420 with CNW — IRS Terminology Every Cannabis Entrepreneur Should Know

The Internal Revenue Service (“IRS”) is a United States government agency that is responsible for collecting taxes and enforcing tax laws contained in the Internal Revenue Code. Below are a few terminologies that the agency uses — and which every cannabis business needs to know.

Tax Deficiency

This is basically the difference between what the IRS has determined is owed to the federal government based off of its records and what a taxpayer reports on their return.

The Audit Technique Guide/Participant Guide

These guides are internally written and published by the IRS and are used to assist agents in auditing businesses. While the Audit Technique Guide is made public for companies and can be used by businesses to help in paying federal taxes, the Participant Guide remains confidential and was published for IRS use only.

The Authorization Form

This form is used by agents of the IRS to request targeted audit programs, commonly referred to as a Compliance Initiative Project. The form, which includes a description of the audit, its scope and its objectives, must be completed by agents and signed by their superiors.

Compliance Initiative Project (“CIP”)

As mentioned above, this is the formal title for a targeted series of audits for noncompliant industries and taxpayer groups. The objective of the targeted audit programs are to find returns when the agency suspects that taxpayers have underpaid their federal taxes.

Since 2010, the Internal Revenue Service has launched at least five CIPs targeting cannabis companies.

The Internal Revenue Code’s Section 280E: This prevents any company that is engaged in the trafficking of Schedule 1 or 2 controlled substances from obtaining standard business deductions on their federal taxes. As a result of this section, licensed cannabis businesses pay higher taxes when compared to businesses in other industries.
CHAMP: Refers to a major legal case that focuses on section 280E and its application to state-legal cannabis businesses. The case, “Californians Helping to Alleviate Medical Problems vs. Commissioner,” was closed in 2007 after a ruling was issued, which found that the plaintiff’s caregiving service was separate from the dispensary.
Olive: This is the shorthand reference for another section 280E legal case, which was decided in 2012. The case, “Olive vs. Commissioner and CHAMP,” along with CHAMPS, are considered to be important legal precedents for how the IRS applies Section 280E of the internal revenue code to cannabis businesses.
Freedom of Information Act (“FOIA”): This federal law was enacted to ensure government transparency,in 1967. It is commonly referred to using its abbreviation forma: FOIA. The FOIA allows United States citizens to ask for documents from any government agency.

Many U.S.-based cannabis companies may be wondering when changes will be made to the federal laws governing marijuana so that they can enjoy equal treatment by tax authorities in the way companies in Canada, such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), are regarded where cannabis is legal across the country.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Medical Cannabis Bill Awaits Floor Vote in Alabama House

Patients suffering from a variety of serious ailments in Alabama are a step closer to accessing medical cannabis after a House Committee made several amendments to a bill that would legalize medical marijuana in the state. The legislation, which has already passed the Senate, would allow qualifying patients to purchase and possess up to 70 daily doses of medical cannabis. Additionally, the bill would establish an Alabama Medical Cannabis Commission and task it with implementing industry legislations and issuing licenses.

Senator Tim Melson, who sponsored the bill, stated that giving patients access to medical cannabis could reduce the number of deaths caused by opioid overdose. To qualify for medical cannabis under the program, patients would have to be diagnosed with one of 20 qualifying conditions including intractable pain and post-traumatic stress disorder (“PTSD”). As per one of the amendments, the daily dose…

420 with CNW — New York Company Says Device Can Identify Drivers Impaired by Cannabis

As more states across the United States decriminalize or legalize recreational and medicinal cannabis, concerns about cannabis impairment have been floated, with some of the opinion that the plant’s legalization will bring about increased dangerous driving.

Various studies have been conducted on marijuana and driving while impaired. So far, it has been determined that knowing whether a driver’s ability has been impaired by cannabis is a distinctly different task than determining whether an individual has been driving with too much alcohol in their bloodstream. This is mainly because THC, which is the main active chemical in cannabis, can stay in an individual’s system for weeks. Its presence does not mean that the person recently consumed cannabis.

Cognivue, a company that was bought in 2018 by businessman Tom Golisano, is convinced that its computerized cognitive testing device may be a solution to this issue. The company, which was founded in 2005, designs and develops a proprietary cognitive assessment device that is largely used in medical settings. The device was the first device that measures cognitive impairment to be approved for use by the FDA.

