Marijuana and Smoke shops
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Cannabis Regulation
at Federal Level
The prohibition of marijuana is nearing the end. This is why it’s essential for discussions about a comprehensive and effective regulatory framework to happen. Any regulation ensures that your cannabis products move to the market according to policies that are in place for the following:
- Products that require prescriptions.
- Products used for nonmedical reasons will no longer be hampered by any legal restrictions.
- To expand the vast opportunities within the marijuana industry.
Consumer Safety
and Vaping Products
When you enter a smokeshop, your safety should be a crucial aspect. Moreover, if the cannabis industry aims to meet the requirements of regulation at federal level. The current vaping crisis is a cause for concern for you when you use marijuana. There are myths that have been circulating that fail to address the risks of vaping cannabis oil. For instance, a lot of people believe that vaping cbd has no health consequences compared to smoking it. Yet, there have been reports that vaping products have been linked to an increase in lung injuries. In addition, there is a growing concern from health experts about the increasing illicit market. This is why part of creating effective strategies requires licensing of smoke shops to be a prerequisite.
Access to
Banking Services
The fact of the matter is that you need equal access to banking services when you are in the cannabis industry. But, this is still a struggle for many people. Fortunately, the National Cannabis Industry Association (NCIA) is collecting signatures that should help to change things for the better. As it stands, your legally compliant cannabis business can’t do the following.
- Accept credit cards
- Run payroll
- Acquire loans
- Pay taxes
- Write checks
This means that the cannabis industry is open to these risks:
- Money laundering.
- National safety hazard.
- Economic interference by preventing the U.S from keeping
up with the commercial cannabis global market.
UnfairTax Laws
Did you know that the current tax laws impose different tax obligations for cannabis businesses when compared to other types of businesses? The thing is that your taxes can double or even triple when you own a cannabis business. These tax laws are still outdated and categorize cannabis as a prohibited drug. According to law, you are involved in drug trafficking when you run a cannabis business. If these laws are not updated, they will continue to affect the following.
- The creation of jobs
- Expansion of employee benefits
- Sales tax
- Bookkeeping services
- Investments that can benefit the local economy
ImprovingPublic Opinion
As you are aware, there is still a lot of negative perception of marijuana amongst the public. This has been one of the main challenges that our industry has had to deal with. To ensure that new opportunities are available, focus on the following is essential.
- Strengthening public participation.
- Finding effective ways to ensure that businesses
change the way that businesses view cannabis.
To help your business grow while ensuring that it remains organized, you should ensure that all your accounting services are met. Contact us on 407-218-6975, today. At Taxleaf, we know business and accounting.