Category Archives: Tax and Regulate

tax and regulate

Nevada Marijuana Initiative Headed to the 2015 State Legislature

A petition aimed at allowing the adult use of marijuana in Nevada has met its signature requirements and will be submitted to the 2015 state legislature.

According to The Washington Post:

Supporters of the measure to make marijuana legal in Nevada turned in 138,453 valid signatures, according to the Secretary of State Ross Miller’s (D) office, far above the approximately 100,000 valid signatures necessary to qualify an initiative.

The Las Vegas Review-Journal provided a good rundown on where it will go from here:

The state legislature has 40 days to act on the measure. If lawmakers pass it and the governor signs it, the measure becomes law. If the legislature does nothing or the governor does not sign the measure, the initiatives will go on the ballot for voters to decide in 2016.

Furthermore, if lawmakers amend the measure, both the original version and the amended version would go on the ballot. If the initiative passes with more than 50 percent of the vote, the one with the larger number of “yes” votes become law.

Marijuana Credit Union Could be Open in Colorado by January 1 Under State Charter

Colorado marijuana businesses may soon be able to move away from using cash-only systems.

According to The Denver Post:

The Colorado Division of Financial Services … issued Fourth Corner Credit Union an unconditional charter to operate, the first state credit-union charter issued in nearly a decade.

The next hurdles will be obtaining insurance from the National Credit Union Administration, the federal regulator of credit unions, and getting a master account from the Federal Reserve System.

Gov. John Hickenlooper’s office called the charter “the end of the line” for the state’s efforts to solve the marijuana industry’s nagging problem: obtaining banking services. Although the NCUA insurance is not guaranteed — sale and consumption of marijuana remain illegal under federal law — Fourth CornerFourth Corner can operate until NCUA makes its decision.

“A Colorado law of 1981 allows a credit union to open its doors while an application for share-deposit insurance is pending,” said attorney Mark Mason, one of Fourth Corner’s key organizers.

Currently, many banks and other financial service providers have been unwilling to work with the marijuana industry out of fear of violating federal law. Some lawmakers have been trying to address this issue with the help of the National Cannabis Industry Association, but until they are successful, such credit unions may be the only solution available to marijuana businesses.

Report Shows Arizona Could Gain $48 Million In Taxes Annually From Regulating Marijuana

According to a report acquired by the Phoenix New Times, Arizona stands to gain $48 million in tax revenue annually by regulating marijuana like alcohol:

The Joint Legislative Budget Committee produced a report in September on the estimated impact of legal marijuana, but didn’t release the data publicly. New Times obtained a copy of the report this morning.Arizona

Prepared in response to a legalization bill proposed earlier this year by a group of Democrats, the JLBC report shows that Arizona could enjoy a large boost in revenue for schools, health care and other services simply by taxing people who already use marijuana.

The Democrats’ bill would have made marijuana legal for adults 21 and older, and would have allowed the plant to be sold in retail shops with an added $50-per-ounce tax.

The bill died in committee back in April, but a similar measure could be revived when the legislature reconvenes in January. Whether or not lawmakers do anything, Arizona voters are likely to see a legalization initiative on the ballot in 2016. Coordinated by the Marijuana Policy Project, the initiative is still in the drafting stage but will almost certainly include a tax-collection scheme.

To learn more about MPP’s efforts in Arizona, make sure to sign up for email alerts.

ALASKA RESIDENTS: North Star Borough Officials To Consider Marijuana Regulations TODAY

On Nov. 4, 53% of Alaska voters approved Measure 2 to legalize and regulate the cultivation, possession, and sale of marijuana in Alaska. Tomorrow, the Fairbanks North Star Borough Assembly, City of Fairbanks, and City of North Pole city councils will hold a special public forum to discuss potential marijuana regulations at the local level.

Local governments have authority under Measure 2 to impose reasonable regulations, such as limitations on business hours and zoning. If you are a Fairbanks North Star area resident, please let your local elected representatives know you appreciate them taking this new law seriously and expect sensible regulations.

Please attend the hearing and testify in favor of allowing licensed cultivation centers and retail stores to do business. 

Tuesday, December 2, 2014
6 p.m.
Pioneer Park Civic Center
2300 Airport Road
Fairbanks, Alaska

Comments are limited to three minutes. Here are suggested talking points to incorporate into your testimony:

  • Thank you for being proactive, and inviting input from the public.
  • It is early in the process, but deliberate and thoughtful rulemaking is appreciated.
  • Reasonable regulations should protect public safety, but also allow the industry to exist.
  • Local lawmakers should continue studying to prepare for this new industry.

Nearly 60% of voters in the Fairbanks North Star Borough voted for Measure 2. Make sure elected officials hear from that sensible majority.

The Initiative Petition to Make Marijuana Legal in Nevada Makes Its Deadline

According to the Reno Gazette-Journal, an initiative petition that would make the adult use of marijuana legal in Nevada could come to fruition if signatures presented to county offices are valid.

The Coalition to Regulate Marijuana like Alcohol in Nevada have “unloaded much more than the 101,667 registered voter signatures needed to qualify the petition,” said Joe Brezny, spokesman for the coalition.

The deadline to submit signatures for the petition was Wednesday. In Clark County alone, more than 145,000 signatures were submitted.

The Coalition to Regulate Marijuana like Alcohol in Nevada is now working to present signatures to county offices in rural Nevada and Washoe.

If county officials deem the signatures valid, the Nevada State Legislature could possibly pass the initiative as early as the spring. Approval would take a two-thirds vote in both chambers, due to the petition’s tax component. The petition would also need the signature of Republican Gov. Brian Sandoval to become law. Rejection within the Nevada State Legislature, however, would set it up for a popular vote in 2016.