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Ricardo Baca interviewed attorney James Thorburn of Thorburn Walker LLC on The Cannabist Show recently about the subject of IRS audits in the cannabis industry.
“The IRS is being more aggressive. Any business that is handling product is probably going to be subject to an audit. It’s not a question of if at this time, it’s a question of when.
Form 8300, which is designed to track money-laundering, must be filed for any cash transaction in excess of $10,000, and Thorburn believes that the wholesale cannabis industry has generally failed to properly report these transactions due to a lack of awareness of the requirement.”
Listen to the interview or read “Worst-case scenario: Why more pot businesses are suddenly getting audited by the IRS”: http://www.thecannabist.co/2016/10/13/irs-marijuana-industry/63758/
Several states will be voting on the legalization of medical and recreational marijuana. Elizabeth chuck wrote a great article about this for NBC NEWS. Follow the link below to read the full article.
Nine states have marijuana measures on the ballot this November, and chances are good that many will pass — giving pot advocates high hopes that the federal government will eventually lift its nationwide ban.
In five states — Arizona, California, Maine, Massachusetts and Nevada — voters will decide on legalizing the recreational use of marijuana.
In four others — Arkansas, Florida, Montana and North Dakota — voters will weigh in on medical marijuana, which is already legal in nearly half the country.
Medicinal marijuana has been legal in California since 1996. A similar measure to Prop 64 to approve personal use of marijuana in California narrowly failed in 2010, but polls show that support now is hovering near 60 percent.
Morgan, the marijuana opponent, said California’s existing recreational pot laws have revealed the problems with legalization.
“We already have over 50,000 illegal outdoor cultivation sites that are destroying our natural resources,” he said. “The fertilizers and pesticides used are polluting the ground and the water table … It’s an environmental disaster, aside from the fact that today’s high potency marijuana is extremely harmful [to users].”
I had the pleasure of working directly with Fremont County Cannabis. This article is a bit out of date but I wanted to share it here on the new INDO EXPO Site.
FCC is an amazing company. They set the bar really high for me being the first place I was exposed to the cannabis industry. With their amazing growing techniques and absolute care for the patients that bought the medicine they grew, they really showed how much they cared for the industry and the world. Growing with a symbiotic relationship with the cannabis plants was amazing and any grow operation i have seen after theirs has always been sub-par.
If you have a chance check them out at: http://www.fremontcountycannabis.com/
Slowly but Surely …In Buena Vista, at an elevation of 8,000 feet, master growers Josh Shipman and Jeff Cain oversee the three greenhouses devoted to the 40-plus strains of Fremont County Cannabis. Approximately 3,000 feet below, in Canon City, the FCC center provides medicine for some 300 patients every week. Fremont County Cannabis is awaiting Canon City’s decision to open the door to recreational sales as well, but the process has been slow. The local polls want to see how legalization progresses; because the city’s economy depends on family-fun vacations, they want to make sure marijuana fits in. But with Colorado reaping a whopping windfall in tax revenues, Fremont County Cannabis is confident that it will get the okay to open its new retail center in July — right across the street from the stone walls of the Colorado Territorial Correctional Facility! And once recreational sales are the norm, FCC plans to develop its nearby mountain property into a campground tailored to cannabis-themed vacations.fremontcountycannabis.com
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Our doors are open to trade and Industry professionals, and anyone in the wholesale and retail sectors. On Sunday, the second day of the Show, the general public is welcome. Additionally on Sunday, a job fair will be held allowing our exhibitors and those seeking employment to connect. While visiting and shopping our Show, be sure to take advantage of the numerous educational seminars, workshops and networking opportunities.