An Interview With Tax Attorney Vu Le on IRS 280E

Recently, Ritter Spencer’s Chelsie Spencer sat down with Texas based tax attorney Vu Le to discuss cannabis law and its interaction with IRS 280E. As you will hear Vu discuss in the video, Section 280E of the Internal Revenue Code prohibits medicinal and recreational marijuana companies from deducting normal business expenses, such as payroll and monthly rent costs, from gross income.

Ritter SpencerAn Interview With Tax Attorney Vu Le on IRS 280E
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Hemp Lawyer Chelsie Spencer Interviewed by Texas Cannabis Collective

Texas hemp lawyer Chelsie Spencer was recently interviewed by the Texas Cannabis Collective for its article “What You Need to Know about Hemp Legalization in Texas.” Texas Cannabis Collective is a Texas-based informational and educational media organization focusing on cannabis news in Texas and across the United States. In April of this year, Chelsie was interviewed on Texas’ hemp growth bill, HB 1325, prior to its passage by Texas Cannabis Collective. In the recent interview, Chelsie discusses the impact that HB 1325 will have here in Texas and practical problems she anticipates that may arise as the hemp-growth program begins implementation.

Ritter SpencerHemp Lawyer Chelsie Spencer Interviewed by Texas Cannabis Collective
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Texas Hemp Grower’s License

Last night, Governor Abbot signed Texas HB 1325 (or, “Bill”) into law. HB 1325 establishes a hemp growth program here in Texas and governs manufacture and retail sale of hemp and hemp-derivative products. Because the Bill received the required vote threshold, it became effective immediately, making June 10, 2019, a historic date for Texas hemp and a celebratory evening for our hemp lawyers. Below, we provide a brief overview of the Bill’s requirements for a Texas hemp grower’s license.

Ritter SpencerTexas Hemp Grower’s License
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HB 1325: Texas Hemp Regulations Increase

HB 1325 (or, the “Bill”) began as a great draft of hemp legislation covering Texas hemp regulations. It aimed to establish a hemp growth program here in Texas and to amend some of our state criminal statutes that have led to arrests of individuals for possession of cannabidiol (CBD). Yes, the original draft Bill needed polishing and refinement to further expound on how the program would be implemented, what the regulations would be, and how it would work on a day-to-day basis. However, as the Bill has progressed through both the House and Senate committees, we have seen revisions included that provide unnecessary and onerous regulations for the Texas hemp industry. This over regulation will not benefit Texas and it certainly will not benefit hemp cultivators, processors, manufacturers, retailers, or consumers. Today, we cover some of the largest problems we have noted with the new text.

Ritter SpencerHB 1325: Texas Hemp Regulations Increase
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HB 1325: Texas Hemp Products, Part II

HB 1325 (or, “Bill”) is still pending in the Texas Legislature. The Bill will allow hemp growth in Texas for licensed hemp growers and will legalize hemp products, including CBD. HB 1325 will have an impact on manufacturers of hemp-derivative products in Texas and on hemp products in Texas. Today, we review what this impact will be and take a closer look at some of the pertinent provisions of the Bill.

Ritter SpencerHB 1325: Texas Hemp Products, Part II
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HB 1325: Hemp Growth in Texas; Part I: Timing

Yesterday, the Texas House of Representatives took a historic voice vote on HB1325 (the “Bill”).  HB1325 is an act which, if passed, will permit growth of hemp as an agricultural commodity in Texas and will allow sale of hemp products in Texas. At the voice vote, Representative King offered a floor amendment making minor changes to the Bill’s text, which was passed. Today, the House entered its formal vote for passage of HB1325.

Ritter SpencerHB 1325: Hemp Growth in Texas; Part I: Timing
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Cannabis Banking: Safe Banking Act Passes House Committee

What is one of the biggest problems facing cannabis businesses today? What to do with the money. Currently, most banks are reluctant to service cannabis businesses as such activity could threaten the bank’s charter since marijuana remains a Schedule I substance federally.  Cannabis banking is certainly a risk for a chartered bank. Cannabis businesses cannot generally use credit cards or electronic funds transfers. Cash, which is fraught with risks, is sometimes the only way to operate.

Ritter SpencerCannabis Banking: Safe Banking Act Passes House Committee
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Hemp to Be Descheduled By SHS in Texas

Hemp will be descheduled in Texas on April 5, 2019 by the Texas Department of Health Services. If you have been following the blog, then you know that hemp and CBD are both considered illegal substances under current Texas statutory law. However, we  have some clarity and action from the Texas Department of State Health Services (“SHS”) in relation to its scheduling of controlled substances. The Department has descheduled hemp in Texas from its list of controlled substances. The Drugs and Medical Devices Division of SHS is responsible for the scheduling of controlled substances for SHS. SHS has the power to amend its scheduling of controlled substances anytime that a change in federal scheduling has occurred.  Tex. Health & Safety Code § 481.034 (g) (available here).

Ritter SpencerHemp to Be Descheduled By SHS in Texas
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CBD Trademarks: Attorney Chelsie Spencer Published

Chelsie Spencer’s article regarding the United States Patent and Trademark Office’s treatment of cannabidiol (“CBD”) and hemp-derivative goods trademark applications has been published today in The Tipsheet. To view a copy of the article on CBD trademarks, continue reading below or click here: Cannabidiol: The Disjointed Stance at the USPTO Continues.

Ritter SpencerCBD Trademarks: Attorney Chelsie Spencer Published
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