California lawmakers have announced a bill that would reduce cannabis excise taxes and eliminate cultivation taxes. Assembly Bill 286, if approved, would reduce the excise tax on cannabis goods from 15 percent to 11 percent. A three-year cultivation tax for growers would also be completely eliminated. California’s cannabis customers sometimes pay taxes accounting for up to 45 […]

Last year the IRS received around $4.7 billion in taxes from cannabis businesses in the United States. And the vast majority of those payments were made with cash, since around 70 percent of U.S. cannabis companies don’t have access to banks which are required to pay either electronically or through check. Apparently, cash payments are a huge […]

Representatives of the cannabis industry are ramping up their lobbying efforts on Capitol Hill, urging lawmakers to take action on taxes that affect their industry. The main request in meetings with members of Congress this week: overturning a regulation that prevents legal cannabis companies from deducting operating expenses. Members of the industry have been disappointed […]

As the residents of Colorado are about to find out, legal pot pays. The decriminalization of marijuana in the Centennial State has been so successful that every Colorado adult is in line to receive a $7.63 refund, Associated Press reports (via High Times). Residents may be eligible for the refund due to the economic stimulus […]

The IRS says it is following the law by not allowing the 2,500 medical marijuana dispensaries in the country, who pay taxes to local, state and federal governments, the same federal tax breaks that other small businesses can claim. Although 20 states and D.C. have legalized medical marijuana, the IRS still applies federal tax code […]