The IRS recently issued guidelines for marijuana businesses, following a report of the Treasury Inspector General For Tax Administration, which recommended that the IRS place additional audit scrutiny on marijuana industry businesses.
U.S. House of Representatives Approves Measure to Protect Cannabis Businesses from Federal Interference
The bill would shield both adult use and medical marijuana businesses from federal intervention so long as they operate in compliance with applicable state and local laws.
Although hemp is now federally legal, financial institutions must do their due diligence to confirm that prospective hemp business clients are complying with applicable laws and regulations.
Intellectual property expert Elek Miller, Esq. highlights key federal laws governing advertising of cannabis products.
The memorandum addresses an important gap in the law, and provides information that can be useful to employees and employers alike.