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« Last post by jones on May 09, 2024, 07:30:31 PM »
I'm betting the dispensary would benefit from the tax break, but not "trickle down" so much for the end consumer or the employees. Maybe I'm a cynic.
On the other hand, if dispensaries could actually use banking services like any other biz, they would be less of a target for robbery.
Better for the economy if they keep all their security people The cannabis shops in good locations are making so much money, they throw some away. Homeless are always bringing decent weed around here, that they find in the dumpsters behind the weed shops
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« Last post by orthene on May 09, 2024, 12:51:38 PM »
I'm betting the dispensary would benefit from the tax break, but not "trickle down" so much for the end consumer or the employees. Maybe I'm a cynic.
On the other hand, if dispensaries could actually use banking services like any other biz, they would be less of a target for robbery.
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« Last post by jones on May 09, 2024, 07:49:53 AM »
“If they could have a 401(k) along with doing something that they love, I think they'll be so much better people,” he said.
Yep, 'if only I had my 401(k), I'd be a better person', is what nobody has ever said...
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« Last post by orthene on May 09, 2024, 12:11:02 AM »
https://www.bridgemi.com/michigan-government/michigan-cannabis-shops-could-make-more-money-when-weed-reclassifiedMichigan marijuana shops could pocket more money as the U.S. Drug Enforcement Administration moves to reclassify marijuana as a less-dangerous drug. The change could exempt cannabis retailers from tax restrictions that eat into their profits.
U.S. Attorney General Merrick Garland proposed Tuesday that marijuana be reclassified from Schedule I, a category that includes drugs like heroin, LSD and ecstasy, to Schedule III, the Associated Press reported. Schedule III drugs include ketamine, anabolic steroids and testosterone.
The DEA defines Schedule I drugs as those with no accepted medical use and a high potential for abuse. It defines Schedule III drugs as having little to no potential for physical and psychological abuse.
"Next, Congress needs to act to remove marijuana from the list of controlled substances altogether and create a federal regulatory framework that's more comparable to alcohol,” Aaron Smith, executive director of the National Cannabis Industry Association, told Bridge.
The DOJ’s recommendation is based on “the mountain of evidence that there is medical value to cannabis.” Smith said. “It might mean that more banks decide to take the risk of banking with cannabis (businesses) but it doesn't change the banking regulations.”
Although recreational use of marijuana is legal in Michigan, cannabis has not been legalized federally. Under Internal Revenue Code Section 280E, those who sell Schedule I and Schedule II controlled substances don’t qualify for deductions or tax credits. This tax code has a significant impact on the revenue of cannabis business owners.
“The biggest impact will be the removal of the 280E tax liability that our members currently face,” said Robin Schneider, executive director of the Michigan Cannabis Industry Association. “Some cannabis businesses are paying as much as 81 percent of their revenue in federal tax.”
Because cannabis is considered a Schedule I drug, business owners can’t write off regular business costs as they would be able to in other businesses, Schneider added.
Banks are also reluctant to work with those in the cannabis industry because marijuana is still illegal federally, making it harder for business owners to open bank accounts or apply for business loans. Banking fees for cannabis business owners also tend to be higher than for business owners in other industries.
Potential impact on hiring
“Reclassifying marijuana will essentially eliminate the tax code 280E which, from my standpoint, has made it very, very difficult to make money,” said Al Williams, owner of DaCut, a recreational marijuana dispensary in Detroit.
“If we were able to eliminate the 280E, which reduces the amount of money that I have to pay in taxes every single year, that will open up funds or dollars for me to be able to do other things,” he said.
Williams employs over 100 people at his two dispensaries in Detroit and Flint and a processing center in Flint. He said if marijuana was reclassified, he would be able to train and hire more employees and security.
“As a dispensary owner, I want to be able to advertise more. As a dispensary owner, I want to be able to do more community events. As a dispensary owner, I want to support my neighborhood more, which in turn will be beneficial to our business as well,” Williams said.
The SAFER Banking Act, introduced by U.S. Sen. Jeff Merkley, D-Oregon, if passed, would allow cannabis businesses to access various financial and banking services like business loans or lines of credit.
Not only are financial institutions reluctant to bank with business owners in the cannabis industry but some cannabis shops may not be able to offer traditional retirement plans to their employees.
“I think it hinders their upward mobility in life … that they don't have that ability to have a job that gives the same kind of benefits that any other job does,” Williams said.
“If they could have a 401(k) along with doing something that they love, I think they'll be so much better people,” he said.