According to company officials, a grant from the NIH’s National Eye Institute helped fund its initial research for the device, which was created after more than a decade of research. Cognivue’s clinical account manager Kristin Weber explained that the device had been clinically validated more than once, noting that the company’s objective is to become validated globally.

Company officials have already scheduled meetings with state legislators to notify them of the device, given that the process of testing its effectiveness is currently ongoing.

Last year, the firm tested the device in Philadelphia on 130 drug-impaired people and have scheduled a clinical test at the Green Lab in Denver, Colorado, in June of this year. Weber stated that the company chose Colorado because the state has had legalized marijuana longer than any other state in the country while the lab that was chosen happens to be the leading consultant for the marijuana industry.

Cognivue hopes that the tests prove the device’s reliability, which would allow law enforcement to begin using them as early as this year. The device has been designed to eliminate biases, such as sociological and physical, that may come with cognitive testing. It tests various traits, including visual and mobile responses.

As intended, the police would need to transport an individual suspected of impairment to the station, before administering the cognitive test. Weber asserted that the company wanted to address public safety issues while also making sure that individuals who are using cannabis responsibly and legally are not punished.

As different jurisdictions consider ways to detect motorists who are driving while intoxicated by cannabis, lots of companies, such as Pac Roots Cannabis Corp. (CSE: PACR) OTCQB: PACRF) (FSE: 4XM), are investing a lot to develop products which will appeal to the most sophisticated of clients.

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420 with CNW — Ailing MTA Employee Mulls $5 Million Suit Against New York for Denying Him Medical Cannabis

Although more than 30 states have legalized some form of cannabis, the drug still remains illegal at the federal level. So while people in states with legal cannabis markets can consume cannabis legally, they are still liable to federal repercussions in certain situations. This is especially true for individuals who are employed by federal organizations, which base their policies on federal regulations and consequently penalize employees who use cannabis.

An ailing Metropolitan Transportation Authority (“MTA”) worker found this out the hard way after the NYC Transit Authority suspended him and forced him to attend drug rehab classes for using medical cannabis. NYC Transit worker Myles Watson is now looking to file a $5 million notice of claim against the agency, arguing that he was a victim of discrimination due to severe back and neck injuries he had sustained while on the job. Watson’s legal claims came soon after New York Governor Andrew Cuomo finally signed legislation to legalize recreational cannabis in the state.

The 43-year-old’s troubles began back in 2017 when he was involved in a car accident while in an NYC transit vehicle. The ordeal left him with three herniated disks and two bulging disks and forced him to have neck fusion surgery. However, he couldn’t rely on prescription painkillers to reduce the pain he was in because he suffered from diverticulosis and celiac disease. He began using cannabis to help manage his pain and stomach issues.

Since it is a federal agency, NYC Transit carries out random drug tests. During one such test, Watson tested positive for marijuana and was instructed to attend drug counseling sessions. Another car crash in December 2019 injured him further, tearing cartilage in his knee and causing even more pain. He began smoking CBD flower for pain relief, tested positive for marijuana during another random drug test, and was suspended without pay last November. Due to this, Watson has had his vehicle repossessed, his daughters have no health insurance and their home is under threat of foreclosure.

The agency also instructed Watson to attend several drug counseling sessions per week with individuals who are addicted to much more dangerous drugs. He argues that he isn’t addicted to cannabis, he is just using it medicinally to address his health issues. His lawyer, John Scola, says that although federal agencies such as the MTA have to abide by federal law, they cannot ignore anti-disability discrimination laws in their quest to enforce “archaic” cannabis policies.

Still on the subject of medical marijuana, many programs are underway to conduct clinical trials on several cannabis-based medications, including trials being done by XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT). If such clinical trials are successful, FDA approval could be secured and patients wouldn’t face the risk of being penalized for using those medicines.

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CannabisNewsBreaks – MAZAKALI Provides Summary of NY Cannabis Investment Landscape

MAZAKALI, a registered investment advisor that provides access to direct investment opportunities as well as managed investment, has released its most recent Mazakali Minute titled “Deconstructed: Investing In NY Cannabis.” In the brief summary, the report notes that New York is the 15th state to legalize cannabis sales to all adults, a move expected to create more than 60,000 jobs and generate more than $350 million in tax revenue. The market has been projected to have $7 billion in sales potential and could be an important inflection point to what has been called the East Coast domino effect. “Once Connecticut and Pennsylvania follow suit, the Northeast will rival California’s position as the leading cannabis market — providing incredible opportunities for aspiring investors,” the Mazakali Minute stated. “The NY market will operate in two tiers. With the exception of incumbents, operators can act as cultivators or retailers. This provides a significant advantage for existing medical retailers and bars new entrants from forming vertically integrated businesses. Expect to see increased M&A activity as deals with current medical operators provide vertical leverage to new operators.”

