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D.C.: Leaders On Capitol Hill For National Cannabis Industry Association's Lobby Days

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Cannabis industry leaders from across the country next week will travel to Washington, D.C., for the National Cannabis Industry Association's sixth annual Lobby Days. More than 100 cannabis business professionals will take part in policy discussions and citizen lobby meetings to advocate for fair treatment of the legal cannabis industry.

On Thursday, May 12, NCIA leaders, business owners, and members of Congress will hold an 11:30am press conference at the House Triangle to kick off two days of meetings across the Hill between cannabis industry leaders and congressional staffs.

Top priorities for these business owners are a solution to the banking crisis, which prevents many legitimate cannabis businesses from accessing basic financial services, and reform to Section 280E of the federal tax code, which forces cannabis business to pay double or triple the effective federal tax rates of any other industry.

NCIA members will also advocate for the de-scheduling of marijuana from the Controlled Substances Act, which would give states the authority to make their own decisions about how to handle cannabis legality, much as they currently do with alcohol.

U.S.: Rep. Blumenauer, Sen. Wyden Announce Tax Reform For Legal Marijuana Businesses

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Representative Earl Blumenauer (D-OR) and Senator Ron Wyden (D-OR) on Thursday announced plans to introduce bicameral legislation next week that would reconcile state marijuana laws and federal tax law.

The Small Business Tax Equity Act, which was introduced last Congress by Congressman Blumenauer, would create an exception to Internal Revenue Code Section 280E to allow marijuana businesses operating in compliance with state law to take deductions associated with the sale of marijuana like any other legal business.

“More than two-thirds of Americans now live in jurisdictions that have legalized either the medical or adult use of marijuana,” said Congressman Blumenauer. “It’s time for the federal government to catch up."

"Section 280E creates an unequal and unrealistic tax burden on these businesses," Blumenauer said. "I’m excited to work with Senator Wyden in introducing the Small Business Tax Equity Act, which would bring much needed fairness and level the playing field for small businesses that follow state laws and create jobs.”

“Our legislation would provide an overdue update to federal tax law, which has not caught up to the fact that it’s 2015 and Oregonians have voted both to legalize medical marijuana and to regulate marijuana for recreational use,” Senator Wyden said. “This is a question of standing up for the people of Oregon, and ensuring that the federal government respects the decision Oregonians have made at the ballot box.”

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