It would be a mistake to think that the shifting cannabis landscape has implications for the cannabis industry alone. Certain ripple effects are obvious. Insurance, law, and banking entities have for years lobbied on cannabis-related issues, as Cannabis Wire has reported. More recently, entities as mainstream as Amazon have joined in, with an emphasis in their case on a looser approach to consumption among workers. Even state broadcasters associations have joined together in an effort to air cannabis ads. Each quarter, lobbying disclosures provide a fascinating window into who has entered the room of cannabis policymaking. And the first quarter of 2022 was no different. Here are four entities in particular that caught our attention: Entity: National Cattlemen’s Beef Association Lobbying issue: “Request for further research on Hemp in animal ag feed” and “Hemp as livestock feed.”

Nushin Rashidian, Cannabis Wire, 05/09/2022 20:00:00

Open article: https://cannabiswire.com/2022/05/10/from-sheet-metal-to-beef-cannabis-draws-diverse-lobbying-interests/

Navisite, a managed cloud service provider that renders integrated business management computer systems designed to model and automate the different areas of a company and the administration of its resources (SAP services), announced Tuesday that it is expanding its services to the cannabis industry. (Benzinga) The company offers agricultural, medical, and recreational cannabis companies solutions that “span the seed-to-sale process.” “Cannabis companies need highly scalable, flexible systems that can keep pace with demand, delivering greater intelligence and agility across their entire operations,” said Gina Murphy, president, and chief transformation officer at Navisite. “With our cannabis solutions, we bring a unique combination of SAP, business process, and technology expertise to help our customers modernize on SAP and fully capitalize on new market opportunities.” According to a company press release: “By partnering with Navisite to implement a modern enterprise solution on SAP, cannabis companies can significantly mitigate risk and leverage intelligent technologies, including next-generation analytics, automation, and tracking capabilities that enable full visibility and management from cultivation through processing and delivery.”

420 Intel – Marijuana Industry News, 05/10/2022 20:00:00

Open article: https://420intel.com/articles/2022/05/11/navisite-expanding-cannabis-industry-will-enhance-sap-services-various-aspects

All three men were shot during confirmed or suspected robberies of cannabis shops. Industry officials and state lawmakers say crimes against those businesses have increased in recent years due to the large amount of cash they are often required to keep on hand since federal restrictions discourage banks from doing business with them. Exact numbers are difficult to pin down, but in Washington state alone officials say there were more than 50 armed robberies of cannabis stores in the first two months of 2022 — a greater number than in all of 2020 or 2021. “The time for congressional dithering on this issue needs to end because people are dying,” Washington State Treasurer Mike Pellicciotti said in an interview. “Robbers go where the cash is.” Now, this wave of robberies and deaths may shift the outlook on Capitol Hill for legislation that would make it easier for cannabis companies to open bank accounts and apply for small business loans. Sen. Patty Murray (D-Wash.) — the third-ranking Senate Democrat — recently stated that cannabis banking is a top priority for her in negotiations over a China competition bill.

Cannabis Business Executive – Cannabis and Marijuana industry news, 05/10/2022 08:46:00

Open article: https://www.cannabisbusinessexecutive.com/2022/05/cannabis-crime-wave-boosts-banking-prospects-on-capitol-hill/

The Internal Revenue Service’s (IRS) Taxpayer Advocate is reminding people of the unique financial challenges that state-legal marijuana businesses face under federal prohibition. In a blog post published on Tuesday, the independent agency under IRS explained that cannabis companies are still obligated to pay federal taxes—but they’re barred from deducting most expenses that other industries can claim because the federal government considers marijuana a strictly controlled substance. National Tax Advocate Erin Collins didn’t call for a specific policy change, but she did acknowledge efforts in Congress to enact legalization, or at least protect banks that work with state-legal businesses from being penalized by federal regulators. The purpose of the new post was to “shed some light on the frustrations encountered by a growing segment of the business taxpayer population—the growers, distributors, and retailers of marijuana-related products—and educate them on federal tax law,” the agency said. “There are significant federal tax-related consequences for businesses engaged in the ‘trafficking’ of marijuana, even in states that have legalized (or decriminalized) the use of it,” the tax advocate wrote, adding that a federal tax provision known as 280E specifically precludes cannabis businesses from claiming most deductions.

Mmp News Author, Medical Marijuana Program Connection, 05/10/2022 17:57:00

Open article: https://mmpconnect.com/irs-official-addresses-marijuana-industrys-financial-challenges-and-congressional-solutions/?utm_source=rss&utm_medium=rss&utm_campaign=irs-official-addresses-marijuana-industrys-financial-challenges-and-congressional-solutions