Article XIV of the Missouri Constitution, and the rules promulgated thereunder, do not explicitly prohibit a publicly traded company from having an ownership interest in a licensed Medical Marijuana Cultivation Facility, Medical Marijuana Infused-Products Manufacturing Facility, or Medical Marijuana Dispensary Facility. However, when examining the rules closely, it becomes clear that a publicly traded company almost certainly cannot be an owner of a licensed facility and the facility comply with all the requirements set forth in the Missouri Constitution. For example, Section 7, paragraph 2 provides that no facility shall be owned, in whole or in part, or have as an officer, director, board member, manager, or employee, any individual with a disqualifying felony offense as defined by the amendment. As part of the license application, the Missouri Department of Health and Senior Services requires every applicant to submit an attestation that no owner, in whole or in part, has a … [Read more...] about Publicly Traded Companies in MO?
As of May 24, The Missouri Department of Health and Senior Services released a finalized draft of the questions that all applicants for cultivation, manufacturing, testing, and dispensary facilities will need to answer, as well as the scoring criteria. As expected, the application questions will give the applicant an opportunity to showcase the business plan, the principal officers and managers, and any other unique qualities that may give the applicant a unique advantage. There will also be ways the applicant can score points for its focus on community engagement. Here are a few of the highlights:The character of each Principal Officer or Manager will need to be discussed. Applicants will be awarded up to 10 points for strong answers to these questions. The topic relating to background and relevant experience of principal officers or managers will be weighted so as to be worth 12% of the application. The application places heavy importance on relevant business … [Read more...] about Missouri Department of Health & Senior Services Releases Application Questions
On Thursday, March 28, the Springfield Planning & Zoning Commission held a meeting to discuss proposed zoning ordinances for medical marijuana facilities including cultivation, testing, manufacturing, and dispensary facilities that are to be located within the city limits of Springfield. Mary Lilly Smith, Director of Planning & Development, provided proposed rules for all facilities and answered questions from the Commission, followed by an open forum to the public.Ms. Smith first provided the proposed general standards that apply to any medical marijuana facility. She noted the proposed rules provide that all medical marijuana businesses shall be closed to the public between the hours of 10 PM and 6 AM, and that no persons not employed by the business shall be on the premises and no sales or distribution of medical marijuana shall occur upon the premises during that time. The Planning and Zoning Commission voted to change this to also allow contractors on the premises as many … [Read more...] about Springfield Proposed Zoning Ordinances
In a landmark decision, the Tax Court has ruled the nation’s largest dispensary will have to repay tax deductions taken between 2007 and 2012. In Patients Mutual Assistance Collective Corporation (d.b.a. Harborside Health Center), v. Commissioner, 151 T.C. No. 11, the Tax Court ruled, among other things, that a medical-marijuana dispensary that was also 1) selling non-marijuana products such as clothing, hemp bags, and books; and 2) providing free therapeutic services was prevented by the Internal Revenue Code from deducting any of its ordinary and necessary business expenses.The Harborside ruling is the latest in a line of cases from the Tax Court that serves as a harsh reminder for entrepreneurs with aspirations to make a splash in this burgeoning industry: regardless of whether your state has legalized cannabis, “[t]o the Commissioner that just makes you a giant drug trafficker.”I. Section 280E of the Internal Revenue CodeThe law at issue is Section 280E of the Internal … [Read more...] about For Cannabis Companies, Hits Just Keep on Coming