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Legal Marijuana Has Gone the Corporate Route View Count: 405
Canada has adopted a system for the growth and sales of marijuana, according to Forbes. One of the licensed companies allowed to grow medical marijuana is that of Tweed Marijuana.
New rules in Canada permit prescription holders to purchase marijuana from approved producers. The country is hoping to collect taxes on more than $3.1 billion in annual sales.
The profits in Washington and Colorado could be even bigger. Mark Kleiman, from UCLA, estimates that Washington’s annual sales top $1.2 billion for illicit and medical marijuana.
Colorado has already grabbed $2 million from taxing marijuana sales.
Even though these states have legalized marijuana, the federal government still views the drug as illicit and as a controlled substance. States have begun fighting with the federal law on marijuana, which led to the Department of Justice cutting back on raids and prosecutions. There is a catch here though; the states must create “a tightly regulated market.”
A proposed bill, the Marijuana Tax Equity Act, would end the federal government’s prohibition on marijuana, allowing it to be taxed. Should the bill pass, it would also impose an excise tax on marijuana sales. It would also tax the workers within the industry each year. This would be known as an occupational tax.Legal Marijuana Has Gone the Corporate Route by Jim Vassallo