lod01
Footballguy
WEED, soon to be an IPO.
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marijuana winning big at the polls. CO/MASS/wash pass (3 Viewers)
- Thread starter Hipple Long Ware & Peete
- Start date
Mr. Chumley
Footballguy
I'm too lazy and frankly not interested enough to read all the previous posts so forgive me if this has been discussed. Will it be controlled and sold like cigarettes (i.e. taxed)? If so will there be a stiffer penalty for black market marijuana or is this just making it legal to possess?
Uncle Humuna
Footballguy
Tacoma resident?
ericttspikes
Footballguy
Way to go Colorado!
ericttspikes
Footballguy
I don't know about a stock play, but I'd think ski properties in CO. would be a good place to invest. Coffeeshops in Vail? sign me up.
Billy Bats
Footballguy
It will be handled like a state liquor store.
Hipple Long Ware & Peete
Footballguy
With addendum that individuals allowed 6 plants for personal use.
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
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Insoxicated
So when ya movin' HIpple?
Sheriff Bart
Footballguy
It's a start. 
Socrates11
Footballguy
Thinking it's time for a Green Acres reboot, where a city couple leave to start a pot farm in the country. The title really works in this case.
Leroy Hoard
Footballguy
Mr. Haney, Hank Kimball & Eb did seem pretty high most of the time.
Mr. Chumley
Footballguy
So you will be able to light up in public? Restaurants? Bars, side walks,
I always get a kick out of the plant thing. You can have one ounce or 6 plants. Do they not know how many ounces come from one plant? Is it illegal to have couple of pounds of bud growing on your plant or curing in your basement?
PrinceofDarkness
Footballguy
Frankly, significant gains in legalization are being made much faster than I ever dreamed. Medical marijuana was a good first step, but really didn't force the Feds to reevaluate their stance. In my opinion, complete legalization noe forces the Feds to take a stance. I hope the Obama administration would make the right decision, but state's rights don't seem to be the prevailing philosophy of this administration.
cstu
Footballguy
OT, but it just occured to me that Avery Johnson's nickname should have been 'Big'.
Cliff Clavin
Footballguy
So today, in the legalized states, are you able to light up in front of a cop or is there still of bunch of legislation before anything happens?
johnnycakes
Footballguy
Mile High
Footballguy
Mile High
Footballguy
Will be at least 30 days. Possession would be legal but not public use.
Cliff Clavin
Footballguy
As of right now? I thought it would take a bit of time to get laws changed.Stores able to start selling pipes and seeds?
roadkill1292
Footballguy
In these states where recreational use is liberalizing under the law, judges and juries are simply going to become disinterested in hearing the cases and/or sentencing the convicted. After a while, no one will even notice what a normal part of the fabric of society it has become. And it won't matter what the feds do in the meantime; they're gonna lose interest, too, eventually.
Mile High
Footballguy
I read it takes 30 days before it becomes law. 2014 before stores start selling. Right now in Colorado it's easy to get a medical marijuana card ($90) and buy from them. It's legal in the city of Denver to have an ounce or less right now, has been for a couple of years. You could still be busted by the state or county though.
Eulogys
Footballguy
Actually, No it doesn't. Employers can still have drug testing of their employees.http://www.regulatemarijuana.org/about
My Link
cstu
Footballguy
It simply going to be a matter of time before a solid majority of the country realizes that legal marijuana won't destroy the fabric of society and will also save taxpayers money.
IvanKaramazov
Footballguy
I know this is a contrarian position, but I would rather have Romney in the White House than Obama on this issue. A Republican can have a going-to-China moment on this, but Obama has been wretched on marijuana policy so far, and I'm not sure he has the political freedom to do the right thing on this topic like a Republican would. Of course I hope I'm wrong and I'll give Obama nothing but praise if can get the feds to come around.
roadkill1292
Footballguy
I'm giddy at the prospect of some Broncos player telling the commish to gfh.
roadkill1292
Footballguy
I think your position is a very reasonable one. Another alternative, however, would be for the president to act quickly and call off the DEA right away. By the time the next election rolls around, recreational use may be far more extensively accepted and impossible for the 2016 candidates to successfully oppose.
Arsenal of Doom
Footballguy
He has significantly less risk in play now. Let's hope it makes a difference.
IvanKaramazov
Footballguy
That would be excellent. Benign neglect by the federal government would be a great response IMO.
attaché case
Footballguy
Seahawks too.
