On March 30, the Treasury Inspector General for Tax Administration (“TIGTA”) issued a report entitled “The Growth of the Marijuana Industry Warrants Increased Tax Compliance Efforts and Additional Guidance. We’ve reviewed the report and summarize it as follows:
UPDATE: Please see here for important updates to WSLCB policies.
COVID-19 created a state of emergency in the United States and around the world. Compounding the medical emergency is the economic one as the company faces a possible economic contraction not seen since the Great Depression; whole populations are being directed not to travel, restaurants
Ben Pirie and Josh Ashby will be representing Lane Powell’s Cannabis Team at the Marijuana Business Conference (“MJBizCon”) next week, December 11-13, in Las Vegas. If you are interested in talking cannabis and hemp law (or learning more about Lane Powell’s Cannabis Team), connect with us to meet up while we’re there!
MJBizCon is the
Gabi Sanchez, Co-Chair of our Senior Living & Long Term Care Team, was quoted in a recent Senior Living Executive magazine article titled “Cannabis, Choice, and Your Community: Updates on Practices and Problems.” The article, authored by Cynthia Helzel, discusses the increase of older adults turning to cannabis products as well as the impacts
On May 28, the U.S. Department of Agriculture (USDA) issued a legal opinion that discusses the hemp-related provisions of the 2018 Farm Bill. Two of the issues addressed in the opinion are noteworthy:
Interstate Transportation
The USDA opines that states and Indian tribes may not prohibit the interstate transportation or shipment of hemp lawfully produced
The Washington State Legislature recently wrapped up its 2019 legislative session on April 28. Before adjourning, the Legislature passed a number of cannabis bills. Those bills included:
HB 1792: (Pending Governor’s signature.) Adds new crime. It would be a gross misdemeanor for a cannabis retail employee to knowingly sell cannabis products to a person
On April 10, the Oregon Senate failed to pass Senate Bill 218, and instead referred it to the Rules Committee. As proposed, the bill would amend current law and delegate rulemaking authority to the Oregon Liquor Control Commission (OLCC). If the bill passes as written, the OLCC would obtain the authority to refuse to issue
We recently discussed the impact of the Harborside opinion on cannabis tax planning, a tax court decision that disturbed, but didn’t really surprise, those of us who regularly work on the application of tax rules in the cannabis industry. The industry faces a secondary assault following the U.S. Tax Court’s opinion in Alternative Health Care
The U.S. Tax Court’s recent Harborside opinion confirmed what we have warned our clients for quite some time: section 263A is unavailable for any cannabis business that traffics a Schedule I or II controlled substance. This conclusion is consistent with the IRS view espoused in a 2015 IRS Chief Counsel Advice memorandum and the flush
Earlier this week the U.S. Tax Court issued its long-awaited opinion for the Harborside case, which addresses several issues that impact cannabis tax planning strategies. Those issues include: