National Medical Cannabis Business & Marijuana Legal News

US Tax Court rules cannabis deductions are not allowed

The U.S. Tax Court again ruled that Section 280E of the Internal Revenue Service tax code is constitutional and cannabis companies aren’t entitled to common business deductions. The ruling centered on a plea from Northern California Small Business Assistants, which received a tax bill and penalty from the IRS for $1.5 million for the 2012 tax […]

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California to allow state tax deductions for cannabis businesses

California cannabis businesses will be allowed to deduct expenses on their state income returns after Gov. Gavin Newsom signed a legislator’s proposal into law. Newsom signed into law AB 37, a bill introduced by a fellow Democrat, Assemblyman Reggie Jones-Sawyer The measure will allow such state deductions, starting next year, for cannabis companies that file their […]

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Week in Review: Weedmaps to end its ads for illicit cannabis, FBI probes MJ industry, MO licensing odds & more

Weedmaps plans to cease advertising unlicensed cannabis retailers, the FBI looks into public corruption in the legal marijuana industry, Missouri receives more than 2,000 medical marijuana applications – and more of the week’s top cannabis business news. Weedmaps to stop advertising unlicensed businesses The influential marijuana site Weedmaps, which is one of the most popular […]

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Google says no to cannabis-related service apps in its play store

Tech giant Google banned all marijuana-related apps from its play store, meaning Android phone users now won’t be able to download apps that facilitate home delivery or other services. The ban went into effect May 29, the Digital Journal reported, and Google said in a statement: “We don’t allow apps that facilitate the sale of […]

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Marijuana Business This Week: AG’s on the clock, bevy of legislation, medical MJ lottery, Harvest Health earnings & more

Here are some notable stories and events to watch for in the coming days: BARR DEADLINE: Wednesday is the deadline set by a group of senators for U.S. Attorney General William Barr to give them answers about increasing the number of federally authorized growers of marijuana for research purposes. In a letter sent to Barr earlier this […]

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Three cannabis reform bills reintroduced in Congress

The list of pro-marijuana reform bills in Congress just got a little longer. Not only was the anticipated bipartisan SAFE Banking Act reintroduced on Thursday after a much-publicized congressional hearing last month, but two more members of the House of Representatives held a news conference on Capitol Hill to call for federal reforms. Flanked by […]

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Chart: Farmer and rancher perceptions of cannabis reflect nationwide acceptance

As cannabis becomes more mainstream, there’s increasing acceptance of growing and using the plant – even among conventional farmers and ranchers. In a recent Farm Journal survey, respondents said they were more comfortable with CBD and medical applications of cannabis than THC and recreational applications. Survey respondents also were more agreeable to growing than consuming […]

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Former Florida GOP congressman joins Cannabis Trade Federation as adviser

The Cannabis Trade Federation (CTF) is continuing to expand its policy and lobbying team in Washington DC, and the newest player to join the roster is former Florida congressman Carlos Curbelo. CTF, which is pushing for federal marijuana reform, said in a news release Thursday that Curbelo, a Republican, was hired as a strategic adviser. […]

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Senate confirms William Barr as U.S. attorney general

The U.S. Senate voted 54-45 on Thursday to confirm President Donald Trump’s nominee for attorney general, William Barr, installing a Justice Department veteran as the nation’s top law enforcement official. During his confirmation hearings, Barr – who previously served as attorney general from 1991-1993 and was known for his tough approach to drug offenders – […]

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Want to cash out of your cannabis business? Here are some things to consider

As merger and acquisition activity accelerates across the cannabis industry, many companies are discovering they don’t need a for-sale sign in the window to be a takeover target.

The flurry of M&A activity, which is on pace to double in the marijuana industry this year, is giving more company founders a chance to cash out at an attractive price after years of working 24/7 to build their businesses.

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