US Bank Splits With WSLCB; Will No Longer Accept Washington Marijuana Excise Tax Payments

us-bank-capitol-hill

WASHINGTON:  As of October 1, 2016 the Washington State Liquor and Cannabis Board (WSLCB) will be switching financial institutions for marijuana excise tax payments which will have an impact on those licensees using EPay. After the switch the current vendor will no longer be supporting the site, those licensees who have a login with the Read the full article…

Pioneer Pot States Have Collected More Than $200 Million In Marijuana Taxes

Washington state got a slower start. Its retail shops didn't begin selling recreational marijuana until July of last year, but they are keeping pace with Colorado's. About $83 million in excise taxes have already been collected in the year since sales first began, according to the most recent tax data from the Washington State Liquor and Cannabis Board.

WASHINGTON AND COLORADO: The first two states to legalize recreational marijuana have collectively raked in at least $200 million in marijuana tax revenue, according to the latest tax data — and they’re putting those dollars to good use. In Colorado, after about a year and a half of legal recreational marijuana sales, the state has collected Read the full article…

Feds Propose 50% Marijuana Tax—As A Tax Cut

cannabis is not a gateway drug

DISTRICT OF COLUMBIA:  Should marijuana businesses pay tax on gross profits or net profits? It sounds like a silly question. After all, virtually every business in every country pays tax on net profits, after expenses. But the topsy-turvy rules for marijuana seem to defy logic. And taxes are clearly a big topic these days. Many have suggested that legalizing marijuana would Read the full article…

The 280e Cannabis Conundrum

The legalized marijuana business is likely to hit $10 billion in 2015 alone.

By  Keith Richards  If you are in the Cannabis industry and are not already familiar with IRS Code section 280e, then you are likely going to face a rude awakening this tax season.  Even with all the noise about this issue, it is still surprising to find operators that are not paying attention to some basic Read the full article…