To view the full article, visit https://cnw.fm/EyjpN

About MAZAKALI

Headquartered in San Francisco, MAZAKALI offers its Digital Capital Investment Platform to the global cannabis complex. Registered Investment Advisors customize investment portfolios via MAZAKALI’s Outsourced Cannabis Investment Officer (“OCIO”) service, and licensed Investment Bankers help operators with capital and M&A services. MAZAKALI’s leadership team began putting cannabis capital to work in 2014 and brings more than 150 years of financial, strategic, legal, compliance and international business experience to clients across the global hemp and nonhemp cannabis (“NHC”) industries. The MAZAKALI GreenPaper(R) has gained authority through knowledge on deep trends in the industry that matter to investors and operators alike. Securities are offered via a licensed broker/dealer. MAZAKALI was founded to counteract the negative consequences of business practices that deplete resources by making investments in sustainable hemp and nonhemp cannabis. By shepherding capital in a responsible and ethical manner, MAZAKALI and its clients envision a world where cannabis capital investment will play a significant role. For more information, visit the company’s website at www.MAZAKALI.com.

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About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — States Eyeing Marijuana Legalization in 2021

The past decade has been great for both recreational and medical cannabis, with more than 30 states legalizing some form of cannabis. The 2020 ballot saw five more states pass cannabis reform legislation, and 2021 is poised to be a good year for cannabis as well. Quite recently New York, New Mexico and Virginia passed legislation allowing recreational cannabis.

Although it may seem like the wave of cannabis reform sweeping through the nation has reached its peak, the year is far from over. Lawmakers in several more states are still working on developing cannabis regulations and ending prohibition within their jurisdictions, and consequently, we may see more states legalize cannabis in 2021.

Connecticut currently has two cannabis reform proposals in the legislature. Bill SB 888, which is supported by Governor Ned Lamont, was cleared by the Judiciary Committee by a 22–16 vote after being amended to include a variety of social equity provisions. The second proposal was sponsored by Rep. Robyn Porter; it also emphasizes social equity. According to Gov. Lamont, he expects voters to decide on the fate of cannabis reform via a referendum if lawmakers fail to pass cannabis legislation.

Delaware is also poised to legalize recreational cannabis after the House and Human Development Committee approved a recreational marijuana bill. Filed by Rep. Ed Osienski, the bill would allow adults aged 21 and older to possess and consume under one ounce of cannabis. It would create a regulated commercial cannabis market, levy a 15% tax on cannabis sales and allow for the expungements of previous cannabis-related offenses. It also has a variety of social justice provisions for victims of the failed war on drugs.

Minnesota has already passed a bill to legalize cannabis through four House Committees. The legislation is sponsored by Majority Leader Ryan Winkler, and it will allow adults 21 years and older to purchase and possess up to one and a half ounces of cannabis and to cultivate up to eight plants for consumption. According to Winkler, the legislation will pass unheeded through the remaining committees by the end of the month and receive a floor vote in the full chamber in May.

Rhode Island recently saw two Senate Committees — the Judiciary and Finance committees — hold a joint hearing on two cannabis reform proposals. One proposal, which was introduced by Governor Dan McKee and included in his budget measure, would legalize cannabis and require the state to issue 25 licenses to marijuana retailers over the first three years. The other proposal, led by Health and Human Services Committee Chair Joshua Miller and Senate Majority Leader Michael McCaffrey, would also allow adults aged 21 and older to purchase and possess up to an ounce of marijuana.

As more states enact marijuana laws, more patients could be eligible to benefit from the innovations that companies such as RYAH Group Inc. have brought to the market.

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420 with CNW — New Poll Finds Nearly Half of All Texans Empathize with Pandemic Marijuana Users

A survey conducted recently in the state of Texas has found that one in every five residents in the state have a more relaxed attitute toward the use of recreational cannabis. This comes at a time when several marijuana reform bills have been introduced during this legislative session in the state.

The body that carried out the poll, Recovery.org, surveyed 3,000 residents in the state, with results revealing that 20% of those surveyed were more relaxed about using marijuana recreationally after experiencing a year of lockdown, as a result of the COVID-19 pandemic.

