Owners and operators of a company (whether organized as a corporation or a limited liability company (LLC)) involved in the cannabis industry must remember that the company is also a business that is a separate legal entity.
While the SAFE Banking Act remains in limbo, the hemp industry received some long overdue good news regarding banking cannabis businesses from the National Credit Union Administration (“NCUA”) with the release of interim guidelines that allow credit unions to provide banking services, including loans, to legally operating hemp businesses. » Read More
The recent Tenth Circuit decision of Feinberg v. Commissioner of Internal Revenue reminds cannabis businesses that as long as marijuana remains a Schedule I controlled substance under federal law, they will not be permitted to take deductions for business expenses. However, these businesses may still reduce their gross income by their cost of goods sold (COGS). » Read More
In our last post, we discussed how there can be federal barriers preventing certain businesses from entering the cannabis industry, despite state legalization. Here, we discuss the importance of considering local laws.
Just like other businesses, one of the biggest, and most important, challenges a cannabis business may face is identifying a suitable location to operate.» Read More