On December 4, 2019, four federal agencies - in conjunction with the state bank regulators, issued a statement clarifying the legal status of cannabis growth and production under the Bank Secrecy Act (BSA) for banks providing banking services to cannabis-related businesses. The statement emphasizes that banks are no longer required to...
Cannabis companies can’t claim deductions on their year-end tax forms. In 1992, Congress enacted section 280E of the Internal Revenue Code which states that deductions and credits are not allowed for any expenses paid during the tax year for business activities that involve the sale of controlled substances, which includes...
Access to financing, tax codes, and compliance are just a few of the obstacles cannabis businesses are facing in this period of growth in the industry. They also tend to be the top three HR challenges cannabis business face, and they often demand additional resources, attention and education. Banking With cannabis currently...
As of June 25, 2019, thirty-three states and the District of Columbia currently have passed laws broadly legalizing marijuana in some form. Click here for a map which shows current state laws and recently-approved ballot measures legalizing marijuana for medical or recreational purposes. States with limited medical marijuana laws, such as...