Due to the illegality of marijuana, growers and breeders of marijuana have been confused about how possible it is to get patents on their strains of marijuana. This has cast a lot of shadows about who owns the strains in the future. Will they be eligible for patent protection in the future? Are patents for […]
On Tuesday, November 8, nine states will be voting on marijuana related ballot proposals potentially doubling the number of states that allow the recreational use of marijuana and expanding the therapeutic benefits of marijuana use to millions of Americans. Here’s where these measures stand in the latest polls. Arizona: According to an October Arizona Republic/Morrison/Cronkite poll, […]
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.
Find More Cannabis Press Releases
Costa Mesa, CA — October 4, 2010 (GLOBENEWSWIRE) — LC LUXURIES LIMITED (OTCPK: LLUX) (the “Company”) today announced that it has acquired the domain name CannaCare.com and will begin developing CannaCare.com as its nationwide physician marketing engine as it relates to the cannabis industry. Development is underway and the Company anticipates the site operational by the end of the year. Bonni Goldstein, MD, a board member for LC Luxuries Limited, will be materially involved with the content and direction of CannaCare.com.
Dr. Goldstein states: “The information available to the public today about the application of medicinal cannabis is fragmented and confusing. Our goal is to consolidate accurate information and provide a website that is relevant, informative, educational and objective.”
Doug Francis, CEO of the Company states: “CannaCare.com will focus on premium content designed for patients who are learning about medical cannabis, a basically untouched segment in the industry. Through CannaCare.com, we are confident Dr. Goldstein will create content that will be the gateway for thousands of patients, healthcare providers and individuals seeking clarity about cannabis.”
Jim Pakulis, President of the Company concurs: “CannaCare.com is a significant piece of our cannabis internet vertical. We are excited to have the opportunity to build a system that is educational for the consumer and beneficial to our shareholders.”
About LC Luxuries Limited
LC Luxuries Limited (OTCPK: LLUX), a Nevada based company with headquarters in Newport Beach, California, was in the business of selling beauty products such as; makeup and perfume on the internet through its website makeup.com. As a result of the sale of certain domain names, the company is now developing a new website and seeking new business opportunities and effective February 1, 2010 the company is in the development stage.
About U.S. Cannabis, Inc.
U.S. Cannabis, Inc. is a Nevada corporation and is committed to the management of medical clinics for the lawful diagnosis and treatment of patients that may derive benefit from medical marijuana treatments.
About World Market Media
WorldMarketMedia.com (The Global Online Investment Community) is a high traffic stock market, news data website providing cutting edge new media products and services to publicly traded companies worldwide. Our Editor’s Desk authors insightful real-time coverage on the economy, the capital markets and their listed companies. WMM Research Group has the unique ability to combine media and robust journalism with unbiased in-depth research in the SmallCap markets.
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). LC Luxuries Limited cautions that statements made in this news release relating to the change of control and new business direction constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. LC Luxuries Limited undertakes no obligation to revise these statements following the date of this news release.
WorldMarketMedia.com (The Global Online Investment Community) is a high traffic stock market, news data website providing cutting edge new media products and services to publicly traded companies worldwide. Our Editor’s Desk authors insightful real-time coverage on the economy, the capital markets and their listed companies.