As more and more states legalize marijuana, pressure has been growing for Congress to take some action. This week, the House passed legislation that would end the federal ban on marijuana. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) garnered bipartisan support, passing with a 228-164 vote in the House. Under the terms of…
Marijuana is legal now in Colorado and bringing in tax revenue. So what happens to the money?
So even as I was writing the story about the IRS’ audit of Harborside yesterday, I couldn’t make sense of it. It felt so heavy-handed on the part of the IRS that it had to be part of some bigger mandate – this was no mere tax audit. I got my answer this morning when…
Our culture is fascinated with marijuana. We speak in hushed tones about cocaine and other “hard” drugs but we’re pretty outspoken about marijuana. It’s even become a question bandied about during presidential campaigns with former President Bill Clinton famously saying that he “didn’t inhale and never tried inhaling again” prompting one MTV viewer to ask…
The death of Amy Winehouse made headlines everywhere. Winehouse’s career was short but brilliant; her life was similarly short but controversial. By all accounts, she drank too much, partied too hard and did too many drugs. And sadly, at the age of 27, her body simply couldn’t take it any more. Much has been written…
While the use of marijuana for medical reasons remains controversial, it’s becoming more mainstream. Currently, 14 states and DC have legalized medical marijuana in some form (you can check out the details here). That’s pretty interesting in and of itself since marijuana remains illegal for federal purposes. From a tax perspective, the legality of medical…
A measure to tax the gross receipts of licensed medical marijuana dispensaries in Oakland passed overwhelmingly on Tuesday. The vote makes Oakland the first city in the US to tax marijuana. The tax was put on the ballot after a considerable push from the medical community. City Council jumped on the bandwagon, too, when it…