Category: Lane Powell

Venture Capital Investment in Cannabis More Than Doubles in 2018

Venture Capital Investment in Cannabis More Than Doubles in 2018

Pitchbook recently released its2018 results for cannabis related investments, and the data is impressive: 139 deals scooped up a whopping $881 million. Those numbers are up over the prior year by 26 percent (number of transactions) and 120 percent (total amount invested), reflecting larger average deal sizes.  Leading the way,Privateer Holdings closed a $100 million Series C financing.

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World Law Group Cannabis 2019 Webinar Series

World Law Group Cannabis 2019 Webinar Series

Join the World Law Group for its upcoming webinar series on the legalization of cannabis around the world. Each of the four webinars will focus on specific jurisdictions or regions, including Europe, Israel, Canada, Latin America and the United States. Our very own Josh Ashby will serve as a moderator for the upcoming Israel update on February 26, and as a panelist for the U.S. update on April 3. Register via the links below.

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Harshing The Mellow

Harshing The Mellow

“Audit,” already an unpleasant word in cannabis circles, got a little worse this week with the release of a stern assessment of Oregon’s cannabis program by the Oregon Secretary of State. The 42-page report, the first such review since Oregon voters legalized recreational marijuana in 2014, catalogues numerous gaps in Oregon’s regulatory oversight of cannabis. While offering qualified praise for the theoretical scope of Oregon’s adult-use regulations, the audit found that a lack of resources has led to spotty enforcement.

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Odor Issues Are Moving to the Forefront as More States Allow Recreational Cannabis

Odor Issues Are Moving to the Forefront as More States Allow Recreational Cannabis

With 10 states and the District of Columbia having legalized recreational cannabis (representing nearly a quarter of the U.S. population, including the most populous state), an emerging issue is how to deal with the odor generated by marijuana production facilities. A December 19, 2018 article in The New York Times noted a growing number of neighbors of cannabis farms are complaining about “skunky” odors caused by certain volatile organic compounds generated during growing and processing.

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Tax Court Takes Second (and Even Larger) Bite From the Cannabis Tax Planning Apple

Tax Court Takes Second (and Even Larger) Bite From the Cannabis Tax Planning Apple

We recently discussed the impact of the Harborside opinion on cannabis tax planning, a tax court decision that disturbed, but didn’t really surprise, those of us who regularly work on the application of tax rules in the cannabis industry. The industry faces a secondary assault following the U.S. Tax Court’s opinion in Alternative Health Care Advocates. The opinion in Alternative raises new — more surprising and more disturbing — concerns regarding common cannabis tax planning strategies and focuses on the use of management companies.

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Banking and Hemp: The Effect of the New Farm Act

Banking and Hemp: The Effect of the New Farm Act

The new Agricultural Improvement Act of 2018 (Pub. L. 115-334) (the “Act”) was signed into law by President Trump on December 20, 2018. Much press has been devoted to the fact that the Act generally legalizes industrial hemp and will provide federal Crop Insurance for that crop. While this is potentially good news for farmers and their bankers, questions remain for bankers about how they can effectively identify a legal hemp crop and distinguish it from an illegal marijuana crop.

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The Morning After: Remaining Methods for Determining Cost of Goods Sold Following Harborside

The Morning After: Remaining Methods for Determining Cost of Goods Sold Following Harborside

The U.S. Tax Court’s recent Harborside opinion confirmed what we have warned our clients for quite some time: section 263A is unavailable for any cannabis business that traffics a Schedule I or II controlled substance. This conclusion is consistent with the IRS view espoused in a 2015 IRS Chief Counsel Advice memorandum and the flush language in section 263A, which states taxpayers cannot use section 263A to deduct an otherwise nondeductible item. Many cannabis businesses have relied on section 263A to capitalize expenses that would otherwise be non-deductible under section 280E. Those taxpayers should reconsider their tax return filing positions on not only a go-forward basis, but also for purposes of correcting previously filed returns.

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South Korea First

South Korea First

The revised law adopted November 23, 2018 is limited to CBD concentrates with THC levels too low to cause intoxication. Although somewhat unexpected internationally, it was less surprising for those in South Korea during last year’s media coverage of law enforcement action resulting in the incarceration of an ailing child’s mother for attempting to import CBD derived medication for her 4-year-old son who was suffering from brain cancer — public opinion clearly opposed such punishment. Not long after this event, Shin Chang-Hyun  introduced a legislative amendment to South Korea’s national drug policy

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Three Is No Longer the Magic Number

Three Is No Longer the Magic Number

A public records request by the Salem, OR-based Statesman Journal bore interesting fruit recently in the form of a report by the Oregon Cannabis Commission (OCC) recommending that a single agency regulate cannabis in Oregon. Currently, at least three Oregon regulatory agencies have some degree of oversight affecting the cannabis industry.

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The Food and Drug Administration Seeks Public Comment on Cannabis

The Food and Drug Administration Seeks Public Comment on Cannabis

The Food and Drug Administration (FDA) has issued an announcement seeking public comment on the “abuse potential, actual abuse, medical usefulness, trafficking, and impact of scheduling changes on availability for medical use” of cannabis and several other substances now under international review.

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It’s About Time

It’s About Time

Just in case you missed it, Rep. Earl Blumenauer (D-OR) sent a memo to Democratic congressional leaders on Wednesday outlining a comprehensive plan to legalize marijuana in the United States as soon as 2019.

