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Many U.S. cannabis companies will need to comply with a new reporting requirement under federal law, an attorney for the marijuana industry warns.
“This is a pretty complex law, and I think a lot of cannabis business owners are not aware that it exists,” said Rachel Gillette, a partner with Denver-based law firm Holland & Hart who specializes in cannabis business and tax law.
The new beneficial ownership reporting requirements under the Corporate Transparency Act likely will apply to “most small cannabis businesses – (although) there are certain exemptions,” Gillette explained to MJBizDaily reporter Solomon Israel.
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Although the law is already in effect, most existing cannabis companies won't have to report immediately: Companies formed before Jan. 1, 2024, have until Jan. 1, 2025, to file their first ownership report.
“But if you form a company this year, then that's when the clock starts ticking,” Gillette said.
Companies registered in 2024 must file within 90 days.
Gillette points out that disclosing beneficial ownership to the government already will be familiar to many cannabis companies “because most state laws for licensing of cannabis businesses require the disclosure of beneficial ownership.”
Read Solomon’s story to learn why cannabis businesses “are not exempt from having to provide this information.”
Oregon Democratic congressman Earl Blumenauer continues to push the U.S. Drug Enforcement Administration to reschedule marijuana and lay out a timeline for such action.
In a letter to DEA Administrator Anne Milgram, acting Chief Michael Miller, Attorney General Merrick Garland and Secretary of the Department of Health and Human Services Xavier Becerra, Blumenauer asked for updates on several time elements and the process related to the DEA’s rescheduling review.
Christina Lake Cannabis Corp. has acquired ownership of outdoor cultivation facilities in Midway, southern British Columbia, from an unidentified privately owned corporation for 3 million Canadian dollars ($2.2 million).
With the acquisition, Christina Lake Cannabis expands its licensed outdoor cultivation footprint by approximately 100 acres.
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R E S O U R C E S
Cannabis entrepreneurs with NFL ties dive into topics centered around sports and cannabis with MJBizMagazine Editor Omar Sacirbey:
Marvin Washington(New York Jets, Denver Broncos and San Francisco 49ers):Cannabis advocate and Super Bowl champion.
Bo Scaife(Tennessee Titans): Founder of All Pro Farms and Your Favorite Wellness Provider.
Mike James(Tampa Bay Buccaneers, Detroit Lions): Cannabis activist and partner in Lion Order, a Rohan Marley-led movement.
Eugene Monroe(Jacksonville Jaguars, Baltimore Ravens): Entrepreneur/coach, co-host of the “Smoke and Heroes” podcast and partner in cannabis multistate operator Green Thumb Industries.
Delvin Breaux Sr.(New Orleans Saints): Published author and cannabis entrepreneur.
Frank Hawkins(Oakland Raiders): Part-owner and executive director of the Nevada Wellness Center in Las Vegas and Super Bowl champion.
Hope Wiseman(Atlanta Falcons): Former NFL cheerleader and founder and CEO of Mary & Main and WiseCo.
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