of the Current Marijuana Business (Part II of II) In November of 2018 there are some 28 thousand marijuana/cannabis businesses in operation and employing about 150,000 people in the United States and they manage and control some nine billion dollars in essentially cash revenues. This industry continues to grow. In this second part, the author illustrates the importance of choice of entity, provides an overview of the taxation of a cannabis business, and provides readers a high-level breakdown of the patchwork of state laws.
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Currently, 20 states and the District of Columbia allow some type of legal marijuana use. On January 1st of this year, supply shops all across Colorado began selling to the general public (age 21 and over), in accordance with a voter referendum. Medicinal use bills have been filed or are expected to be introduced in eight additional states, while full legalization bills like that of Colorado have been filed in Vermont and New Hampshire. California has organized a committee to review how it can institute and oversee its own legal marijuana market. The reason states are getting into the marijuana…