4/20: The Blunt Truth About Marijuana & Taxes

DISTRICT OF COLUMBIA:  There was a time when the term 4/20 drew either blank stares or giggles. The term, which refers to marijuana, has become more mainstream in recent years and April 20, once considered a counterculture holiday, is actually trending on Twitter. The reality is that marijuana doesn’t have the same taboo as it did before. That’s largely thanks to legalization.

Today, twenty-three states and the District of Columbia currently have laws legalizing marijuana for either medical or recreational use. States which allow marijuana for medical use include Alaska, Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Washington – as well as the District of Columbia. Four states have legalized marijuana for recreational use including Alaska, Colorado, Oregon and Washington.

While states have been busy rewriting their laws to legalize marijuana for either medical or recreational use, possession of marijuana remains a federal crime. Under federal law, marijuana is still classed as a Schedule I drug which means that it is not legal in any form, including for medical purposes. It is, in fact, against federal law to grow, sell or use marijuana for any purpose.

 

Read full article @ Forbes