Rhode Island Hopes to Legalize Marijuana to Avoid Paying Taxes on Medical Grows

Category: News | Posted on Tue, February, 9th 2016 by THCFinder

While Rhode Island Governor Gina Raimondo appears to be hell bent on squeezing the medical marijuana community for taxes on homegrown cannabis plants, a couple of lawmakers are hoping to clip the nuts off the wild horse she rode in on with a piece of legislation that would allow the state to capitalize on a fully legal pot market.

Two proposals are set to invade both chambers of the state legislature sometime this week. Representative Scott Slater of Providence will reportedly introduce his bill to the House, while Joshua Miller of Cranston will file a companion measure in the Senate. Both proposals are an attempt to drag Rhode Island out of the gutter of prohibition by establishing a taxed and regulated system that would allow adults over the age of 21 to purchase weed in manner similar to beer. It would also eliminate the criminal penalties associated with pot possession for those not authorized to use marijuana under the state’s medical program. 

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Colorado Sold Just Shy Of One Billion Dollars Worth Of Cannabis In 2015

Category: News | Posted on Tue, February, 9th 2016 by THCFinder
colorado legal marijuana sales

Iimage via Associated Press)

At the beginning of 2015 a lot of people were estimating that Colorado would sell over one billion dollars worth of cannabis. Recreational marijuana became legal to sell in Colorado at the beginning of 2014, with a regulated medical marijuana system already in existence. The roll out of recreational marijuana sales took a bit to ramp up, and 2014 was seen as a ‘warm up’ of sorts. 2015 was predicted to be the year that the one billion dollar mark would be crossed in Colorado, and Colorado came very, very close. Per The Cannabist:

Licensed and regulated marijuana stores in Colorado sold $996,184,788 worth of recreational and medical cannabis in 2015, according to new data from the state Department of Revenue.

“I think it’s ethical to round that up to a billion,” cannabis industry attorney Christian Sederberg said Tuesday upon first hearing the 2015 totals.

Colorado also collected more than $135 million in marijuana taxes and fees in 2015 — more than $35 million of which isearmarked for school construction projects.

My home state of Oregon just started collecting taxes on recreational marijuana sales, and even with limited recreational sales, revenue is being generated. I don’t think that Oregon’s industry will be quite as big as Colorado’s, at least not for awhile, but seeing legal cannabis sales generate tax dollars for public schools is a very cool thing. Will Colorado cross the one billion mark in 2016? Only time will tell. I know I hope to travel there some time in 2016 and add some dollars to the pile.



Barney Frank To The Marijuana Industry: “Thank You For Being Responsible”

Category: News | Posted on Mon, February, 8th 2016 by THCFinder

Today was one of those days that I had to pinch myself because I felt so lucky. I got to attend a brunch fundraiser for legendary United States Representative Earl Blumenauer (D-OR), who has fought for the cannabis reform movement for a very long time, and continues that support as more states allow a thriving cannabis industry to exist by leading the charge in Congress. The fundraiser was hosted by the National Cannabis Industry Association (NCIA). Speaking at the fundraiser was another individual that led the charge for many, many years in Congress. That individual was former Congressman Barney Frank (D-MA).

I have never heard Barney Frank give a speech before, and definitely haven’t heard him talk now that he is out of Congress. Mr. Frank was known for being outspoken in Congress, and now that he is retired I was expecting some particularly candid opinions to be shared. The speech was nothing short of epic. Barney Frank has a way of getting to the point extremely quickly, and in a way that leaves no doubt as to how strongly Mr. Frank feels about the subject.

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Legal Marijuana in Oregon Comes With a Surprising Twist

Category: News | Posted on Sun, February, 7th 2016 by THCFinder

Pardon the pun, but you could say expectations are high around the country that this could be the biggest year ever for marijuana legalization.

Consumers and legislators are seeing green
To recap, the past two decades haven't been too shabby for marijuana supporters. Some 23 states, as well as Washington, D.C., now allow for physicians to prescribe medical marijuana for specific ailments, and four states -- Washington, Colorado, Oregon, and Alaska -- plus D.C. now allow for the sale of recreational marijuana to adults ages 21 and up. Even a decade ago the thought of marijuana being legal anywhere would have been somewhat far-fetched, but it's a reality now in four states, and perhaps more by the end of the year.

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NCIA Releases 280E Guide To Help Marijuana Businesses During Tax Season

Category: News | Posted on Sun, February, 7th 2016 by THCFinder
marijuana taxes tax


I get asked all the time for advice and tips on how to start a marijuana business. Most of the time people want to bounce ideas off of me that involve growing and/or selling marijuana. Sometimes it will involve an ancillary industry idea, but for the most part the people that I talk to want to pursue a business idea that involves ‘touching the plant’ as a lot of people in the industry say these days. I offer up my two cents on what it would take to start a garden and/or a dispensary as best I can, and always tell people to take it for what they will considering I don’t operate either type of business.

Something that I’m always quick to point out is the need for cannabis entrepreneurs to know about 280E and how it affects marijuana businesses during tax season. People dedicate a ton of time designing their garden, dialing in their ‘grow recipe’ to maximize their yields, but don’t dedicate nearly as much time researching 280E. It’s understandable – tax code is not a sexy thing. To most people, it’s about the least desirable part of being in the industry. However, it’s extremely important, which I’m sure a lot of people are learning for the first time as they prepare their taxes for their business.

Taxes can be confusing, especially when it comes to 280E. I am by no means a tax expert, but there are fortunately others out there that are. The National Cannabis Industry Association (NCIA) recently released a 280E white paper document that provides a ton of information about 280E. It answers frequently asked questions, such as basic ones like ‘What Is Section 280E?’ Below is an excerpt from the document describing what 280E is for those that aren’t already in the know:

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Ex-IRS agent faces trial on medical marijuana dispensary bribery charge

Category: News | Posted on Sun, February, 7th 2016 by THCFinder

SEATTLE (AP) — A former IRS agent in Seattle is set to face trial this week on accusations that he solicited a $20,000 bribe from a medical marijuana dispensary.

Federal prosecutors say that after Paul G. Hurley audited Have A Heart Compassion Care in Seattle last summer, he told its owner that he had saved him $1 million — and suggested that in return the owner, Ryan Kunkel, should pay off his student debt.

Prosecutors say Kunkel agreed to pay Hurley $20,000 instead, but then he reported Hurley's actions to the U.S. Attorney's Office. Court documents say FBI agents observed and recorded two meetings at a Starbucks where Kunkel handed over the cash.

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