The change wouldn’t be immediate. The Office of Management and Budget would need to review the proposal, the DEA would need to take public comments, then the proposal would have to go to an administrative law judge, AP reports. After that, the agency would make a final ruling.
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« Last post by jones on May 04, 2024, 01:53:09 AM »
They're lucky to be in Canada, marijuana companies in the US aren't allowed to file for bankruptcy Cannabis Companies Can't File for Bankruptcy - So Now What? https://www.lowndes-law.com/newsroom/insights/cannabis-companies-cant-file-for-bankruptcy-so-now-what
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« Last post by orthene on May 01, 2024, 05:00:32 PM »
I'd clean out their fridge; there would be nothing left.
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« Last post by jones on May 01, 2024, 04:33:51 PM »
One county in Maryland has actually come up with a unique training method for law enforcement. They actually invite people to get high in front of officers, even providing snacks, so officers can see how people react when they are under the influence.
Sounds like Treason!
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« Last post by orthene on April 29, 2024, 02:54:23 PM »
https://www.cbsnews.com/minnesota/news/minnesota-legal-marijuana-driving-while-high/MINNEAPOLIS — Last August, recreational marijuana became legal to use in Minnesota.
It's not legal to drive while high.
In Talking Points, Esme Murphy takes a look at how law enforcement is handling driving while high on cannabis.
Before marijuana was legalized in Minnesota, the state patrol and other law enforcement agencies repeatedly voiced their concern over how to determine if someone pulled over was high on cannabis.
Right now, there's not a state approved-roadside test that can determine if a driver is high on weed.
In January, Minnesota law enforcement agencies, including the state patrol, began a pilot program to try out a saliva test to detect cannabis and other illegal drugs.
The saliva tests are voluntary and so far more than 140 people have agreed to take them.
The Minnesota Sate Patrol has a new colonel in charge: Christina Bogojevic. The colonel was a guest on WCCO Sunday Morning at 10:30 a.m.
"For us, it hasn't changed, because we have always looked for impairment and that is impairment from alcohol or from drugs or poly-use. And so for us, our troopers are still out there arresting DWIs," Bogojevic said.
The colonel also told us a saliva test, if proved reliable, would be a big help to troopers.
"Yes the saliva testing would be a quicker response over the blood tests," she said.
The Department of Public Safety is expected to file a report on the saliva tests in August.
The state patrol says it does not track cannabis-related impairment offenses, but reports that drug-related impaired driving is on the rise in Minnesota. The penalties for a marijuana DUI in the state are the same as the penalties for an alcohol DUI.
One county in Maryland has actually come up with a unique training method for law enforcement. They actually invite people to get high in front of officers, even providing snacks, so officers can see how people react when they are under the influence.
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« Last post by orthene on April 29, 2024, 02:52:11 PM »
https://www.forbes.com/sites/dariosabaghi/2024/04/29/cannabis-company-medmen-goes-bankrupt-with-411-million-in-liabilities/?sh=4100bf632ec6Multistate cannabis company MedMen leaves the industry by filing bankruptcy proceedings in Canada with about $411 million in liabilities.
MedMen announced on April 26 that it filed for bankruptcy under Canada’s Bankruptcy and Insolvency Act on April 24. The business advisory firm B. Riley Farber Inc. was appointed as the company’s bankruptcy trustee.
The company also announced that its American subsidiary based in California entered receivership in the Los Angeles Superior Court on April 23 for the organized dissolution and liquidation of its assets.
As a result of these receivership proceedings, MedMen’s subsidiaries will have their operations and assets dissolved or sold off in compliance with U.S. laws.
While MedMen’s Chief Financial Officer, Amit Pandey, resigned effective on February 13, each of the company’s directors resigned immediately before the commencement of the bankruptcy proceedings.
The decision to cease operations and file for bankruptcy and receivership came after assessing MedMen’s and its subsidiaries’ financial condition, failure to meet financial obligations, and expected actions of secured creditors.
“The difficult decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings was made after careful consideration of the current financial condition of the Company and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors. After careful consideration of these factors and in the absence of other available alternatives, the board of directors of the Company determined that it was in the best interests of the Company to proceed with the commencement of the Bankruptcy Proceedings and Receivership Proceedings,” the company’s press release reads.
MedMen operates in multiple states with retail stores and cultivation facilities. It traded on the Canadian Securities Exchange (MMEN) and over the counter in the U.S. (MMNFF).
Founded in 2010 by Adam Bierman and Andrew Modlin, it expanded rapidly, opening stores in several U.S. states.
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« Last post by BurnMan on April 28, 2024, 07:01:38 PM »
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