Cannabis banking would make IRS’s job easier, official says (Newsletter: October 25, 2021)

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Senate panel demands drug war accounting; Luxembourg moves to legalize marijuana; Bipartisan cannabis research bill; TX delta-8 ban causes scramble Subscribe to receive Marijuana Moment’s newsletter in your inbox every weekday morning. It’s the best way to make sure you know which cannabis stories are shaping the day. (function() { window.mc4wp = window.mc4wp || { listeners: [], forms: { on: function(evt, cb) { window.mc4wp.listeners.push( { event : evt, callback: cb } ); } } } })(); Email address: Leave this field empty if you’re human: Your support makes Marijuana Moment possible… Before you dig into today’s cannabis news, I wanted you to know you can keep this resource free and published daily by subscribing to Marijuana Moment on Patreon. We’re a small independent publication diving deep into the cannabis world and rely on readers like you to keep going. Join us at / TOP THINGS TO KNOW The Senate Appropriations Committee issued a draft report demanding that the State Department explain why tens of billions of dollars spent on the international war on drugs has done virtually nothing to stop drugs and why the U.S. strategy remains “largely unchanged.” An Internal Revenue Service official said giving marijuana businesses access to banks “would make the IRS’s job to collect [taxes] a lot easier.” She also discussed the 280E provision and how the agency takes steps to help cannabis firms comply with tax law. Luxembourg’s ministers of justice and homeland security announced that the government plans to legalize possession and cultivation of marijuana for personal use early in 2022. A broader system to legalize and regulate cannabis sales would follow later. A bipartisan group of members of Congress led by Reps. Earl Blumenauer (D-OR) and Andy Harris (R-MD)  filed a new bill to remove barriers to marijuana research—including by letting scientists study…

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Source : Cannabis banking would make IRS’s job easier, official says (Newsletter: October 25, 2021)

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