State and federal excise taxes are a critical element of the business environment for major "vice" industries in the United States, such as tobacco. While no federal excise tax applies to marijuana, state excise taxes ("SET") are a significant economic consideration for the recreational marijuana industry in a given state. Like most SET on tobacco products (e.g., non-cigarette … [Read more...] about Getting into the weeds on marijuana excise taxes: trends and outliers in the largest markets
taxes
AICPA asks IRS for fresh cannabis tax guidance
The American Institute of CPAs is asking the U.S. Department of Treasury and the Internal Revenue Service to issue new guidance to cannabis businesses and tax preparers in anticipation of a change to marijuana’s classification to a Schedule III controlled substance instead of a Schedule I, according to an Oct. 21 letter to Treasury Secretary Janet Yellen and IRS Commissioner … [Read more...] about AICPA asks IRS for fresh cannabis tax guidance
Tax Benefits to Arise from Department of Justice’s Move to Reclassify Marijuana
On April 30, 2024, the Department of Justice submitted a formal proposal to the White House to loosen the restrictions placed on marijuana and formally recognize its medical use. Specifically, the proposal would reclassify marijuana from a Schedule I controlled substance to a Schedule III controlled substance. Since 1971, marijuana has been classified as a Schedule I controlled … [Read more...] about Tax Benefits to Arise from Department of Justice’s Move to Reclassify Marijuana
Nebraska Bill Aims To Increase Taxes on CBD, Hemp Products by 100%
A recent property tax relief bill in Nebraska is seeking to create new income opportunities for the state, including a variety of sales tax exemptions. This includes adding sales taxes for products like candy and soda, as well as services such as pet care and grooming, but most importantly, adding a 100% tax to CBD and hemp products. Legislative Bill 388 was recently passed by … [Read more...] about Nebraska Bill Aims To Increase Taxes on CBD, Hemp Products by 100%
Absentee voting starts June 27 for Springfield marijuana tax ballot issue
Absentee voting starts June 27 for the Aug. 8 special municipal election, according to a press release from Greene County. The special election only has one issue on the ballot: Whether the city of Springfield should impose an additional 3% tax on the sale of recreational marijuana. Proceeds from that tax would go toward public safety, mental health services, housing, and … [Read more...] about Absentee voting starts June 27 for Springfield marijuana tax ballot issue
Why tobacco prices are rising in the U.S. while those for weed are dropping — and what that means for consumers
By, Tom Gaffey • The Fresh Toast on https://www.thegrowthop.comCannabis is taxed heavily, but in a different manner than tobacco and with different goals.People who are frequent cannabis purchasers in the U.S. have likely noticed that some of their favourite cannabis products have stayed the same price, or even gone down over the last year. An initial reaction is likely not … [Read more...] about Why tobacco prices are rising in the U.S. while those for weed are dropping — and what that means for consumers
Please Vote
It's Election Day and it's time to vote. Today is Connecticut's General Election. We have an opportunity to vote for change, regardless of your party affiliation. We have heard from the candidates, both on the state and local levels and now is the time to exercise your right to vote. It's time to correct Connecticut's problems Regardless on how you feel as it concerns to … [Read more...] about Please Vote
Moral Distress in Hartford
Hartford is in need of help. We all understand that there is a dark side of politics that no one really likes to talk about. The so called “closed door agreements” which may or may not happen, or the little “give and take” that they say is needed in order to things progressing. By now, it may be safe to assume that everyone has heard of the Netflix show “House of … [Read more...] about Moral Distress in Hartford
End Connecticut’s Prohibition
End Connecticut's Cannabis Prohibition Hopefully tomorrow will be the start towards the change we desire in Connecticut. Tomorrow marks the beginning of the 2018 Legislative Session in Hartford and local activists from around the state will be travelling to meet and discuss cannabis reform and legalization with state representatives. Face to face communications is the … [Read more...] about End Connecticut’s Prohibition
Legal Cannabis in Connecticut…When?
As everyone knows, there was a push for legal cannabis in Connecticut. It wasn't just for patients, or recreational smokers, but to benefit everyone. Changing the laws would benefit consumers and the tax revenue would be beneficial for every and all citizens of the state. A lot of people understand Connecticut is stuck in a tough economic deficit right now and they are … [Read more...] about Legal Cannabis in Connecticut…When?
