Search Results for: john davis

CCSE Hosts Banking, Taxes & 280E Industry Panel On July 24th

WASHINGTON: Federal tax code 280E is the single largest hurdle for any entrepreneur attempting to create a sustainable Cannabis business. Although the sale of marijuana is legal in several states, it remains illegal under federal law, and Revenue Code 280E bans most deductions and tax credits given to businesses selling Schedule I and II controlled substances, which includes marijuana.Under current tax law, Section 280E allows marijuana businesses to deduct only their cost of goods sold  all other normal and ordinary business expenses are rejected by the IRS, including marketing, training, transportation, etc. So where does this leave you, as a legitimate business owner? Is it possible to succeed under these restrictions? The answer is yes, but it requires education and creativity.

The Coalition for Cannabis Standards and Ethics (CCSE), a 501(c)(6) nonprofit, will be hosting a panel discussion on financial issues affecting the Washington cannabis industry on Thursday, July 24th from 5:30pm – 7:30pm, followed by a one-hour mixer.  The panel will be held at the Armory Loft #3, inside the Center House at the Seattle Center.The panel includes some of the brightest minds tackling the 280E issue today in order to help you succeed and gain the knowledge required to overcome this daunting obstacle in the Cannabis industry. The discussion will focus on 280e and inventory accounting, best practices for managing the finances of a cannabis business, as well as access to banking. It will be sure to be a very interesting and lively discussion!Members of the panel include:

Dean Guske, CPA

Dean has over 26 years experience in the areas of taxation, accounting, and business consultation.  In addition, he has become the leading expert in Washington state regarding the proper filing of tax returns for the cannabis industry.  He regularly speaks to CPAs and industry leaders regarding IRC 280e and its impact on federal tax returns.

John Davis
John is the CEO of Northwest Patient Resource Center, serves as the Executive Director of the CCSE, and is also on the Board of Directors of both Seattle Hempfest and the National Cannabis Industry Association.  John is a longtime entrepreneur and drug policy activist.

Carmella Houston
Carmella is the Vice President of Business Services at Salal Credit Union, which is currently beta testing with licensed I-502 businesses in Western Washington.  Carmella started the Business Banking division at Salal CU three years ago.  Carmella has more than 20 years of banking experience including: regulatory oversight, commercial real estate lending, construction and business lending.

Todd Arkley, CPA (moderator)
Todd started Arkley Accounting Group in order to focus on small businesses and the cannabis industry.  He has over 13 years experience in private industry, in roles ranging from controller to CFO.  His current clients include both medical and 502-licensed businesses, as well as ancillary businesses supporting the cannabis industry.  Todd currently serves as Treasurer on the CCSE Board of Directors.

Cannabis Industry Kicks Off Business Summit

COLORADO: The tagline for this week’s Cannabis Business Summit in Denver is, “Where Commerce Meets a Revolution.”

And in speaking with some of the several hundred people in attendance at the two-day event, billed as the marijuana industry‘s first big business conference, there was a sense of mission that isn’t usually found at most trade fairs.

Keynote speakers received applause when they talked about being in a state where cannabis is legal both for medical and recreational use and the importance of running businesses that their industry can be proud of.

“This industry is being born, you can’t stop it,” said John Davis, an industry activist and CEO of the Northwest Patient Resource Center in Seattle.

50+ Second Careers in Cannabis: Meet NWPRC’s Jake Dimmock

By David Rheins

EDITOR’S NOTE:   As part of our series on 50+ Second Careers in Cannabis, we profile Jake Dimmock, master gardener and co-owner of Northwest Patient Resource Center, a leading medical marijuana dispensary in Seattle, WA.

Jake Dimmock is an old-fashioned Southern Gentleman, and he looks the part. His wide grin and happy round glasses fill a face framed by long, rock-star blonde-grey hair. Sporting a dark blazer over clean blue jeans, a black shirt and bolo tie when we meet up, Jake is a big guy who exudes a gentle calmness and cheerful politeness that lets you know right away that you’re going to like him. And you do.

“I’m the Jerry Garcia of the cannabis community,” he jokes, and the physical resemblance is unmistakable, “I’m the guy you want to have a beer with.” The 55 year-old former merchant seaman from Norfolk, Virginia, carries a quiet confidence, in contrast to the strong egos that define so many of his peers.

The son of conservative Republican parents – his dad a retired Army Colonel – the young Dimmock spent his teenage years in Virginia cultivating a passion for pot. His initial interest was strictly recreational, not medicinal, “We only knew that when you smoked it, it made you feel better.” [Read more…]

Seattle Hempfest Enters New Era

WASHINGTON: Seattle’s 22nd Annual Hempfest is scheduled to begin Friday, August 16, 2013, in Myrtle Edwards park near Belltown. And times have changed. Initiative 502 has legalized recreational marijuana in Washington, but Hempfest founders say as long as marijuana remains illegal under federal law, their festival will still matter. [Read more…]

Festive Crowd Gathers to Celebrate 10th Anniversary of Olympia Hempfest

WASHINGTON: Mellow was the mood as the dedicated followers of cannabis converged onto Heritage Park — a modest chunk of field in the shadows of the gilded dome of the Washington State Capital building — for the first day of the 10th Anniversary of  Olympia Hempfest.

