Surfside’s Post

While the timelines are HIGHLY variable at the moment, between a few months on the short end to multiple years on the long-term forecast on when exactly cannabis rescheduling to Schedule 3 (S3) will be formally approved, the Surfside team wanted to share our initial advice on how to best prepare our current (and future!) clients for the positive impacts on their ability to compliantly advertise & market their products and services. The TL/DR: One of the biggest implications of the rescheduling will be the removal of an Internal Revenue Service (IRS) code known as 280E. With the change in legislation, cannabis businesses expect to be able to take normal tax deductions afforded to other industries on selling, general, and administrative expenses. With that said, the ability to deduct marketing and advertising costs themselves is the pending game changer. Read on below to learn more on how to start preparing..... #cannabis #cannabismarketing #retailmedia #retailmarketing #dispensary #adtech #innovation #ecommerce #digitalmarketing #commercemedia #marijuanarescheduling #measurewhatmatters

The U.S. DOJ recently issued a Notice to reclassify #cannabis from Schedule I to Schedule III in a monumental step in federal marijuana policy. This marks the beginning of the process that many anticipate will conclude with a Final Rule before the close of the year. Click the link for more information on cannabis #rescheduling or how Ice Miller LLP can help your business understand and navigate the process. https://ow.ly/M8uh50ROHme

"A GOP House committee has unveiled a large-scale spending bill that omits a longstanding rider blocking Washington, D.C. from legalizing recreational marijuana sales and separately adds new protections for banks that work with state-legal cannabis businesses." Read the full article by Kyle Jaeger of Marijuana Moment in the link below. #PBCcommunity #PBCconference #PBCCertification #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem

"The stage is set for another “productive year” in federal marijuana reform—with lawmakers positioned to leverage “tremendous bipartisan investments” from 2023, while pushing the Biden administration to move further on the issue ahead of this year’s election." Read the full article by Kyle Jaeger of Marijuana Moment in the link below. Congressman Earl Blumenauer U.S. Department of Health and Human Services (HHS) Senator Charles Schumer #PBCcommunity #PBCconference #PBCstrategy #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem

NEW from rulemaking hearing: #Colorado Marijuana Enforcement Division states that redlined #RFID language is "primarily" setting the stage for an *actually competitive* track-and-trace vendor procurement process. That means Metrc could be gone after its state contract expires in 2026. (LINK to my original story in comments) They state the process will begin in 2024 (holy shit, that’s two-and-a-half months away). Big focus, though, is on batch tagging which can be changed via contract amendments — a small game-changer for struggling cannabis companies, but a game-changer nonetheless … should it happen. Not one voice against the proposed rule changes as of 10:27 a.m. More to come. #cannabis #cannabisindustry #marijuanaindustry #technology #ESG

"The Internal Revenue Service has issued a new memo clarifying the rules for reporting large cash payments between marijuana businesses, which the agency says should not automatically be considered “suspicious” just because of the federally prohibited nature of the industry." Read the full report by Kyle Jaeger of Marijuana Moment in the link below. Congressman Earl Blumenauer Drug Enforcement Administration U.S. Department of Health and Human Services (HHS) Senator Charles Schumer #PBCcommunity #PBCconference #PBCstrategy #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem

As the government continues to deny the #Legalization of #Cannabis, the industry faces more and more challenges. At the forefront of challenges are #Financial ones. https://lnkd.in/gGtpsera #FederalLaw #CannabisIndustry #ScheduleIDrug

"Both chambers of Virginia’s legislature have now given at least preliminary approval to separate plans that would legalize retail marijuana sales in the commonwealth. Significant differences remain between the competing proposals, however, which lawmakers will need to hammer out before sending any bill to the desk of Gov. Glenn Youngkin (R)." Read the full article by Ben Adlin of Marijuana Moment in the link below. Glenn Youngkin Paul Krizek Chelsea Higgs Wise JM Pedini NORML #PBCcommunity #PBCconference #PBCstrategy #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem

"Uber and the office of Colorado’s governor are among those who’ve disclosed federal lobbying on marijuana reform legislation this past quarter, newly released reports show." Read the full article by Kyle Jaeger of Marijuana Moment in the link below. Uber Amazon American Express Jared Polis Altria American Bankers Association American Bar Association Americans for Prosperity Cresco Labs Curaleaf Jazz Pharmaceuticals Liberty Mutual Insurance Morgan Stanley National Beer Wholesalers Association National Cannabis Roundtable National Sheriffs' Association NORML PayPal Smart Approaches to Marijuana (SAM) The Scotts Miracle-Gro Company Trulieve US Cannabis Council #PBCcommunity #PBCconference #PBCstrategy #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem

"Colorado online marijuana sales are officially allowed as of Monday, giving consumers a new method of ordering cannabis more than a decade after the state enacted legalization." Read the full report from Kyle Jaeger of Marijuana Moment in the PBC news link below. Jared Polis Kevin Van Winkle #PBCcommunity #PBCconference #PBCstrategy #PBCnews #payments #banking #compliance #cannabis #cannabisbanking #cannabispayments #cannabiscompliance #cbd #hemp #cannabisbankingecosystem