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Federal Politicians Stand Up For Tax Fairness In The Marijuana Industry

Category: News | Posted on Sat, April, 18th 2015 by THCFinder

irs marijuana taxes 280eU.S. Representative Earl Blumenauer (D-OR) and Senator Ron Wyden (D-OR) have introduced theSmall Business Tax Equity Act of 2015 in both the House and the Senate. The bills, which have bipartisan co-sponsors and have been endorsed by the National Cannabis Industry Association (NCIA)Americans for Tax Reform, and other advocacy groups, would end the punishing and unfair taxation levels legal cannabis businesses face because of Section 280E of the federal tax code.

“The small businesses that make up the legal cannabis industry are working overtime to be responsible, contributing members of their communities,” said Aaron Smith, executive director of NCIA. “So it’s particularly outrageous that when they try to do the right thing by paying their federal taxes, they end up penalized with double and triple tax rates.”

The 280E provision was added to the tax code in the 1980s after a convicted cocaine trafficker asserted his right to deduct business expenses from his federal tax filings. The provision was never intended to penalize cannabis businesses operating legally and in compliance state law. However, because it applies to the sale of Schedule I and Schedule II substances under the Controlled Substances Act, cannabis cultivators and dispensaries are prohibited from deducting the common expenses every other legitimate business can deduct, including rent, payroll, and state excise taxes. The result is effective tax rates that can range from 50 to 85%, absolutely crippling for a small business.

NCIA released a white paper today providing real-world examples of how 280E harms small businesses across the country.

“Instead of being able to create more jobs, increase salaries, or add benefits for their employees, these businesses are being forced to send more than two-thirds of their profits straight to the federal government,” said Smith.

The Small Business Tax Equity Act - S. 987 and H.R. 1855 - would create an exception to Section 280E which would allow legal cannabis businesses in compliance with state law to take normal business expense deductions like any other legal business. S. 987 has been co-sponsored by Sen. Jeff Merkley (D-OR) and Sen. Michael Bennet (D-CO). H.R. 1855 has been co-sponsored by Reps. Dana Rohrabacher (R-CA), Adam Smith (D-WA), Richard Hanna (R-NY), Jared Polis (D-CO), and Don Young (R-AK).

“Rep. Blumenauer, Sen. Wyden, and their co-sponsors are standing up for fairness and support for small business – something everyone should applaud,” said Smith. “We certainly do.”

Read More:http://www.theweedblog.com/federal-politicians-stand-up-for-tax-fairness-in-the-marijuana-industry/


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Federal Bill Would Legalize CBD Nationwide

Category: News | Posted on Fri, April, 17th 2015 by THCFinder

Folks suffering from seizure disorders all across the United States could soon have access to medical marijuana. Earlier this week, a piece of legislation with bipartisan support was introduced in the House of Representatives that aims to legalize cannabidiol or CBD, which has been shown effective in calming the severity of a number of medical conditions.

The proposal, aptly deemed the Compassionate Access Act, was submitted by Congressman Morgan Griffith, a Republican from Virginia, and Congressman Earl Blumenauer, a Democrat from Oregon on Tuesday, in hopes of reforming federal statutes surrounding the plant. The primary goal of the bill is to get the Drug Enforcement Administration to downgrade marijuana from a Schedule I to a Schedule II drug, and in doing so, allow the medical community more flexibility to prescribe and dispense the medicine without risking the wrath of federal prosecution.
Similar to the CARERS Act, which is currently gaining some support in both chambers of Congress, the latest proposal would also completely remove cannabidiol from the Controlled Substances Act, and allow CBD oil to be prescribed and distributed in states that have established medical marijuana programs.

“There are countless reports of marijuana’s medicinal benefits in treating conditions including cancer, epilepsy, and glaucoma,” Griffith said in a statement. “It is time to research this further, and, where legal, to allow real doctors and real pharmacists to prescribe or dispense marijuana for legitimate medical reasons for real patients.”

Interestingly, the bill has managed to garner the support of two influential medical societies, the Epilepsy Foundation and the American Academy of Neurology, both of which want to make cannabis available to patients suffering from debilitating disorders, while also eliminating the federal barriers that prevent them from conducting research.

Read More:http://www.hightimes.com/read/federal-bill-would-legalize-cbd-nationwide


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Kid Speaks Out Against D.A.R.E. At School, Is Detained, Removed From Home

Category: News | Posted on Fri, April, 17th 2015 by THCFinder

dare schools marijuanaI was forced to participate in the Drug Abuse Resistance Education (D.A.R.E.) program in the late 80’s/early 90’s when I was in school. I didn’t know why I didn’t like it at the time, but realize now that it just seemed like a propaganda dog and pony show to me. The D.A.R.E. officer would come in and tell stories about fighting people that were high on angel dust, would tell us to stay away from marijuana because it will inevitably lead to us using needles almost overnight, and then would take us out to the parking lot to show off the ‘D.A.R.E. mobile.’

I vividly remember one of my friends speaking out during one of the program meetings, and he was sent to the Principal’s office. He didn’t get in too much trouble, but it was obvious that any question asking, and certainly any criticisms, would not be tolerated. Something like that happened recently in Kansas, where an eleven year old boy spoke out during a D.A.R.E. meeting, stating that what they were saying about marijuana was not accurate. The boy’s mother had successfully used medical marijuana to treat her Crohn’s Disease. Below is what happened next, via the Human Solution:

As Shona’s son listened to the misinformation given by authorities to his class during the drug education presentation, he courageously spoke up and informed them that the information they were relating was incorrect in regards to cannabis.  He was pulled from class and sent to the office for questioning by authorities without his mother present.

