Cannabis Newsletter

Cannabis Client Alert - Week of November 9, 2020

November 12, 2020

United States: While Vice President-elect Kamala Harris has supported full legalization, Biden has not, although he has backed legalization for medical use and favors decriminalizing cannabis.

Cannabis Client Alert - Week of November 2, 2020

November 6, 2020

United States: The IRS recently proposed regulations under Section 471(c)—the law that allows small businesses to use books and records to recast costs as cost of goods sold (COGS) in inventory—which, if finalized, could limit the types of expenses that cannabis companies may recast.

Cannabis Client Alert - Week of October 26, 2020

October 30, 2020

United States: The Internal Revenue Service (IRS) is undertaking new efforts to boost taxation enforcement, including building out specialized audit teams with specific expertise in the cannabis industry and launching enforcement partnerships with states where cannabis is legal.

Cannabis Client Alert - Week of October 19, 2020

October 23, 2020

United States: On October 6, the US Supreme Court announced that it will not hear a case challenging the federal Drug Enforcement Administration’s classification of cannabis as a Schedule I drug under the Controlled Substances Act.

Cannabis Client Alert - Week of October 12, 2020

October 15, 2020

United States: The Supreme Court rejected a petition from Helix TCS, a cannabis security company, declining to hear a suit addressing whether federal labor laws could protect workers at a business illegal under federal laws.

Cannabis Client Alert - Week of October 5, 2020

October 9, 2020

United States: The House of Representatives has approved a coronavirus relief bill that includes the SAFE Banking Act, which protects banks that service state-legal cannabis businesses from federal regulatory penalties.

Cannabis Client Alert - Week of September 28, 2020

October 2, 2020

United States: Data for Progress and the Justice Collaborative Institute conducted a new poll on US drug policy that shows a majority of Americans, 59 percent, support the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, which would federally deschedule cannabis and promote social equity.

Cannabis Client Alert - Week of September 21, 2020

September 25, 2020

A voice vote in the House of Representatives on the MORE Act that was planned for September has been postponed until “later this autumn,” according to Majority Leader Steny Hoyer (D-MD).

Cannabis Client Alert - Week of September 14, 2020

September 16, 2020

United States: House Committee Approves Legislation Reducing Restrictions to Cannabis Research - The House of Representatives Energy and Commerce Committee approved the Medical Marijuana Research Act, which seeks to address some of the existing barriers to cannabis research.

Cannabis Group Weekly Alert - Week of September 7, 2020

September 14, 2020

United States: As cannabis and hemp cultivars and extracts proliferate, and the development and research become more sophisticated, protecting your plant intellectual property is increasingly critical.