For today's weed news we go to the Internal Revenue Service.
As most people know, cannabis-related businesses in the United States are pretty much prohibited from using America's federal banking system. But regardless of all that, cannabis businesses like all the other businesses still have to pay their share of taxes.
According to an international news website called QZ.com, in the last year alone, the US government collected around $4.7 billion in tax revenue from weed-related companies. But get this, because cannabusinesses can't use banks, most of that tax money was paid to the IRS in cash!
In fact, it was so much cash, that the IRS apparently hired a Virginia-based company called the Mitre Corporation to help them count and handle all those bills. Sources indicate that they are paying Mitre Corporation over $1.7 million to do this.
A denver-based accountant named Jordan Cornelius, who works with legal cannabusinesses, said he doesn't think Mitre Corporation is actually going to be counting individual bills for the Internal Revenue Service. He said that they are most likley helping the IRS design a streamlined way to handle all of the cash payments coming in from the weed industry instead.
That would make more sense if you ask me. But really, it would make a lot more sense if you could just let the cannabis industry use banks like everybody else. As a matter of fact, this was a point brought up by Vincent Ning, the CEO of Nabis, one of California's largest cannabis distributors who I had the pleasure of interviewing a couple weeks ago.
For one thing, the IRS would have saved $1.7 million dollars off top, not to mention all of the headaches that the ganjapreneurs have to deal with because they can't make deposits like everyone else.
I think pretty much everyone involved in the industry would agree that this is an issue that needs to be remedied ASAP.
But I guess for now, all we can do is stay diligent and keep fueling the fire. The movement is strong and is not going anywhere. Baby step after baby step, I feel like one day, even weed-related businesses will be able to use banks. When? That's anybody's guess...
And that's what's up with paying your cannabis taxes!
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