Tax Time Hits Hard For Marijuana Businesses

Cannabis businesses face a different issue at tax time that a marijuana tax expert refers to as the 280E problem.

COLORADO:  It’s tax time and small business owners all over America are digging out their receipts for deductions, except marijuana business owners because most deductions aren’t for them. Some of the top tax deductions for small businesses include advertising, office supplies, utilities, business entertaining and legal fees. But cannabis businesses face an different issue that Read the full article…

Despite Increasing Sales, Legal Pot Businesses Warn Of Impending Disaster If Changes Not Made

The legal marijuana industry is sending up red flags, warning a number of problems from high prices to a glut of pot threatening to derail the burgeoning recreational market.

WASHINGTON:  The amount of legal pot sold in our state continues to increase each month since Washington’s first retail stores opened last summer. The Washington State Liquor Control Board reports sales of nearly $18.5 million in January alone. But the industry is sending up red flags, warning a number of problems from high prices to a glut Read the full article…

Fort Collins Schools Won’t Get Marijuana Money

Although a portion of marijuana tax revenue was destined to boost school funding Poudre School District will not receive a dime of that money.

COLORADO:  When Colorado residents legalized the retail sale of marijuana in 2013, some supported the measure because a portion of tax revenue was destined to boost school funding. However, Poudre School District will not receive a dime of that money. Fort Collins-area parents who see critical needs in the district’s 50 schools, including a lack Read the full article…

Counties Shouldn’t Be Able To Double-Tax Marijuana

Two separate bills in Colorado's legislature would allow counties to assess a special sales tax on recreational marijuana even if municipalities in those counties already have a special tax in place.

COLORADO:  Counties and cities have a right to tax their citizens to help the government pay for services — but taxpayers have a right not to be gouged. Two separate bills in Colorado’s legislature would allow counties — with approval from voters — to assess a special sales tax on recreational marijuana even if municipalities Read the full article…

IRS Advice On Marijuana: Deduct It…But Prepare For 50% Tax

even legal medical marijuana businesses have big federal income tax problems: tax evasion if they don’t report, and a considerably smaller risk of criminal prosecution if they do.

DISTRICT OF COLUMBIA: Four states have legalized recreational marijuana, and 23 states plus the District of Columbia have legalized medical use. But federal law still classifies it as a controlled substance, regardless of how legal it is in the states. There’s a lot more than taxes at stake, since federal drug crimes and seizures are nothing Read the full article…

Could Federal “Sin Taxes” On Marijuana Reach As Much As 50%?

The conversation on the topic all year in 2015 will be to move reform forward on the federal level beyond issues of law enforcement.

DISTRICT OF COLUMBIA:  Following a year of great reform for marijuana in states throughout the country, looming questions still remain about the future of federal marijuana reform. In 2014, for the first time in the history of the drug war, the DEA no longer has funds to enforce federal statutes in states where marijuana is legal Read the full article…

Canadian Marijuana Growers Should Get Agricultural Tax Breaks

Agricultural companies in Canada rely on a lucrative tax break to stay in business. Unfortunately, legal cannabis growers in Canada will not be able to eligible for that tax break.

CANADA:  Tax breaks and exemptions are created to help businesses grow and succeed so that they can contribute to the economy. Many business owners will tell you that without some of their larger tax breaks, they wouldn’t be in business. The agricultural industry is no exception. Agricultural companies in Canada rely on a lucrative tax Read the full article…

Skyrocketing Tax Revenues from Pot in Colorado–Will Texas Take Note?

Austin City Council will consider a resolution supporting medical marijuana in Texas.

TEXAS: Will the booming taxes being collected in Colorado from marijuana be enough to turn the heads of Texas lawmakers in favor of legalization, or at least lessening the penalties on pot and allowing for taxation?   Retail marijuana sales in Colorado brought in $1.4 million in January, and that number jumped to nearly $1.9 million Read the full article…

Denver auditor suggests 3.5 percent tax for marijuana sales

Denver Auditor Dennis Gallagher in 2006

COLORADO: Denver Auditor Dennis Gallagher disagrees with Mayor Michael Hancock’s recreational marijuana tax target, arguing the city should seek a starting tax rate of 3.5 percent instead of the mayor’s suggested 5 percent tax rate.