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IRS launches new cannabis compliance initiative.
IRS Commissioner De Lon Harris recently wrote a blog post on the official IRS site announcing the federal agency’s Cannabis/Marijuana Initiative. It’s worth reading in full, but here’s an excerpt:
“Even though states are legalizing marijuana and treating its sale as a legal business enterprise, it’s still considered a Schedule 1 controlled substance under federal law. …
I understand this nuance can be a challenge for some business owners, and I also realize small businesses don’t always have a lot of resources available to them. That’s why I’m making sure the IRS is doing what it can to help businesses with our new Cannabis/Marijuana Initiative.
The goal of this initiative is to implement a strategy to increase voluntary compliance with the tax law while also identifying and addressing non-compliance. I believe this will positively impact filing, payment and reporting compliance on the part of all businesses involved in the growing, distribution and sales of cannabis/marijuana.”
Connecticut regulators publish rules to guide adult use industry.
On Friday, the Department of Consumer Protection published policies and procedures related to An Act Concerning Responsible And Equitable Regulation Of Adult-Use Cannabis.
These rules are the “provisions necessary to operationalize Connecticut’s adult-use cannabis industry, including the parameters by which people and businesses licensed by the Department shall operate. They also set forth consumer protections including product quality, safeguards for minors, and security of product against diversion,” regulators noted in an announcement about the rules.
+ More: Read Cannabis Wire’s coverage of Connecticut’s path to adult use cannabis legalization.
Yet another cannabis legalization bill in Pennsylvania.
But this one is from a Republican. As Cannabis Wire reported last week, Democratic Reps. Jake Wheatley and Dan Frankel introduced an adult use legalization bill, following a memo in June in which they announced their intention to do so.
On Monday, Republican Senator Mike Regan wrote a memo to his Senate colleagues, announcing that he, too, would introduce an adult use bill. After noting his past work as a former United States Marshal, and detailing his rationale for supporting legalization, Regan concluded:
“Please join me in co-sponsoring a common-sense approach to the legalization of adult-use marijuana. I look forward to a bi-partisan, bi-cameral effort on this legislation that will provide Pennsylvanians access to a safe product, create thousands of jobs, level the playing field with neighboring states, support law enforcement and our communities, and more importantly, defund the deadly drug cartels who have wreaked so much havoc on the Commonwealth and our country for so many years.”
