Sactown Update: California Cannabis Advisory Committee’s Recommendations
At the California cannabis advisory committee’s marathon meeting last month in Los Angeles, a hot topic of debate was how to deal with statutory recommendations for the state’s cannabis laws. As a reminder, the advisory committee is tasked with advising the state’s licensing authorities, i.e. the Bureau of Cannabis Control, CalCannabis, and the Manufactured Cannabis Safety Branch, on the development of […]
Federally Legal Weed in Canada: A Snapshot into the Canadian Cannabis Industry
The cannabis industry in the United States is estimated to reach $22.6 billion by 2021. But despite the headway that individual states have made in the U.S., it’s Canada that’s really led the way as the premier cannabis market. After they created access to capital, financing and banking with federal legalization, Canadian licensing is underway […]
Time for a Checkup: California Cannabis Licensing
The spring season marks fresh starts and renewed energy, making it an appropriate time to reflect on how California has done so far in its new era of cannabis regulation. As of early March, the Bureau of Cannabis Control (BCC), CalCannabis, and the Manufactured Cannabis Safety Branch had approved over 2,200 cultivation, 580 manufacturing, and 1,300 distribution, retail, […]
Proposition 64: Can the Police Still Search Your Car Because of Cannabis?
Historically, law enforcement has used an officer’s belief that a vehicle or person smells like cannabis to justify a search. Defendants faced an uphill battle to attack such searches, since they were based on the officer’s subjective impression of a smell. Officers would also use the sight of cannabis – a small joint in an […]
Legislators vs. Regulators in the Race to Perfect California’s Cannabis Laws
Friday marked the deadline for introducing bills in Sacramento, and based on those that have been introduced, it appears that some members of the Legislature are wary of California’s licensing authorities’ intent to create robust regulations. With the fall also bringing another election cycle for members, some seem to be doubling down on their efforts […]
Cannabis Businesses: Bank Accounts, Management Companies and Potential for Money Laundering
Written by: Abraham Finberg, CPA For sometime now, cannabis businesses have formed various corporate entities to ease some of the challenges associated with operating in the legal gray area. Although there are legitimate and practical reasons for doing so, this practice is sometimes unnecessary and redundant. Further, you may actually be violating the law or […]
Proposition 64: A Conviction Relief Mystery
Amidst the celebrations following the passage of Proposition 64, criminal justice advocates both new and seasoned looked with pride upon one particular part: conviction relief for many cannabis offenses. Proposition 64 reduced or eliminated criminal penalties for cannabis cultivation, sales, possession with intent to sell, possession, and transportation. Most notably, this change in law was […]
The Practicalities of the 15% Excise Tax
Written by Abraham Finberg, CPA With the emergence of a new industry comes new taxes enforced by new tax laws. Beginning January 1, 2018, two new cannabis taxes took effect – (1) a 15% excise tax is imposed upon purchasers of cannabis and cannabis products by retailers from purchasers, and (2) a cultivation tax paid by cannabis cultivators, to either their […]
Back At It: Legislators Push New Changes to State Law
California’s legislators recently returned to Sacramento after spending about four months working with constituents in their respective districts. With elections coming up again this fall and only one year left in the legislative session, several representatives worked quickly to introduce bills to push forward policies they hope to be signed into law this year. Among […]
The 2018 Sessions’ Rollback: What Does It Really Mean
For many in California’s cannabis industry, January 4, 2018, was supposed to be a normal day. Most were still enjoying photos and stories of the first day of adult-use sales on January 1, or were focusing on navigating local and state permitting. However, January 4 became the day that United States Attorney General Jeff Sessions […]