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On November 8, 2016, California voters passed Proposition 64. What does this mean for California dispensaries?
First of all, it is important to remember that it is still illegal to possess or sell marijuana under U.S. Federal law, even for medical use. The federal government regulates drugs through the Controlled Substances Act which does not recognize the difference between medical and recreational use of cannabis. Cannabis is classified as a Schedule 1 drug, which means the federal government views cannabis as a highly addictive drug with no medical value. This video will discuss the laws under the State of California only, especially as they pertain to the Board of Equalization.
With that said, California has passed Prop 64, which decriminalized personal use of marijuana effective January 1, 2018. Business owners and entrepreneurs interested in the marijuana industry should be aware of the regulations effective in 2018 which are highlighted below.
If you have questions about any of this, especially if you are considering venturing into this business, it is important to meet with an attorney who can assist you in navigating the laws in this area, which are still in process and may continue to change and evolve.
We can help you understand how tax laws may pertain to you and your business. Contact us today.