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Federal Study on Cannabis Raises More Questions Than It Answers

Federal Study on Cannabis Raises More Questions Than It Answers

The White House Office of National Drug Control Policy (ONDCP) recently released “An Initial Assessment of Cannabis Production, Distribution, and Consumption in Oregon 2018 – An Insight Report.” The report “does not purport to be a policy evaluation or policy performance review; rather [the] assessment provides a verifiable analysis of assorted information and data.” A review of the data and its presentation raises more questions than it answers. The assessment presents data in a way that conflates Oregon’s adult-use, medical and black markets. As a result, it is challenging to determine what, if any, policy response might be appropriate.

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Have the Cannabis Patent Wars Begun?

Have the Cannabis Patent Wars Begun?

What if a company patented any liquid form of high-potency cannabis? And, what would happen if that company used the patent to shut down the operations of anyone making these liquid forms? Those are the questions raised by a lawsuit filed in Colorado federal court on July 30, 2018, and the answers could have existential consequences for many cannabis businesses.

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The RICO Tax Trap

The RICO Tax Trap

A significant tax bill may await RICO plaintiffs involving cannabis lawsuits because in most cases the plaintiffs will be taxable not only on amounts recovered but also on the amounts spent on lawyers and court costs.

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Dama Financial, through its partner banks, provides cannabis-related business with access to a secure, transparent banking solution that allows cannabusinesses to secure their cash, make...

 Banking & Finance /  California

CaliExtractions

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Since 2014 Caliextractions has been Northern California’s premier producer of essential oil extractors, located in Sacramento. We specialize in Aircraft Aluminum and Stainless Steel Extractors....

 Products /  California

The Law Office is a multi-attorney firm with offices in the DC area, Denver, and West Virginia. We represent clients in employment and occupational safety...

 Legal /  United States

Wake and Bake Daily

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Get toasted on a daily basis with Wake and Bake Daily. Take a look a the Cannabis industry from a different viewpoint. Recent Posts [feedzy-rss...

 Media/News /  United States

Cannabis Consulting Nationwide is a leading resource and consultant for new retail cannabis stores and owners. Using our first-hand experience building a successful and legally...

 Consultant /  Washington

Find in-depth information for growers at moldresistantstrains.com Mold Resistant Strains is owned by Jared Cox, a medical cannabis grower and seed strain collector in Hawaii....

 Products /  United States

Cultiva Law

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Cannabis Attorney in Oregon & Washington. We understand your unique cannabis business, legal, and compliance needs. We are thought-leaders and consistently receive amazing reviews from our former...

 Legal /  United States

aBIZinaBOX Inc

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The Cannabis Practice Group ["CPG"] of aBIZinaBOX Inc. CPA's serves commercial cannabis industry businesses in California. The CPG have experienced > 250% growth over prior...

 Accounting and Tax /  California

Hanson Bridgett

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Hanson Bridgett is a law firm with more than 150 attorneys in offices in San Francisco, Sacramento, the North Bay, the East Bay and Los...

 Legal /  California

Langlois

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Our specialized cannabis team is composed of lawyers with expertise in business law, labour and employment law and information technology law. They have the experience...

 Legal /  Canada

Brownson • Norby, PLLC is a Minnesota law firm with a national practice. We provide legal services in a wide range of areas including insurance...

 Legal /  Minnesota

MG Miller

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MG Miller is a modern intellectual property boutique located in Manhattan’s Financial District. Working primarily with startups and entrepreneurs, we create intellectual property portfolios that...

 Legal /  New York

We are an income tax and advisory cannabis focused niche firm. We are located in Portland, Oregon, however we can serve clients anywhere. As more...

 Accounting and Tax /  Oregon

Colorado-based American Cannabis Company, Inc. is a full service speed to market cannabis consulting firm. Based in Denver, Colorado American Cannabis Company Inc. was founded...

 Consultant /  Colorado

Burns Levinson

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At Burns & Levinson, we practice law differently. While our attorneys agree that results drive our business, building relationships with our clients and providing value...

 Legal /  Massachusetts

Lane Powell

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Lane Powell’s attorneys bring to their work a spirit of entrepreneurialism that is reflected in a client roster that includes some of the most venerable...

 Legal /  United States

In the ever changing compliance landscape, managing risk is more important than ever. Adherence Compliance is here to help with industry leading software, search solutions,...

 Compliance /  United States

Our firm has spent the last 3 years working to get the medical marijuana bill passed. The firm is the only lawyer member of the...

 Legal /  Philadelphia

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  • Mazo v. Merritt

    No. 18-cv-00831-RBJ (D. Colo. 2019)Failure to plead RICO continuity requirement led to dismissal of state and federal counterclaims alleging that […]

  • Big Sky Scientific LLC v. Idaho State Police

    No. 19-00040 (D. Idaho 2019)A hemp processor is not entitled to a temporary restraining order and preliminary injunction requiring the return of its […]

  • United States v. Campbell

    No. 17-30208 (9th Cir. 2019)The appropriations rider barring federal prosecution of individuals following state marijuana laws does not provide […]

  • Florida Department of Health v. TropiFlora, LLC

    No. 1D17-2796 (Fla. Dist. Ct. App. 2019)A dispensary applicant’s circuit court case against the Department of Health, seeking a license and to […]

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UPS Say Cannabis Delivery Service United Pot Smokers Is Involved in Trademark Infringement https://t.co/u7jL12W7zF

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