Marijuana Business Daily

CPAs offer 280E guidance to Treasury, IRS ahead of marijuana rescheduling

Published

5 days ago

October 25, 2024

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In a letter to the U.S. Department of Treasury and the IRS, the American Institute of CPAs (AICPA) is trying to provide guidance aimed at cannabis businesses and tax professionals ahead of potential marijuana rescheduling.

“Since the beginning of decriminalization and legalization of marijuana across a growing number of states, cannabis businesses and their CPAs have struggled to walk the tightrope of an industry that is locally legal but federally illegal,” Melanie Lauridsen, vice president of tax policy and advocacy for the AICPA, wrote in the letter.

“It’s imperative that the federal government’s tax administration bodies provide guidance to these profitable businesses and their advisers in advance of the rescheduling of marijuana to help ensure a clear understanding of their federal tax

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Costa Rica awards 57 licenses for cultivation, production of hemp derivatives

Published

18 hours ago

October 29, 2024

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Two years after beginning the process, Costa Rica has finalized the licensing for businesses seeking to cultivate and produce hemp-derived products.

The Central American country’s Ministry of Agriculture and Livestock (MAG) on Sept. 3 awarded 57 licenses for the two categories, according to The Tico Times.

The licenses are good for six years.

Most of the licenses have been awarded to businesses in Costa Rica’s capital city, San Jose, and the province of Guanacaste, the Times reported, citing MAG data.

Costa Rican officials issued the first business license for hemp-derived products on Nov. 8, 2022, to a company named Ingenio Taboga.

A public university, the San Jose-based National University of Costa Rica, was among the early licensees, earning a research license in August

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Texas hemp businesses say in federal lawsuit they were targets of illegal raid

Published

5 days ago

October 25, 2024

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A group of Texas hemp businesses and a smoke shop operator have filed a federal lawsuit against the city of Allen, law enforcement agencies and officials, claiming they initiated an illegal raid on hemp stores and unlawful arrests.

The lawsuit, filed Thursday by the Hemp Industry Leaders of Texas (HILT) and Sabihe Kahn in U.S. District Court for the Eastern District of Texas, alleges the municipality and police agencies violated the plaintiffs’ Fourth, Fifth, Eighth and 14th Amendment rights in raiding a legal hemp business.

According to court documents, the plaintiffs claim legal hemp products were seized through an “overbroad search warrant” and that a testing lab failed to use updated testing methodologies that altered the concentrates of legal THCA into illegal delta-9, rendering

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Arizona court declines to void or reassign contested marijuana social equity permit

Published

7 days ago

October 23, 2024

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An Arizona judge has declined to revoke and reassign an adult-use marijuana social equity permit that a lawsuit claimed was stolen from a qualifying applicant via predatory means, court records show.

Allegations have swirled for years in Arizona that out-of-state moneyed interests hijacked the licensing process for the 26 so-called social equity stores that state officials permitted in line with the adult-use legalization law voters approved in 2020.

Proposed legislation that would have “reset” the contested process failed in the state Legislature earlier this year, so aggrieved social equity applicants have resorted to the courts.

Case in point

In one such case, Arizona resident Anavel Vasquez claimed she had been approached by investors to file an application for one of the social equity

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