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Some great news coming out of the House of Representatives this week for the medical cannabis industry and its patients as three new bills were introduced to Congress today by a coalition of Democrats and Republicans. One bill designed for patients will protect people acting in accordance with state cannabis laws from being prosecuted by the federal government. The other two bills support dispensaries and collectives, with one that will help ease the tax burden on many dispensaries enabling them to claim business expenses as tax deductions as well as one that pushes to prevent banks from discriminating against dispensaries.
For patients, the ‘States’ Medical Marijuana Patient Protection Act’ authored by Congressman Barney Frank (D-MA) aims to provide immunity from federal prosecution for individuals and entities acting within accordance of state laws regarding medical cannabis usage. In addition it will initiate the process of rescheduling marijuana under the Controlled Substances Act moving it out of Schedule I and II, an effort with roots tracing back to the early 1970s. The bill is co-sponsored by Congressmen Jared Polis (D-CO), Congressman Pete Stark (D-CA) and Congressman Dana Rohrbacher (R-CA).
For dispensaries and collectives the ‘Small Business Tax Equity Act’ authored by Stark allows medical marijuana dispensaries to claim federal tax deductions in the same ways other businesses are legally entitled to, putting a stop to the IRS audits that have been happening recently. The third bill introduced is the ‘Small Business Banking Improvement Act of 2011’ sponsored by Polis, Stark and Rep. Ron Paul (R-TX) and will provide medical marijuana dispensaries full access to banking services through amendments to the Bank Secrecy Act.
All of this is great news for the industry as a whole as real legislation is finally moving forward at the federal level. Be sure to reach out to your representatives to show your support, and for those that may need a refresher, here’s how the three new bills will become laws.
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Posted: Wednesday, May 25, 2011