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State Taxes Marijuana Related Businesses

Troutman Pepper

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

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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

Troutman Pepper

California AG Petitions State Court for Order to Seize Assets From an Unlicensed Cannabis Dispensary

Troutman Pepper on

California Attorney General (AG) Rob Bonta is asking the Los Angeles County Superior Court to enter a civil forfeiture order allowing the state to collect unpaid taxes and fees from an unlicensed marijuana business by seizing...more

Miller Nash LLP

Much Ado about Taxes: OLCC Releases Proposed Tax Compliance Rules

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Tax policy is an interesting animal and odd results occur whenever non-tax people get involved in developing tax policy. Oregon Governor Tina Kotek and the Oregon Liquor and Cannabis Commission (OLCC) are jumping into the tax...more

Goodwin

A Mini-Green Wave? Two More States Legalize Adult-Use Cannabis

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Over the past month, both Delaware and Minnesota have legalized adult-use cannabis. They are the first two states to legalize in 2023 and represent the 22nd and 23rd states to allow for adult-use commercial cannabis markets. ...more

Vicente LLP

Massachusetts Enacts Significant Changes to Marijuana Laws: What You Need to Know

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For the first time since adult-use legalization in Massachusetts, the Massachusetts Legislature voted to pass marijuana reform legislation that will impact the cannabis industry across the Commonwealth in significant ways,...more

Husch Blackwell LLP

Decoupling of Section 280E from State Tax Codes

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On May 18, 2022, in a 153-2 vote, the Massachusetts House of Representatives voted to amend the state’s tax code to provide income tax relief for Massachusetts cannabis businesses. ...more

Bond Schoeneck & King PLLC

New York’s 2023 Budget Will Provide State Tax Relief to Cannabis Businesses

On the heels of New York’s legalization of recreational marijuana and proposed regulations for the State’s emerging cannabis industry, cannabis businesses are positioned to receive new state tax breaks. On April 9, Gov. Kathy...more

Sheppard Mullin Richter & Hampton LLP

California Cannabis Farmers May Finally Get Some Relief

Residents of California often complain about high taxes, but no one pays higher taxes than the cannabis industry. In addition to the Federal 280E penalties, the cannabis industry in California is subject to a 15% state-wide...more

Goodwin

Connecticut to Become 18th State to Legalize Recreational Cannabis

Goodwin on

On June 17, 2021, the Connecticut General Assembly voted to approve the Responsible & Equitable Regulation of Adult-Use Cannabis Act (the “Act”). With Governor Ned Lamont’s signature expected today, Connecticut will become...more

Bradley Arant Boult Cummings LLP

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

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

Farrell Fritz, P.C.

New York: Deficits, Taxes And 2021

Farrell Fritz, P.C. on

Only 347 Days to Go- What a year it has already been, and we are just beginning the third full week of 2021. The Democrats swept Georgia, thereby giving that Party a majority in the U.S. Senate and ostensible control over...more

Goodwin

The Green Wave: Cannabis Legalization Sweeps in 2020

Goodwin on

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

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

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

Cozen O'Connor

2019 Year-End Tax Update

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Sharp, attentive, long-time followers of this update expressed dismay last year when I declared the 2018 Year-End Tax Update to be my last, at least in its then current format. Many had come to look forward to our caustic,...more

Burr & Forman

South Carolina Hemp Cultivation and Extraction – Tax, Fee, and Fine Issues For Growers and Processors

Burr & Forman on

With the adoption by Congress of the 2018 Farm Bill, and which decriminalized the cultivation and growing of industrial hemp and related products, states now, including South Carolina, have adopted and expanded programs...more

Fox Rothschild LLP

Cannabis Industry State Tax Guide

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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

Holland & Hart LLP

Utah Legislative Update - June 2019

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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

Amundsen Davis LLC

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

Amundsen Davis LLC on

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

Holland & Knight LLP

Illinois Legislature Legalizes Recreational Marijuana - An Overview of the Cannabis Regulation and Tax Act

Holland & Knight LLP on

• On May 31, 2019, the Illinois General Assembly adopted the Cannabis Regulation and Tax Act (the Act) – legalizing the sale, possession and use of marijuana for recreational purposes by adults over age 21 starting Jan. 1,...more

Steptoe & Johnson PLLC

Legislature Significantly Amends the West Virginia Medical Cannabis Act

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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

Rosenberg Martin Greenberg LLP

Can Cannabusinesses Qualify for the New Tax Incentives in Opportunity Zones?

One of the key provisions of the Tax Cuts and Jobs Act of 2017 was the creation of additional tax incentives for investment in opportunity zones. For those with significant unrealized gains, the potential deferral or...more

Rosenberg Martin Greenberg LLP

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

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

Best Best & Krieger LLP

General Tax Measure With Related Advisory Measure On Same Ballot Does Not Turn It Into A Special Tax - Issue Related To Number Of...

Last week, the California Court of Appeal clarified what happens to a general tax measure when it is placed on the same ballot as a related advisory measure that asks how revenues from the general tax measure should be spent....more

Fox Rothschild LLP

Cannabis Industry State Tax Guide

Fox Rothschild LLP on

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

Fox Rothschild LLP

Cannabis Industry State Tax Guide

Fox Rothschild LLP on

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

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