Hipple Long Ware & Peete
Footballguy
Exactly. The employer can still do it, unless doing so would violate a CBA or something. PS the NBA doesn't want large scale testing. 60-80% of guys in the NBA smoke weed.'Eulogys said:
NutterButter
Footballguy
Raider Nation
Devil's Advocate
sporthenry
Footballguy
If only there was another drug which was legal and produces over 10,000 driving fatalities (over 32% of all driving fatalities). The one thing that is concerning is how to test for a DUI if the person is "potted up on weed"
tommyGunZ
Footballguy
Newly elected Democratic mayor of San Diego Bob Filner halts all actions against marijuana dispensaries.
roadkill1292
Footballguy
Maryland Senator Bobby Zirkin just introduced a bill to decriminalize personal possession of less than 10 grams. It would become a civil violation subject to a fine not greater than $100. Which means no one will bother.I wonder how our governor will take this. He seems pretty intent on running for president in 2016 or 2020; running from a Colorado- or Washington-type state may cost him a few votes in the swing states.
fatguyinalittlecoat
Footballguy
smotherhook
Footballguy
First we will need one of those super smart lawmakers to define what "potted up on weed" is.
fatguyinalittlecoat
Footballguy
Hang 10
Footballguy
He needs to save the space for the folks that get caught with over 2 liters of pepsi.Bloomberg seeks to halt pot jail timeJust when I thought I couldn't love Mayor Bloomberg any more.
fatguyinalittlecoat
Footballguy
Wingnut
Footballguy
link: Marijuana dealers getting slammed by taxes
Thanks to a decades-old law targeting drug runners, entrepreneurs in the nascent medical marijuana industry face a unique burden: an effective federal income tax rate that can soar as high as 75%.
The hefty levy is the result of a 1982 provision to the tax code, known as 280E, that stemmed from a successful attempt by a convicted drug trafficker to claim his yacht, weapons and bribes as businesses expenses, according to 280E Reform, a group working to overturn the statute.
Enacted in the wake of that PR debacle, the rule bars those selling illegal substances from deducting related expenses on their federal income taxes.
It may have been effective against cocaine dealers and smugglers of other hard drugs, but the law now means purveyors of medical marijuana in the 18 states that have legalized the drug can't can't take typical things like rent or payroll as a business expense. That's taking a heavy toll on this new field.
Jim Marty, an accountant in Colorado specializing in medicinal marijuana tax law, said he has one client that didn't turn a profit in 2009, 2010 or 2011. In 2012, though, she was handed a $300,000 tax bill from the IRS for those three proceeding years.
Entrepreneurs whose businesses are legal under state laws are getting hammered by outdated federal tax rules.
"If you have a license from the state hanging on your wall, that doesn't fit the definition of trafficking," Marty said. "Yet the IRS is aggressively auditing this industry."
He said he often sees clients facing effective tax bills of 65% to 75%. That compares to 15% to 30% for businesses in general.
The Internal Revenue Service did not respond to a request for comment. In a letter to a congressman in 2011, the agency said it was merely enforcing the law, and that Congress needs to change the law if it does not want medicinal marijuana dealers caught up in the provision.
Several groups are working on just that, though it's unclear if the law will be changed anytime soon. The Obama administration has so far not expressed much interest in weighing in on the matter.
Until then, those in the industry will keep looking for crafty ways to minimize their tax bill, and pay the tax man when they can't.
"An emerging industry that can provide hundreds of thousands of jobs is being held back by these crazy tax rates," said Betty Aldworth, deputy director of the National Cannabis Industry Association. "We're like any other small businesses, that just happens to be illegal in some states." To top of page
Thanks to a decades-old law targeting drug runners, entrepreneurs in the nascent medical marijuana industry face a unique burden: an effective federal income tax rate that can soar as high as 75%.
The hefty levy is the result of a 1982 provision to the tax code, known as 280E, that stemmed from a successful attempt by a convicted drug trafficker to claim his yacht, weapons and bribes as businesses expenses, according to 280E Reform, a group working to overturn the statute.
Enacted in the wake of that PR debacle, the rule bars those selling illegal substances from deducting related expenses on their federal income taxes.
It may have been effective against cocaine dealers and smugglers of other hard drugs, but the law now means purveyors of medical marijuana in the 18 states that have legalized the drug can't can't take typical things like rent or payroll as a business expense. That's taking a heavy toll on this new field.
Jim Marty, an accountant in Colorado specializing in medicinal marijuana tax law, said he has one client that didn't turn a profit in 2009, 2010 or 2011. In 2012, though, she was handed a $300,000 tax bill from the IRS for those three proceeding years.
Entrepreneurs whose businesses are legal under state laws are getting hammered by outdated federal tax rules.
"If you have a license from the state hanging on your wall, that doesn't fit the definition of trafficking," Marty said. "Yet the IRS is aggressively auditing this industry."
He said he often sees clients facing effective tax bills of 65% to 75%. That compares to 15% to 30% for businesses in general.
The Internal Revenue Service did not respond to a request for comment. In a letter to a congressman in 2011, the agency said it was merely enforcing the law, and that Congress needs to change the law if it does not want medicinal marijuana dealers caught up in the provision.
Several groups are working on just that, though it's unclear if the law will be changed anytime soon. The Obama administration has so far not expressed much interest in weighing in on the matter.
Until then, those in the industry will keep looking for crafty ways to minimize their tax bill, and pay the tax man when they can't.
"An emerging industry that can provide hundreds of thousands of jobs is being held back by these crazy tax rates," said Betty Aldworth, deputy director of the National Cannabis Industry Association. "We're like any other small businesses, that just happens to be illegal in some states." To top of page
E-Z Glider
Footballguy
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