Navigating the Rapidly Emerging Fields of Cannabis and Hemp Law
Legal medical marijuana and recreational sales could eclipse $12 billion this year, according to the 2019 Marijuana Business Factbook, and might soar to roughly $28 billion by 2023. Those figures come from 36 states with medical marijuana laws and 10 that have commercial recreational cannabis statutes.
This report, compiled exclusively for the American Bar Association, will give you a deeper understanding of some of the legal trends and issues that vex a multibillion-dollar industry that remains unlawful at the federal level.
Some of those issues also carry over to marijuana’s cousin, hemp. Even though the 2018 Farm Bill legalized cannabis with less than 0.3% THC by dry weight, many uncertainties remain.
Highlights of legal issues explored in this report include:
- Marijuana policy reform at the federal level.
- Difficulties facing a cash-based industry such as securing banking services, public safety and raising capital.
- 280E provision of the IRS tax code prohibiting marijuana businesses from taking ordinary tax deductions or credits.
- A shift in environmental regulations and requirements for the cannabis industry.
- Increasing interest in patents and other protections for industry-related products and devices.
- Increase in civil lawsuits being filed against marijuana businesses and the overall effect on the industry as a whole.
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