Massachusetts Bill To Give State Coronavirus Relief To Marijuana Businesses Gets Hearing

Massachusetts Bill To Give State Coronavirus Relief To Marijuana Businesses Gets Hearing

A Massachusetts legislative committee held a virtual hearing on Tuesday to get input from members and stakeholders about a bill that would establish a state-level coronavirus relief program for marijuana businesses and other companies that are left out of federal aid. The proposal, which was discussed by the Joint Committee on Community Development and Small Businesses, would address that unique problem that the cannabis industry in particular is facing during the pandemic. These businesses—as well as those that work indirectly with the marijuana market—are specifically prevented from receiving congressionally authorized aid due to ongoing prohibition. The problem is especially pronounced in Massachusetts, where medical cannabis dispensaries are allowed to operate as essential services but recreational shops have been temporarily shuttered. Witnesses from the industry testified that the state could help their businesses stay afloat and prevent layoffs if they approve the bill, which would establish a state-level Paycheck Protection Program (PPP). The legislation is being sponsored by the committee’s chair, Sen. Diana DiZoglio (D). Watch the hearing below:  Mitzi Hollenbeck, a partner at Citrin Cooperman who founded the firm’s cannabis advisory services practice, told the committee that the cannabis market already faces a “huge economic burden” because of ongoing federal prohibition, which prevents these businesses from taking tax deductions that are available to other industries, for example. “We’ve seen lots of the issues at the federal level that I think Massachusetts has a great opportunity to get correct in this version of the bill,” she said. “The creation of a…

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Source : MJ moment
Link to original : Massachusetts Bill To Give State Coronavirus Relief To Marijuana Businesses Gets Hearing
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