The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the banks and credit unions that see opportunity and challenges in transacting in the legal marijuana space. Legality varies by use and
Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the Controlled Substances Act (CSA). Many medical and adult-use cannabis stores and products that currently exist in approximately four-fifths of the
Today is another red-letter date for Ohio. The Ohio Department of Development’s Division of Cannabis Control (DCC) has issued 98 Certificates of Operation (COOs) to dispensaries across the state, permitting them to sell adult-use marijuana at their existing medical marijuana locations (i.e., a “dual-use” license). The issued COOs represent nearly 75% of the provisional licenses
A new case may indicate the beginning of a policy shift by the Executive Office of the U.S. Trustee Program towards bankruptcy relief for certain cannabis-related enterprises.
Obtaining retail space for any small business is a big move. There are many issues to consider, and working with a knowledgeable real estate lawyer helps to avoid surprises down the road. This is especially true for a cannabis business for two principal reasons. First, cannabis businesses are highly regulated at the state and local
The Department of Justice’s move to reclassify marijuana as a less dangerous drug, on which it began formal proceedings on May 16, won’t legalize state-level adult-use and medical marijuana unless it’s produced, sold, and used within the regulations of the Controlled Substances Act. Banks and other financial institutions may have questions on how these changes
Obtaining retail space for any small business is a big move. There are many issues to consider, and working with a knowledgeable real estate lawyer helps to avoid surprises down the road. This is especially true for a cannabis business for two principal reasons. First, cannabis businesses are highly regulated at the state and local
In accordance with Ohio’s new adult-use marijuana legislation, applications for initial dual-use marijuana licenses will be made available by the Division of Cannabis Control (DCC) on its website no later than this Friday, June 7 – a historic day in the state.
The first licenses to be issued will not be available to the general
Once rescheduling occurs (or possibly even before), the IRS may publish guidance on how rescheduling affects Section 280E and the deduction of marijuana-related expenses. In the meantime, cannabis businesses may consider working with their tax professionals on how best to time paying or incurring marijuana-related expenses, as well as to submit all necessary documentation to
On May 21, 2024, the Drug Enforcement Agency (DEA) filed the Proposed Rule to move marijuana from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. In light of the rescheduling marijuana news, industry insiders anticipate a significant increase in cannabis-related investments and acquisition activity. While this anticipated increase in
