News & Analysis as of September 19, 2024

Medical Marijuana › State Taxes

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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 -

SALT Select Developments - April 2024

Baker Donelson on 4/26/2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper on 1/10/2024

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

North Carolina General Assembly Update - June 2022

Kilpatrick on 6/1/2022

KTS Strategies brings years of experience providing clients in a diverse range of industries with comprehensive policy and advocacy advice before federal, state, and local agencies. In North Carolina, we advise local...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

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

First Look: New York State’s Adult-Use Cannabis Legislation

Fox Rothschild LLP on 3/31/2021

New York will soon join its neighbor New Jersey among the most recent states to legalize adult-use cannabis. On Tuesday, March 30, 2021, the New York State Senate and Assembly voted overwhelmingly to legalize the...more

Medical Marijuana Money in Mississippi: Navigating the Tax Consequences of a Green Enterprise

Bradley Arant Boult Cummings LLP on 3/24/2021

Mississippi is on the precipice of implementing a medical marijuana regime, as Mississippians voted overwhelmingly to approve Initiative 65 last November. Those awaiting the green light should take advantage of the additional...more

The Green Wave: Cannabis Legalization Sweeps in 2020

Goodwin on 11/5/2020

It was a Green Wave on election night, with every cannabis-related legalization measure on the ballot passing, some by surprisingly large margins of victory. As a result of the November 2020 election, the number of states...more

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on 1/9/2020

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Illinois End of Session Report

McGuireWoods Consulting on 7/11/2019

New Governor, New General Assembly, Democratic Trifecta - The 2019 legislative session began with the inauguration of a new governor and the members of the 101st General Assembly. With a large number of retirements and...more

Cannabis Industry State Tax Guide

Fox Rothschild LLP on 6/20/2019

About This Guide- Businesses in the legalized cannabis sector face a daunting task in complying with state and Federal tax laws. This Guide is designed to assist in tax compliance by providing quick access to the relevant...more

Utah Legislative Update - June 2019

Holland & Hart LLP on 6/14/2019

The Utah Legislature’s Tax Restructuring and Equalization Task Force met for the first time on May 30th to set the table for a summer of meetings that will be held around the state to discuss Utah’s tax structure and how it...more

Top 10 Things You Should Know About The Cannabis Regulation And Tax Act In Illinois

Amundsen Davis LLC on 6/6/2019

On 5/31, the Illinois House voted to approve the Cannabis Regulation and Tax Act (“CRTA”), which will legalize the sale and use of cannabis for recreational purposes by individuals 21 and older. The State Senate approved the...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

Recent Report from Maryland Medical Cannabis Commission on Compassionate Use Fund Highlights Disparate Tax Treatment of...

Rosenberg Martin Greenberg LLP on 2/12/2019

In a December 2018 letter to Governor Hogan, the President of the Senate, and the Speaker of the House, the Maryland Medical Cannabis Commission (“MMCC”) discussed plans to fund the Compassionate Use Fund. As medical...more

Cannabis Industry State Tax Guide

Fox Rothschild LLP on 7/26/2018

Businesses in the legalized cannabis sector face a daunting task in complying with state and Federal tax laws. This Guide is designed to assist in tax compliance by providing quick access to the relevant tax provisions in the...more

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Medical Marijuana › State Taxes

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