prosecution. Named after its co-founder,...more

Legislature Significantly Amends the West Virginia Medical Cannabis Act

Steptoe & Johnson PLLC on 5/23/2019

On the first day of West Virginia’s legislative special session, the West Virginia Legislature enacted Senate Bill 1037, which made significant amendments to the West Virginia Medical Cannabis Act (the “Act”). The legislature...more

New York: The (H) Empire State?

Foster Garvey PC on 2/19/2019

New York Governor Andrew Cuomo’s Proposed Legislation on Legalization of Cannabis - Under the leadership of New York Governor Andrew M. Cuomo (whose party also controls the State legislature), the Empire State appears...more

Buds and Booze: Lessons from Prohibition Could Inform Marijuana Industry

K2 Integrity on 6/8/2018

Reading the leaves regarding the potential decriminalization of marijuana is confusing and contradictory; however, one certainty is that the intoxicating combination of a cash-rich industry and a multitude of sometimes...more

California Supreme Court Clarifies that Voter Initiatives Are Not Subject to Certain of Proposition 218’s Limitations on Local...

Orrick, Herrington & Sutcliffe LLP on 9/11/2017

Since Proposition 218 was passed in 1996, which added Article XIIIC to the California Constitution (“Article XIIIC”), local governments have faced heightened restrictions in their abilities to impose taxes. Specifically,...more

Taxes By Voter Initiative Not Restricted By Article XIII C of the California Constitution - California Supreme Court Holds That...

Best Best & Krieger LLP on 8/31/2017

The power of the initiative is the power of the electorate to propose new laws subject to approval by voters. Filed yesterday, California Cannabis Coalition v. City of Upland et al. looks at the interplay between the...more

New Report Calls for Marijuana Legalization in California

Best Best & Krieger LLP on 6/16/2015

Could loosening the criminal sanctions on the possession, cultivation and sale of marijuana in California save a significant amount of money for the state, cities and taxpayers while boosting tax revenue?...more

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Medical Marijuana › Tax Revenues

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