When he failed to return home from school, Banda contacted the school only to be told that her son had be detained by authorities.  She went to the station, where she was informed that she was not being detained, but that they were obtaining a search warrant on her home and that she would not be permitted to enter the residence until the search was executed.

Read More:http://www.theweedblog.com/kid-speaks-out-against-d-a-r-e-at-school-is-detained-removed-from-home/


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Judge Declines to Remove Marijuana from Dangerous Drug List

Category: News | Posted on Thu, April, 16th 2015 by THCFinder

SACRAMENTO, Calif. (AP) -- A federal judge in California declined Wednesday to remove marijuana from the list of most dangerous drugs.

U.S. District Judge Kimberly Mueller issued the ruling in response to a motion by defense attorneys to dismiss charges in a case that authorities say involves a marijuana growing operation.

The case was unusual in that Mueller decided to consider marijuana's designation as a Schedule 1 drug. Schedule 1 drugs include heroin and LSD and are defined as drugs with no accepted medical use and a high potential for abuse.

Marijuana's classification as a Schedule 1 drug has brought states that have legalized medical marijuana into conflict with federal authorities, leading to raids on growers and dispensaries that appear to be operating legally under state law.

Legal experts said it marked the first time in decades that a federal district court judge seriously considered marijuana's classification. Judges have generally accepted the classification and the federal ban on its use, growth and distribution.

Mueller's decision was expected, but her move to hold a hearing last year to consider the issue marked a significant step that reflects growing skepticism about federal marijuana law, said Sam Kamin, a marijuana regulation expert at the University of Denver Sturm College of Law.

"While this one came out the other way, what you see is a lot of momentum in changing federal marijuana law," he said.

Mueller said during a 15-minute court hearing that she was initially prepared to grant the defense motion but then decided from the facts of this particular case that "this is not the court and this is not the time." She said she decided it was up to Congress to change the law if it wishes.

She said a written ruling would be issued by the end of the week.

Read More:http://www.hightimes.com/read/judge-declines-remove-marijuana-dangerous-drug-list


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House Oversight Committee Condemns DEA Chief Michele Leonhart

Category: News | Posted on Thu, April, 16th 2015 by THCFinder
 
drug enforcement agency dea

(via Wikipedia.com)

Yesterday DEA Chief Michele Leonhart testified in front of the House Oversight and Government Reform Committee in regards to DEA agents participating in sex parties in Columbia with prostitutes that were paid for by cartel members. The House Oversight and Government Reform Committee issued the following statement today, condemning DEA Chief Michele Leonhart:

Today, after listening to testimony during yesterday’s House Oversight and Government Reform Committee hearing on “DOJ IG: Handling of Sexual Harassment and Misconduct Allegations,” Chairman Jason Chaffetz (R-UT) and Ranking Member Elijah Cummings (D-MD) joined with fellow committee Members in expressing no confidence in DEA Administrator Michele Leonhart.

“After over a decade of serving in top leadership positions at DEA, Administrator Leonhart has been woefully unable to change or positively influence the pervasive “good old boy” culture that exists throughout the agency. From her testimony, it is clear that she lacks the authority and will to make the tough decisions required to hold those accountable who compromise national security and bring disgrace to their position . Ms. Leonhart has lost the confidence of this Committee to initiate the necessary reforms to restore the reputation of a vital agency.”

Members joining the statement include: 

Rep. Amash (R-MI)
Rep. Boyle (D-PA)
Rep. Carter (R-GA)
Rep. Connolly (D-VA)
Rep. DeSaulnier (D-CA)
Rep. Duncan (R-TN)
Rep. Farenthold (R-TX)
Rep. Hice (R-GA)
Rep. Kelly (D-IL)
Rep. Lawrence (D-MI)
Rep. Lujan Grisham (D-NM)
Rep. Lynch (D-MA)
Rep. Maloney (D-NY)
Rep. Meadows (R-NC)
Rep. Mulvaney (R-SC)
Rep. Norton (D-D.C.)
Rep. Palmer (R-AL)
Rep. Plaskett (D-VI)
Rep. Walberg (D-MI)
Rep. Welch (D-VT)

Read More:http://www.theweedblog.com/house-oversight-committee-condemns-dea-chief-michele-leonhart/


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Pot Delivery Startup Raises Big Money in San Francisco

Category: News | Posted on Wed, April, 15th 2015 by THCFinder

People love convenience, and pot delivery services are filling those demand. Now those delivery businesses are getting some very green backing—in the form of multimillion-dollar investments.

Eaze, an on-demand pot delivery service, recently raised a cool $10 million thanks to a group of investors led by DCM Ventures, Fresh VC, 500 Startups and Snoop Dogg’s Casa Verde Capital.

Eaze, based in San Francisco, was one of the first pot companies to get support from institutional investors, who, up until now, have been reluctant to invest in the industry. Those days are coming to an end as all things marijuana are squeezing their way quietly into the mainstream. For example,DCM Ventures, based in Asia and California, is a $2.5 billion venture capital firm that invests in seed, early and mid-stage start-ups, usually in the tech industry. However, DCM was the first company to give seed money, pardon the pun, to Eaze when it started up last summer, with a $1.5 million investment.

“At the time we invested in the seed, we had a thesis the medical marijuana market would continue to grow…Things accelerated much faster than we had anticipated,” Kyle Lui, a principal at DCM, told Quartz. (*1)

Referred to as the “Uber for weed,” Eaze’s founder and CEO Keith McCarty, says the company works with “only the best” dispensaries and has narrowed products down to flowers, edibles, and concentrates, most commonly purchased by users. (*2)

McCarty added that since its launch, Eaze it has made more than 30,000 deliveries.

Source:http://www.hightimes.com/read/pot-delivery-startup-raises-big-money-san-francisco


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