Recovery.org stated that many individuals were able to relate to new habits brought about by stress or loneliness because of the months they’d spent indoors isolating and social distancing. For some, the survey showed, the lockdown had brought on increased drinking or eating while others had begun experimenting with new substances such as cannabis.

The survey also revealed that 49% of the respondents admitted that they empathized more with individuals who turned to substances such as marijuana to relieve stress brought about by the pandemic. This equates to almost half of the total number of respondents. Recovery.org generated an infographic that demonstrates substance acceptance levels across all states.

Marijuana reform has become a popular topic for the Texas legislature. The House has several bills that focus on expanding medical cannabis coverage and decriminalizing cannabis in the state, which have been tabled for this session. These bills include HB 441, which would make being in possession of an ounce or less of cannabis a class C misdemeanor, impose a maximum fine of $500 and prevent the loss of a driver’s license and gaining a criminal record while HB 2593 and HB 99 would make being in possession of two ounces or less a class C misdemeanor. A Class C misdemeanor doesn’t require jail time.

On the other hand, HB 1535 would expand medical cannabis coverage to include individuals who suffer from chronic and acute pain or cancer, veterans with post-traumatic stress disorder as well as other debilitating medical conditions, as stipulated by the state. The measure would also increase the THC limit in products to 5% from 0.5% based on weight and establish a research program to learn more about medical marijuana.

Texas NORML revealed that HB 2593, HB 1535 and HB 441 are headed to the Calendars committee to be scheduled before they are presented to the house. Texas NORML is the Austin chapter of the National Organization for the Reform of Marijuana Laws, which focuses on marijuana reform.

Once Texas removes its cannabis restrictions, companies that enter the market could see the kind of explosive growth witnessed by companies such as Gage Growth Corp. (d.b.a. Gage Cannabis), which is operating in the Michigan marijuana market.

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420 with CNW — Nevada Legislative Committee Approves Bill Allowing Marijuana Consumption Lounges

Last week, a legislation to permit on-site cannabis consumption lounges was approved in an Assembly committee in Nevada. Backed by Speaker Pro Tempore Steve Yeager, the bill would establish two new categories for marijuana business licenses in Nevada. One of the categories would cater for independent marijuana consumption lounges and the other for retail marijuana consumption lounges.

Under the social use legislation, existing retailers will be allowed to apply for retail consumption lounge licenses as well as sell products to individuals aged 21 or older, which could be ingested on-site. However, independent lounges will be required to have cannabis products their clients consume delivered from a licensed retailer as the lounges will not be allowed to sell marijuana.

In addition to this, the committee approved an initiative that would ensure that the THC concentration in an individual’s blood would not be the only measure used to determine impairment while driving. This comes after no scientific evidence highlighting a link between active impairment and the amount of THC metabolites found in the blood was discovered.

That said, holders of independent licenses may enter into contracts with adult-use retailers to sell their products or make a request to regulators to sell the marijuana they (the licensed lounge) produce.

Additionally, the legislation stipulates that the Cannabis Compliance Board will be in charge of setting fees for license applicants and formulating regulations for on-site consumption facilities. It should be noted that businesses that qualified to be social equity applicants would pay reduced fees. The bill also states that any individual who has been afflicted by prior laws that made activity relating to marijuana illegal will be deemed to be a social equity applicant.

Before the bill was advanced through the Assembly Committee, Yeager suggested that a revision be made to the legislation ensuring that products bought at the aforementioned establishments could not be taken from the facility.

Earlier in 2019, the city council of Las Vegas approved a rule that allowed consumption sites within the city limits. In the same year, Alaska enacted regulations that would allow cannabis users the option to use on-site at dispensaries, making it the first state in the country to do so.

The state of Colorado approved a measure soon after this that legalized cannabis hospitality establishments and marijuana tasting rooms, where individuals aged 21 and above could freely use marijuana. Affording consumers this option and introducing new license types could further increase cannabis tax revenues in the state of Nevada.

Companies that hold cannabis licenses in Nevada, such as Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF), are likely to watch closely how the eventual licensing of consumption lounges will impact the industry in general.

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420 with CNW — Why Cannabis Legalization in Virginia Could Trigger Federal Marijuana Policy Reform

At the moment, 36 states have legalized medical cannabis while 16 states allow recreational cannabis, showing that a majority of Americans support cannabis decriminalization. Although both New York and Virginia had legalized recreational cannabis by the end of March, it was the news that the Southern state had finally allowed adult-use marijuana that illustrated just how much the tide had changed in cannabis’ favor. With the Democratic Party in control of both the House and Senate and Senate Majority Leader Chuck Schumer gunning for federal legalization, the chances that we will soon see a federal cannabis legalization bill are pretty high.

