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April 4, 2019
September 5, 2019
Medical marijuana generated more than $34.5 million in tax revenue for the fiscal year from July through the end of September. Patient licenses now exceed 200,000, far above the initial projections of 80,000 in the first year, according to Oklahoma Medical Marijuana Authority. Reports Enid News & Eagle
The part of MRTMA allowing individual marijuana possession and cultivation has gone into effect. As to commercial growing, sales, and taxation, it’s still a work in progress but getting close to being finalized.
A tax expert who spent six years as an IRS trial lawyer is sounding a new 280E alarm bell that many cannabis businesses might need to answer soon.
Two states have accurately predicted or even underestimated the tax revenue that recreational marijuana would bring: Nevada exceeded their estimated budget figures, and Colorado got it almost exactly right. Those appear to be outliers.
However, for the right canna-entrepreneur, the most attractive thing about European financing so far has remained largely off the table. Namely tax credits, especially of the R&D and tech kind (although there are other kinds of credits on the table when crossing into related fields.)
So what have those states experienced? Tax revenue that has largely fallen short of expectations and a growing recognition that taxing marijuana is pretty complicated.
The Cannabis Herald reports, “Tax officials in Missouri are doubting the legality of CBD-containing products being sold in stores, especially since such products are still largely unregulated.”
Bloomberg report…”Helping employees save for the future is an unrealistic goal for cannabis companies hamstrung by tax law provisions and retirement industry fears that reach back to the federal government’s “war on drugs.”
CLR has been following , as much as is humanly possible, the progress of cities and counties voting on regulated cannabis tax. Although the split between yes and no will probably end up at 50/50 we do note in most reports that whatever side of the fence people lie the debate has been balanced.
“Without getting proper approval from the County Commissioners, one county employee approved a $28,583 contract to a family member’s business. In all, that employee improperly approved more than $50,000 worth of contracts. “