BATON ROUGE, LA — Louisiana patients suffering from intractable pain, post-traumatic stress, and other medical conditions are now eligible to receive medical cannabis access under newly enacted legislation. House Bill 627 expands the pool of patients eligible to receive cannabis therapy to include those with symptoms of autism spectrum disorder, such as self-injuring behavior or an inability […]
Public forum about marijuana legalization to take place in Providence
PROVIDENCE R.I. (WPRI) — An open forum has been arranged to discuss Rhode Island's marijuana's policy and to learn from leaders in states that have already legalized medical and recreational marijuana. The forum is scheduled for April 5 from 9 a.m. to …
Read more on WPRI 12 Eyewitness News
Explaining SB 3 PKG
Fifty dispensaries would be allowed to have up to three separate locations, meaning potentially 150 places where patients could obtain medical marijuana. There are local zoning implications for dispensaries and dispensaries cannot be located within …
Read more on YourErie
Dubious Stock Pitched As California Marijuana Legalization 'Campaign Donation …
Legalization supporters who buy a new penny stock are not directly supporting legalization, but rather a shady corner of legal marijuana market — unregulated, often fraudulent world of pink sheet securities, experts warn. This Tuesday, a new Nevada …
Read more on East Bay Express
MMJ Patient Advocates Take Cannabis Issues to United Nations
Steph Sherer, executive director of Americans for Safe Access (ASA), and Michael Krawitz, executive director of Veterans For Medical Cannabis Access, met with other organizations at the UN this week in preparation for the upcoming United Nations …
Read more on HIGH TIMES
Pot Smoking On The Job? Colorado Cannabis Companies Experiment With Marijuana …
"When we have a company brainstorm session, we usually go to the rooftop or Red Rocks Park, and if people want to consume cannabis, they can smoke," said Isaac Dietrich, the co-founder of MassRoots, a tech startup social platform for cannabis users, …
Read more on International Business Times
Albuquerque baby makes history with cannabis oil at Colorado hospital
It's a cannabis oil known to treat epilepsy in toddlers and children. The THC level is less than one percent so children don't get high, but it's controversial. According to the family, at 2-months-old Amylea is the first and the youngest patient to …
Read more on KRQE News 13
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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