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.
Tag Archives: Tax
Kalamazoo residents will have a chance to see and comment on how the city will regulate — and tax — medical marijuana in the city.
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.
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 has brought in more than $1 million in tax revenue since commercial sales began in October.
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.
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.
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.
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, 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.
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.
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.
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.
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.
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.
The Arkansas Senate approved a bill Wednesday to levy a special tax on medical marijuana.
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.
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 Rhode Island’s report suggests that legalizing marijuana will create new jobs and bring in tax revenue for the state.
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 are considering a 6 percent sales tax on medical marijuana.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
There is a new push in the District of Columbia to further legalize marijuana.
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.
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 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.
Medical marijuana caregivers are facing a new limit in the number of plants they’ll be able to grow in 2017.
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.
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?
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.
Beginning Thursday, December 15th, it will be legal for adults 21 or older to possess up to an ounce of marijuana outside a home.
SALEM, Ore., Dec. 12, 2016 /Weed Wire/ — The Department of Revenue has added a new page dedicated to marijuana tax statistics to its website.
With legal marijuana sales underway in Alaska, growers will soon be submitting their first tax payments to the state.
To help you get started, this guide will provide the basics on how to open a bank account for your cannabis business.
As it now stands, by the year 2018 anyone over 21 years of age in Massachusetts will be able to walk into a store/dispensary and buy marijuana for recreational use.
On Nov. 8, 2016, a majority of Californians voted to approve Proposition 64, legalizing recreational cannabis in the state and signaling an end to cannabis prohibition.
Nov. 3, 2016 /Weed Wire/ — The Campaign to Regulate Marijuana Like Alcohol has launched a statewide Spanish-language TV ad in support of Prop. 205.
On Oct. 27, 2016, Law Enforcement Against Prohibition, a nonprofit organization of criminal justice professionals, endorsed Nevada’s ballot Question 2, a ballot initiative that would legalize recreational marijuana in the state.
The regulations will address the electronic tracking of marijuana from seed to final product, how to maintain equipment, the disposal of marijuana, the use of pesticides, fees, tax reporting rules and insurance requirements.