How Cannabis Companies Can Take Advantage Of The Research And Development Tax Credit Under Federal Rescheduling (Op-Ed)
“Cannabis companies should consider various pitfalls to ensure not only legal compliance, but to maximize potential benefits.” By Meeren Amin, William Bogot and Douglas W. Charnas, Fox Rothschild LLP With rescheduling of medicinal marijuana and potential relief coming for recreational use, cannabis companies should be aware of tax benefits available to the industry. One such […]
Tennessee Hemp Product Ban Could Lead To $110 Million Tax Shortfall, Projections Show
“Their decisions left Tennesseans who rely on hemp for chronic pain out on the side of our busted roads and stuck the rest of us with the tax burden.” By Adam Friedman, Tennessee Lookout Tennessee Republican lawmakers banned popular cannabinoid-derived hemp products starting in July, and after one month of sales tax collections, projections are […]
Michigan GOP Governor Candidate Pledges Huge Tax Cut For Marijuana Industry, Along With Crackdown On Hemp Products
The Republican Party’s nominee for governor of Michigan is promising to repeal or significantly roll back a recently enacted tax hike on the marijuana industry if he is elected in November. He also wants to crack down on sales of unregulated hemp THC products. Last year, lawmakers and Gov. Gretchen Whitmer (D), who is term-limited […]
Michigan GOP Lawmaker Seeks To Repeal Marijuana Tax Increase As Rising Costs Cause Businesses To Close
A Michigan Republican representative has filed legislation that would reverse a recently enacted tax increase on marijuana businesses. The new bill, from Rep. James DeSana (R) would repeal the 24 percent wholesale cannabis tax that was enacted as part of legislation negotiated by Gov. Gretchen Whitmer (D) and House and Senate leaders last year. The […]
Delaware Governor Signs Bill To Regulate And Tax Hemp THC Drinks
Delaware’s governor has signed a bill that seeks to regulate hemp-derived THC beverages—including with an age limit, potency restrictions and taxes. Gov. Matt Meyer (D) signed HB 373 from Rep. Debra Heffernan (D) into law last week and announced the action on Tuesday. The legislation as enacted restricts sales of hemp THC drinks to people […]
Major Alcohol Industry Lobby Backs Bill To Keep Hemp THC Drinks Legal, But It Wants More ‘Discussion’ On Tax Rate
An alcohol industry trade association is endorsing a newly filed bill in Congress that would allow continued sales of certain hemp-derived THC products, partially scaling back a broad ban that is scheduled to take effect later this year. The group, however, says that the measure’s tax provisions require “continued discussion.” The Wine & Spirits Wholesalers of […]