In early April, Schumer made it clear that even though he would appreciate having President Biden’s support, the Senate would move forward with a cannabis bill whether the president was on board or not. Although Biden has said he is more than okay with legalizing medical marijuana and expunging prior cannabis-related offenses from records, he does not support the broad cannabis legalization the Senate Majority leader is after. While Schumer is now an outspoken advocate for cannabis reform, he wasn’t always a supporter, having been against cannabis legalization in the early 2000s.

After seeing how much a legal cannabis market benefited the city of Denver, Schumer’s views on cannabis started changing, and he believes Biden’s views can change as well. New York, which recently legalized recreational cannabis, is poised to earn about $350 million in tax revenue. Virginia, which is the first state in the South to legalize recreational cannabis, will allow residents to possess up to an ounce of cannabis starting July. However, licensed businesses won’t be able to sell cannabis until 2024.

Looking to expedite the state’s cannabis legalization plans, Virginia Governor Ralph Northam has said that decriminalizing the controversial drug will strike a blow to the social inequality caused by restrictive cannabis legislation coupled with aggressive policing. Northam even pointed out that in Virginia, Black residents are three times as likely to face arrest for cannabis possession as compared to white residents, even if they have generally similar usage rates.

According to Denver Mayor Michael Hancock, convincing more conservative Democrats such as President Biden that legalizing cannabis will have a plethora of benefits, including righting many of the harms done by the failed war on drugs, will take some work. Schumer has stated that both he and many other advocates will make their arguments to Biden but should the president fail to offer his support, Schumer will move forward with the federal legalization bill he has been working on with Senate Finance Chair Ron Wyden and Senator Cory Booker.

If the federal government eventually reforms its marijuana policies to reflect the reality in most states across the nation, lots of companies in the sector, including Grapefruit USA Inc. (OTCQB: GPFT), may heave a sigh of relief as many of their challenges associated with conflicting federal and state laws will end.

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420 with CNW — Legislators in Washington Hear Drug Decriminalization Bill After Supreme Court Ruling

Legislators in Washington state are weighing their options after a Supreme Court ruling annulled the state’s law that criminalizes drug possession.

Of the many initiatives that have been introduced in response to the court’s February decision, it appears that Senate Bill 5476 will most likely be advanced before the end of the legislative session on April 25. If the bill passes, it would represent a shift toward a public health approach to substance use and abuse and away from the punitive war on drugs.

Under the bill, the possession of “smaller” personal use amounts of controlled substances by individuals aged 21 and older will still be decriminalized. Individuals found with any substances in these amounts or less may be referred to treatment and evaluation but will not be subject to any civil or criminal penalties. This statute has been adopted from Oregon’s decriminalization law, which was approved by voters during the November elections.

However, any individuals found using or opening controlled substances in public will be subjected to a $125 civil fine, which will be used to help cover administrative costs resulting from the abrupt decriminalization of these substances in the state. Additionally, the legislation would reinstate criminal charges for adults found with more than the small amounts stipulated as personal use in the bill. While individuals under 21 who are convicted of possession may be charged with a gross misdemeanor, those above 21 found with amounts exceeding personal use may be subject to a Class C felony.

The sponsor of the bill, Sen. Manka Dhingra, stated at the Senate Ways and Means Committee hearing that the outcome of the state vs. Blake case was unexpected, noting that within hours after the ruling had been given, police departments across the state had reported that they would stop arrests for drug possession immediately. This was soon followed by prosecutors filing orders vacating past convictions and dropping ongoing cases.

Meanwhile, voters in the state appear to be supportive of decriminalization, judging from a statewide poll commissioned by advocates. Only 35% of those surveyed revealed that they would prefer to return to the past system while 59% stated that legislators should use the court’s ruling to replace past drug possession legislations with more efficacious addiction and treatment alternatives.

Additionally, the poll found that 73% of voters in the state thought that the state’s approach to problematic drug use was generally a failure while 18% percent admitted to being unsure; only 9% referred to the state’s approach as a success.

As Washington state considers its proposed drug decriminalization bill, other jurisdictions are already registering success stories from the legalization of marijuana. Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) (FSE: 4XM) is one example of a success story that the cannabis sector in Canada is proud of.

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