There will be many cannabis celebrations happening this summer, but it is important to remember that Olympia Hempfest was the first such event when it debuted a decade ago.  These days, however, Olympia Hempfest is overshadowed by Seattle Hempfest — an hour north and three weeks away. While the Seattle festival expects to attract upwards of 100,000 attendees, a mere 2,500 will stop by Heritage Park this weekend. [Read more…]

The Great MMJ Tax Debate

MJ NEWS NETWORK EXCLUSIVE. WASHINGTON: Black Diamond, a former coal mining town 45 minutes south of Seattle, held a great debate on the future of medical marijuana yesterday. The event was organized by MMJ Universe and it’s owner Deidre Finley, who have been on the forefront of Washington’s medical marijuana movement by providing a safe access point for medicine and educational seminars for patients. [Read more…]

Representatives Blumenauer and Lee Urge President Biden to Pardon Federal Cannabis Offenses

DISTRICT OF COLUMBIA:  Today, U.S. Representatives Earl Blumenauer (D-OR) and Barbara Lee (D-CA), co-chairs of the Congressional Cannabis Caucus, led 35 lawmakers in urging President Joe Biden to use executive clemency to pardon individuals convicted of federal cannabis offenses.

“Until the day that Congress sends you a marijuana reform bill to sign, you have a unique ability to lead on criminal justice reform and provide immediate relief to thousands of Americans,” the lawmakers wrote in a letter sent to the president. “We urge you to grant executive clemency for all non-violent cannabis offenders.”

The lawmakers stressed that discriminatory cannabis policies have perpetuated systemic racism in America for decades, citing a 2020 report issued by the ACLU that found that Black people are 3.64 times more likely than white people to be arrested for marijuana possession, despite comparable usage rates.

“During your previous tenure at the White House, President Obama understood that decades of harsh and discriminatory federal drug laws unfairly trapped minority individuals and communities in cycles of despair. That is why he used the tools of justice to grant clemency for 1,927 individuals convicted of federal crimes,” the lawmakers continued. “Your Administration has the power to expand on end this legacy and issue a general pardon to all former federal, non-violent cannabis offenders in the U.S and trigger resentencing for all those who remain federally incarcerated on non-violent, cannabis-only offenses for activity now legal under state laws.”

In their letter to President Biden Thursday, the lawmakers also noted that their request is not a partisan issue. Every president since George H.W. Bush has exercised their pardoning power for cannabis offenses.

This push from lawmakers comes after Americans in five more states voted overwhelmingly to liberalize their cannabis policies during the November elections and the U.S. House of Representatives took the historic step of passing the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act in December.

“President Biden’s leadership on issuing pardons to nonviolent federal marijuana offenders would demonstrate a down payment on his campaign promise to prioritize criminal justice reform and similarly inspire similar justice-oriented actions in a non-partisan fashion around the country,” said NORML Political Director Justin Strekal. “Shortly after President Biden’s election, the House of Representatives voted to end the federal prohibition of marijuana. Now in a new legislative session, President Biden should follow their lead and move to immediately provide relief to those who continue to suffer from a criminal record for a nonviolent federal marijuana offense. We are tremendously grateful for the leadership of the Cannabis Caucus, particularly Representatives Barbara Lee and Earl Blumenauer, as they tirelessly lead this ongoing but hopefully soon to be finished fight for marijuana justice nationwide.”

In addition to Blumenauer and Lee, the letter was signed by House Judiciary Committee Chairman Jerry Nadler and Reps. Nydia Velázquez, Adriano Espaillat, Bonnie Watson Coleman, James McGovern, Jan Schakowsky, Jesús “Chuy” García, Eleanor Holmes Norton, Rashida Tlaib, Danny K. Davis, Alan Lowenthal, Alcee Hastings, David Trone, Mark Pocan, Carolyn Maloney, Peter Welch, Dwight Evans, Ilhan Omar, Ayanna Pressley, Jared Huffman, Pramila Jayapal, Ed Perlmutter, Mondaire Jones, Zoe Lofgren, Ro Khanna, J. Luis Correa, Brenda Lawrence, Charlie Crist, Dean Phillips, Jamaal Bowman, Steven Horsford, Henry “Hank” Johnson, Jake Auchincloss, Raúl Grijalva, and Alexandria Ocasio-Cortez.

A PDF copy of the letter is available here.