Banking, Federal Taxation Issues Restrict Marijuana Enterprises From Usual Business Practices This is a marijuana update. Legal marijuana sales continue to draw national attention. BloombergBusiness recently estimated that the industry's revenues are nearly $3 billion annually - almost all in cash. The industry has attracted financing from investment funds. Willie Nelson and former New Mexico Gov. Gary Johnson have entered businesses to support funding and legalization. The New Yorker magazine recently featured the first Marijuana Investors Summit held in Denver and more than 800 people attended the affair to learn about financing marijuana. The underlying theme of the conference, as reported by The New Yorker, was that federal legalization will occur at some time in the future and all those marijuana businesses, retail or medical, will become takeover targets for national companies. [continues 537 words]
As Marijuana Becomes Increasingly Acceptable, Contradictory Federal and State Laws Raise Numerous Issues, Ignite Disputes Marijuana has evolved from a substance that a former U.S. president "tried but never inhaled" to a state tax bonanza, exotic medical treatment and a frequent subject of employment-related disputes. Colorado, Washington, Alaska and the District of Columbia have now legalized recreational use, although the District's enactment is complex and has significant limits. Almost half the states and the District of Columbia permit medical marijuana. Nonetheless, under federal law, marijuana is still listed as a Schedule One drug under the U.S. Controlled Substances Act. U.S. attorneys can pursue growers and dispensers of marijuana, even though such business may be "legal" under state law. [continues 523 words]
