The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and contrast tax differences of a federal legal hemp business versus a federally illegal business subject to section 280E. Continue reading “The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill”
Tag: Policy & Legal
Patents on Pot? U.S. Lawsuit Puts Cannabis Claims to the Test
In October, the U.S. government issued Axim Biotechnologies Inc a patent for a cannabis-based suppository to treat irritable bowel syndrome.
Britain’s GW Pharmaceuticals Plc, which recently brought to market a drug derived from marijuana for epilepsy, is now seeking patent protection for another one to treat eczema.
With marijuana now fully legal in Canada and at least partially legalized in the majority of U.S. states, companies are rushing to patent new formulations of the age-old botanical. Continue reading “Patents on Pot? U.S. Lawsuit Puts Cannabis Claims to the Test”
Congress is going to make marijuana moves
Despite majority public support in favor of marijuana legalization, and super-majority support in favor of medical cannabis access, members of Congress have nonetheless been reticent to move forward with any significant changes to federal pot policy. That is, until now. Continue reading “Congress is going to make marijuana moves”
First FDA approved cannabis-based drug now available by prescription
The first cannabis-derived medication approved by the Food and Drug Administration is now available by prescription in every state, according to its manufacturer.
Epidiolex, manufactured by GW Pharmaceuticals, is intended to treat seizures associated with two rare and severe forms of epilepsy that begin in childhood. The drug is made of cannabidiol (CBD), a component of marijuana that doesn’t give users a high.
Continue reading “First FDA approved cannabis-based drug now available by prescription”
Vancouver, Canada’s Marijuana Capital, Struggles to Tame the Black Market
In the pot-friendly city of Vancouver, illegal marijuana dispensaries outnumber Starbucks outlets, and among the most popular is Weeds, Glass and Gifts. There, in a relaxed space reminiscent of the coffee chain, jovial “budtenders” sell coconut chocolate bars infused with marijuana and customers smoke powerful pot concentrates at a sleek dab bar. Continue reading “Vancouver, Canada’s Marijuana Capital, Struggles to Tame the Black Market”
Has The U.S. Reached A ‘Tipping Point’ In Marijuana Legalization?
Has the U.S. reached the “tipping point” in marijuana legalization? That’s what one CNN commentator said happened last month when, on June 26, Oklahoma adopted medical marijuana through a ballot initiative — making it the 30th state to do so, as you can see in the figure below. Continue reading “Has The U.S. Reached A ‘Tipping Point’ In Marijuana Legalization?”
Democrats say looser marijuana laws attract young voters, and some Republicans are catching on
Democrats are increasingly embracing looser restrictions on marijuana — and a growing number of high-profile Republicans are joining them, marking a shift in the politics of cannabis.
As Democrats try to regain control of Congress in the November elections and make gains in state races, some strategists are wagering that being firmly on the side of easing marijuana laws will help boost turnout among millennials, a key bloc in the party’s coalition. Many of those voters have sat out recent midterms. Continue reading “Democrats say looser marijuana laws attract young voters, and some Republicans are catching on”
California could see a $643-million marijuana tax haul in first full year of legalization, Gov. Jerry Brown says
Gov. Jerry Brown estimated Wednesday that the state will receive $643 million from excise taxes on marijuana during the first full year of legalization in California, much more than the cost to the state of issuing licenses and enforcing new rules. Continue reading “California could see a $643-million marijuana tax haul in first full year of legalization, Gov. Jerry Brown says”
California Cannabis: Prepare Now For Your Upcoming Product Liability Wake-Up Call
Time and again I have warned cannabis industry participants that federal prohibition means nothing when it comes to liability created by defective products. Colorado is a prime example of the threat and the power of cannabis product recalls. And though for years now we’ve seen various cannabis businesses in Colorado pull their products from the shelves for illegal pesticides and/or manufacturing under unsanitary conditions, we have yet to see an official product recall for cannabis in the state of California. Continue reading “California Cannabis: Prepare Now For Your Upcoming Product Liability Wake-Up Call”
Lawmakers strike deal to address medical marijuana in special session
State lawmakers on Wednesday reached agreement on how to put medical marijuana — passed overwhelmingly by voters in November — into effect in Florida. Legislative leaders are expected to add it to their agenda as they convene in Tallahassee Wednesday afternoon, a rare sign of consensus in a contentious special session. Continue reading “Lawmakers strike deal to address medical marijuana in special session”