California has made great strides in supporting local social equity programs–the California Cannabis Equity Act of 2018,authorizes the Bureau of Cannabis Control, upon request by a local jurisdiction, to provide technical assistance to a local equity program that helps local equity applicants or local equity licensees. Specifically, a cannabis cartridge or a integrated cannabis vaporizer that contains cannabis or a cannabis product “shall bear the universal symbol . . . [t]he universal symbol shall be visible on the cannabis cartridge or integrated cannabis vaporizer and shall not be smaller than one-quarter inch wide by one-quarter inch high. And at the federal level, cannabis businesses suffer constantly under the heavy weight of I.R.C. 280E. However, AB 37 will provide at least some tax relief to California cannabis businesses (from 2020-2024). Newsom also vetoed SB 305, which would have allowed terminally ill patients to consume medical cannabis on-site at their care facilities due to “federal conflicts”. As of October 13, 2019, California has some new cannabis laws on the books (thanks to the Governor).
Seems like not a month goes by in California where the Assembly isn’t trying to pass a slew of cannabis bills to help regulate the state’s industry under the Medicinal and Adult-Use Cannabis Regulation and Safety Act (“MAUCRSA”). And October was no different. As of October 13, 2019, California has some new cannabis laws on the books (thanks to the Governor). This post is dedicated to the highlights of some of those new laws and how they’ll affect cannabis businesses.
State tax deductions.
There’s no real gold standard for state cannabis taxation. And at the federal level, cannabis businesses suffer constantly...
Read the full article @ Canna Law Blog