Sep 1, 2015 | Collective Operations, MMJ News
Most banks still won’t provide services to marijuana dispensaries. California’s Board of Equalization (BOE), the nation’s only elected tax commission, is coming up with a solution. They would like to fill that void and serve as sort of bank for the state’s legal marijuana sector.
‘That should be the minimum until the federal government acts,’ Fiona Ma, a member of the board said. “This is a big problem.” She is in charge of the tax policy administration and tax collections. She envisions the state’s cannabis businesses depositing money into an account with the board. The businesses would be able to withdraw from those accounts to pay employees and taxes through wire transfers. This would be very useful to marijuana dispensaries and allow for a simpler, new means of payment.
California becoming the first state in the U.S. to legalize medical marijuana usage – this law passed by voters in 1996. Now California is in line to legalize cannabis for recreation purposes similar to the other four states (Colorado, Washington, Oregon and Alaska) and District of Columbia that are currently paving the way. Because banking laws havent come up to speed, marijuana-related businesses in those areas are largely forced to operate as all-cash enterprises.
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Aug 30, 2015 | Marijuana Legalization, MMJ News
Revenue from legalized marijuana in Colorado for the first half of 2015 is almost twice the same period from a year ago. This is great news for the state and may be good news for taxpayers as well. According to Colorado’s Taxpayer’s Bill of Rights (TABOR), any revenue that is collected beyond projections results in prorated refunds.
Though marijuana continues to be classified as a controlled substance for federal purposes, four states, including Colorado, have legalized recreational use with firm rules around its distribution and use. The businesses involved in the marijuana industry are also highly taxed for the privilege of entering this lucrative new market, and filing a federal income tax return is basically confessing to breaking federal law.
Despite these complications, many people have rushed to enter the industry. Colorado has the tax revenue’s to prove it, with $44 million pouring into the coffers in the first 5 months of 2015. The people paying all those taxes may have reason to be happy as well. With TABOR in place, refunds begin if marijuana tax revenues exceed $58 million for the year.
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Aug 7, 2015 | California Marijuana Laws, MMJ News
Medical marijuana businesses are now allowed to pay sales tax with cash since most banks won’t provide services to them. The BOE is hoping to bring “underground sellers” out of the shadows as well as individuals starting medical marijuana businesses. The BOE is also allowing these medical marijuana businesses to use a DBA (Doing Business As), and accept personal checks as payment for the business tax liability.
Medical cannabis businesses are required to pay sales taxes to the Board of Equalization in California. In the past there were a number of businesses that did not collect or pay sales tax. Some collectives argue they don’t owe taxes while other just don’t pay the. The BOE came out with a memo specifically addressing this issue in 2007. Prior to 2005 the BOE would not issue a resellers permit for the sale of illegal substances.
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Jul 17, 2015 | Marijuana Legalization, MMJ News
The debate on the legalization of marijuana and its medical uses has been a raging topic for quite some time in the U.S. As of now, 23 states in the U.S. have legalized the application of marijuana for medicinal use. Many studies that have been carried out have shown that marijuana can be used in certain circumstances to treat different physical and mental medical conditions but the effect of this medicinal use and its contribution to a cure could very much depend on the specific medical condition.
Broadly speaking, for medical conditions like nausea and vomiting that AIDS patients and cancer patients experience, for nerve pain, multiple sclerosis and general chronic pain, treatment incorporating marijuana has shown substantial promise. With regard to serious illnesses like epilepsy, Crohn’s disease, cancer and Parkinson’s disease, research undertaken has shown that treatment involving medicinal marijuana could be significantly effective. However, the positive contribution of medicinal marijuana is limited for the effective treatment of medical conditions like Alzheimer’s disease, Anxiety disorders, Post-Traumatic Stress Disorders, Weight Loss, Lupus and Glaucoma, based on the research undertaken as of now.
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May 18, 2015 | Marijuana Legalization, MMJ News
By David Downs
At EastBayExpress.com
Oregon’s robust medical marijuana industry fended off the first round of post-legalization restrictions this week, but not without an all-hands-on-deck, knock-down, drag-out fight that provides a lesson for California.
Sources report that Oregon Senate Bill 844 to inspect and restrict certain commercial medical collective grows failed to pass committee Monday.
But Oregon’s medical marijuana growers will remain in the crosshairs of both law enforcement and the commercial recreational industry — mainly because medical growers leak tons of pot into the black market. Oregon enjoys the distinction of having the cheapest high quality bud in America, at $204 per ounce, compared to $241 in the Bay Area and $346 in Washington, DC. The national average is $324. While medical patients celebrate the access, officials chafe at the leakage.
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Apr 26, 2015 | Marijuana Legalization, MMJ News
By Sean Williams
At Fool.com
Public opinion suggests that a growing number of Americans would approve of legalizing marijuana. But how long could it take for the U.S. government to actually make sweeping changes to the current marijuana laws? Americans’ answers in this latest poll might surprise you! The marijuana movement is transforming before our eyes, whether you’re for legalization, against it, or are undecided.
Over the past two decades, nearly two dozen states have legalized marijuana for medical use. Meanwhile, four states have legalized the recreational, adult use of marijuana since 2012. Long gone are the days where the idea of legalizing marijuana derived 25% or less support from polling the public. Now, you’ll find nearly overwhelming support for the legalization of medical marijuana, and a slight bias in favor of legalizing recreational marijuana.
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