The cannabis industry is one of the most promising spheres nationwide. Since it attracts millions of dollars and provides significant profits, the industry is becoming an important source of taxes. However, current marijuana-related laws still contain plenty of disputable issues concerning the collection and use of pot taxes.
Worldwide, there is a long history of cannabis prohibition. For dozens of years, different governments fought against cannabis and treated this plant like one of the most dangerous and harmful drugs. But there were times when cannabis was treated differently―as a medicine, as a useful raw material, and even as food. So, when exactly and, most importantly, why was marijuana made illegal? WeedLex will take you to a brief trip into the history of marijuana laws.
In the United States, tax revenue is the major source filing both federal and local budgets. It is a quite common thing for an entrepreneur to think they pay too much taxes. But when it comes to a marijuana-related business, it is more likely to be true. Not only did certain states impose excise taxes on cannabis businesses, but also federal marijuana tax laws are not exactly business-friendly. So the question is, what can you do to pay less taxes without breaking the law?
Colorado Department of Public Health and Environment has announced it will spend $2.35 million on funding seven separate studies that will become a part of Colorado's Retail Marijuana Health Monitoring Program. The main goal of the program is to examine the impacts of the recreational marijuana legalization on different areas of Coloradoans' lives.
Although recreational weed became fully legal in Alaska over a year ago, local marijuana entrepreneurs were not able to start selling their product to non-medical users until this fall. But even with the official start of the recreational cannabis sales, the number of challenges that marijuana businesses are forced to face is only growing bigger.
Is marijuana legal in Oregon? Even though the state have legalized recreational marijuana use for adults over 21 more than two years ago, dozens of Oregon localities continue to ban both medical and recreational marijuana sales on the local level.
When it comes to marijuana, it is really hard to find an investor who will risk getting involved with the plant. Numerous reports show that cannabis industry has a huge potential and can bring cannabis companies a lot of money.
A total of $25.5 million collected in Oregon in marijuana sales tax since January is about as much as state officials expected. While not a universal solution to all budget problems in the state, this new source of revenue will surely help balance the books in Oregon.
People get so used to hearing about the impressive tax revenues that cannabis industry has brought to the local budgets of the states with legalized recreational weed, that it actually tricked some of them to thinking marijuana taxes can solve all the problems of their neighborhood.
Up and down the western hemisphere, marijuana policy remains a hot topic of discussion. In 2016, a UN General Assembly Special Session focused on the drug problems in the world, particularly on marijuana problems.
Italy is going to start a national debate about the legalization of marijuana. One of the officials has recently announced that in case the country develops an effective system of cannabis taxation and regulation, it will be able to help in fighting mafia and Islamic State at the same time.
The state legislature has agreed to invest $2.4 million generated from marijuana sales taxes in conducting cannabis-related studies. Currently, the Colorado Health Department is looking for researchers to help study cannabis for medical use.
When it comes to legalizing weed, there is a certain contradiction between the federal and local laws. While marijuana remains classified as a Schedule I drug and is illegal at the federal level, 25 states plus the District of Columbia have legalized it for either medical, or recreational purposes, or both.