Tax Law the Latest Federal Weapon Against Legal Marijuana
Being aboveground may not pay off
It must look like a funny lobbying group. Imagine the marijuana industry lobbying Congress on taxes? But more than most industries these days, marijuana needs a bailout. Remember the 2008 auto industry and financial services deals? Remember 'too big to fail?'
How about too legal to fail? Unlike bailouts, there's no preferential deal being sought here. The marijuana industry just wants to be treated fairly, to be put on the same footing as every other legal business. Now that we have legalized medical marijuana in 18 states and the District of Columbia can these businesses be run like businesses?
You might think the taxes to be collected would be significant at both state and federal levels. But the tax law discriminates so badly that the industry has had to virtually go underground. And when you add the banking law, banks are reluctant to allow even legal marijuana businesses to open accounts in their institutions.