Snapshot of LA: 7 New Cannabis Developments
LA will be making some big changes in the next 6 weeks. Currently up for consideration are the following amendments 1. Disclosure of Management Companies Required. On February 28th, the City Council adopted a report by the Rules, Elections and Intergovernmental Relations Committee recommending that the City Attorney’s Office, the Department of Cannabis Regulation (“DCR”) and the […]
Applying for a Commercial Cannabis License with a Criminal Conviction
Written By Emily Friedman Prop 64 (AUMA) campaigned as California’s opportunity for major drug policy reform. Thereunder, several felonies immediately reduced to misdemeanors. But what happens to those whose records are stained with past criminal convictions when they apply for a commercial cannabis business license? While California prohibits individuals with certain criminal convictions from applying, […]
Los Angeles Cannabis Regulations – Weathering the Storm
All is quiet in the calm before the storm, with the holidays upon us and only two quiet weeks before the chaos of the “regulated” market dawns upon the state and Los Angeles. Here and throughout California, a multi-billion dollar medical cannabis market has flourished over the last two decades and, until, now has largely […]
The Final Countdown to 2018 – Cannabis Licensing Update
California is almost ready for legalization. On December 7, the Office of Administrative Law approved the emergency regulations published by the state’s three cannabis licensing authorities, solidifying the legal foundation that allows California to be ready for legal adult use (and medical) sales to kick off on January 1, 2018. Two of the regulatory agencies—the […]
Rohrabacher-Farr Extended – Again
In a process that has now become normal, the federal government again extended funding for the federal budget for a few weeks, putting off fighting over a full budget. This time, they extended funding for only a few weeks, specifically to December 22, 2017. As part of extending the funding, Congress essentially left the current […]
The Excise Tax: The Calculations Behind the 15% Tax on Cultivation
Written by Abraham Finberg, CPA On January 01, 2018, when California cannabis cultivators harvest products enter the commercial market, they will need to pay their distributor $9.25 per dry-weight ounce of cannabis flowers, and $2.75 per dry-weight ounce of cannabis leaves. That sentence is quite a mouthful and is definitely not using terms a master […]
Something to be Thankful For: California Releases its Emergency Regulations
The moment we’ve all been waiting for has finally arrived! California’s three cannabis licensing authorities have released their emergency regulations for the state’s industry. The three documents (see links below) cover all the rules for implementation of the Medicinal and Adult Use Cannabis Regulation and Safety Act, which go into full effect on January 1. […]
Local Laws: How to Change Them in Preparation for State Licensing
As we head into 2018 and state permitting, many aspiring cannabis business operators remain stalled. They are not stalled for lack of effort, desire, or even funding. What delays them is the lack of a local permit for their cannabis business, for without a local permit, one cannot begin state permitting. California is a vast […]
Depositing Under 10k at a Time – Buffalo Resident Sentenced to 10 Years in Prison for Structuring Charges
Written by Emily Moore Earlier this year, a federal court in New York found resident Bryant Hudson guilty of structuring charges and sentenced him to ten years in prison and a hefty $500,000 fine. Structuring is a crime that is very easy to unknowingly commit, and California cannabis businesses stuck operating cash-only transactions must be […]
The Excise Tax – The Calculations Behind the 15% Tax on Retail Purchases
Written by Abraham Finberg, CPA On January 01, 2018, California cannabis purchasers will need to pay a 15% excise tax on their purchases of adult use and medical cannabis. That seems simple and we wish it was. Here are some of the weird permutations of this tax. 15% Tax on Retail Purchases – Arms Length […]