SALT LAKE CITY, UT — Utah’s Republican governor, Gary Herbert, has signed a series of bills to facilitate access and research to cannabis and cannabis-related products. House Bill 195 provides patients with no more than six-months to live the legal option to access cannabis-infused products. Under the law, patients with a physician’s recommendation may legally possess up to a […]
BOSTON, MA — Massachusetts Republican Gov. Charlie Baker has signed legislation into law that includes a provision expunging the criminal records of those convicted of certain prior marijuana offenses. Language in Senate Bill 2371 states, “[A] court may order the expungement of a record created as a result of a criminal court appearance … if the court determines based […]
MONTPELIER, VT — Vermont Governor Phil Scott signed legislation today allowing adults 21 and over to possess up to one ounce of marijuana, and to cultivate up to two mature and four immature cannabis plants. Vermont joins eight other U.S. states – Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington State – as well as […]
In June, 2014, Wilfredo Ramos was driving back to his Brooklyn home after visiting his mother in Lancaster, Pennsylvania when two Pennsylvania State Police troopers detoured him into a Kafkaesque nightmare from which he emerged only five months later. In the meantime, Ramos rotted in jail on bogus charges, losing his job, his car, and […]
MADISON, WI — Republican Gov. Scott Walker has signed legislation into law to establish a state-sponsored pilot program to “study the growth, cultivation, and marketing of industrial hemp” in Wisconsin. Members of the Wisconsin Assembly and Senate had unanimously approved the measure earlier this year. Senate Bill 119 defines cannabis with no more than .03 percent THC as […]
Earlier this month, citing racism, bigotry, and mass-incarceration, the Pennsylvania Democratic Party adopted a resolution to “support Democratic candidates and policies which promote the full repeal of cannabis prohibition by its removal from the Controlled Substances Act, and to support the creation of new laws which regulate it in a manner similar to other culturally […]
Welcome to Cannabis, California. An Arizona based company that makes products to support the marijuana industry says they have purchased a small town in California, near the Nevada border, with the hopes of turning it into a cannabis friendly tourist destination. American Green, based in Phoenix, purchased the tiny town of Nipton for $ 5 million, […]
MONTPELIER, VT — Vermont Governor Phil Scott has signed into law a bill to expand the state’s medical marijuana program. Senate Bill 16, which received overwhelming support in both chambers of the state legislature, was aimed at improving access to medical marijuana in Vermont. Among the changes made by the new law: Patients and caregivers […]
Drug smuggler who attempted to bring £25000 worth of cannabis into UK in rum …
A drug smuggler who attempted to bring £25,000 worth of cannabis into the UK in rum cake boxes has been jailed. Lee Love, of Cartwright Street, Audenshaw , attempted to pass through customs at Birmingham Airport in a wheelchair being pushed by an …
Read more on Manchester Evening News
Introducing the Tucson Weedly Cannabis Bowl
Now, it's time for our MMJ-card-carrying readers to tell us—and the rest of the city—what they think about the local cannabis scene. Editor Mari Herreras puts it like this: Medical marijuana patients we talk to never hesitate to tell us about that …
Read more on Tucson Weekly
San Francisco, CA (PRWEB) May 21, 2015
It can be difficult to start a business of any nature. Venturing into the legal marijuana industry, however, will most certainly lead to numerous challenges not encountered by traditional businesses. Green Rush Review, a marijuana business news website, identifies nine cannabis-specific factors that startups need to take into consideration.
When starting a cannabis related business, one not only has to consider whether marijuana is legal in a particular state, but also has to check for any restrictions on cultivating or setting up shop. In Oregon, for instance, dispensaries may not be located within 1,000 feet of a primary or secondary school. Building landlords may also have opposing views on starting a legal cannabis business on their property.
State laws outline numerous requisites needed for a cannabis company to operate. According to a Mashable article, such investments in Colorado include a digital seed-to-sale tracking program, 24-hour video surveillance of facilities, as well as a quarantine section for edibles.
Marketing cannabis businesses can be tricky, as they do not have the same advertising options that traditional businesses enjoy. According to Marijuana Business Daily, cannabis companies are restricted from advertising in TV, radio, print, billboards, Internet videos, radio shows, pop-ups, and flyers or leaflets among others. One therefore needs to be both careful and creative when marketing a cannabis-related company.
Storing Money and Paying Bills
As marijuana is still deemed federally illegal, marijuana businesses cannot typically avail of bank services. Cannabis entrepreneurs are thus left with limited options, and are generally left to transact in cash. Unfortunately, storing money in cash can be both a security and accountability risk. According to The New York Times, pot businesses are left to store their cash in safes, carry them in brown paper bags, and ferry them around by armed guards and armored vehicles.
While the federal government may see pot as illegal, the people selling it are still left to pay their taxes. A CNBC article reports that the IRS does not allow the usual business deductions under section 280E. While the federal tax code allows deductions for the cost of growing recreational marijuana in Washington and Colorado, it does not allow deductions for the cost of selling it.
The marijuana industry is growing fast, and Esquire reports that jobs in the industry are everywhere. The challenge, however, is meeting special personnel requirements and finding employees who fit in with the company culture.
A marijuana business may benefit greatly from supporting or joining associations, organizations, federations, and clubs that promote an interest in the marijuana industry. There are numerous groups to choose from, including the National Cannabis Industry Association, NORML, and High Times.
There is always the risk of federal prosecution, even if marijuana is legal in a particular state. Although federal prohibition is not enforced on a state level, this may change at any point in time. A contingency plan must be developed in order to protect a business from a change in circumstances.
According to The Milbank Quarterly, tobacco companies have expressed interest in marijuana and marijuana legalization since the 1970s, and are modifying corporate planning strategies to prepare for consumer demand in the future. At present, big drugstore chains, cigarette companies, and other large businesses are forbidden from entering the still-developing marijuana market. At some point, however, this may change when the market normalizes and they wipe out small marijuana businesses.
GreenRushReview.com strives to be a convenient and reliable online resource for all marijuana consumers, entrepreneurs, and investors. The website aims to provide the general public with extensive coverage on news, opinions, and events on the multi-billion marijuana industry and culture in North America, including industry stocks, prices, implications, trend developments, investment news and legislation.
GreenRushReview.com sifts through the abundance of material on the cannabis industry only publishing high-quality information that is significant to its readers.
GreenRushReview.com is part of a portfolio of cannabis industry sites which includes http://www.bestmedicalmarijuanastocks.com (top medical marijuana company news) & http://www.marijuanastocksreport.com (cannabis small cap stock news).
Companies seeking exposure on GreenRushReview.com can contact editorial(at)greenrushreview(dot)com for more information.
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