The sooner your business hires a bankruptcy attorney, the better. Smart business owners realize they need a bankruptcy attorney before the storm clouds appear, rather than after the storm has swept through their business. If you wait until the last minute to look into bankruptcy counsel, it might be too late to save your business and your assets. Learn more about why your business should hire a bankruptcy attorney and how these professionals can help your business in the long-run.
Under the Final Interim USDA Hemp Production plan, several rules, requirements, and regulations pave the way for those looking to start a legal hemp farm after approval of their relevant State’s hemp-growth plan. Below, we’ve compiled four fundamentals to growing hemp, including hemp licensing, growing conditions, testing, and record-keeping, to help ensure compliance and facilitate a legal operation.
A variety of different business structures exist to offer owners higher degrees of flexibility and organization within their company. Deciding on a business’s structure is one of the most important decisions a business owner makes, as it impacts everything from taxes to daily internal operations. Read below to learn about one of the most popular structures–a limited liability company, or LLC.
After learning the licensing requirements in Part I of this Series and the complex rules and regulations on the sampling and testing of hemp in Part II, it is now time to turn our attention to the USDA plan’s matters of compliance, violations, license suspension and revocation, and mandatory recordkeeping.
As a hemp producer, if you violate the USDA plan, it is important not to panic. Instead, focus on remedying this situation by complying with the corrective action plan or other enforcement actions imposed by USDA.
Now that you have read Part I of the USDAHemp Production Plan series on the license requirements for hemp producers, it is critical to understand USDA’s methods and regulations for the sampling and testing of hemp for tetrahydrocannabinol (“THC”) concentration levels. Keep in mind: “tetrahydrocannabinol” and “delta-9 tetrahydrocannabinol” are interchangeable phrases for THC.
Last December, the Agriculture Improvement Act of 2018, commonly known as the 2018 Farm Bill, was passed, which removed hemp from the Controlled Substances Act’s (“CSA”) definition of “marihuana.” The Farm Bill allows for the United States Department of Agriculture (“USDA”) to oversee and facilitate the commercial cultivation, processing, and marketing of hemp. As mandated by the Farm Bill, USDA has developed an interim final rule to establish the domestic hemp production program.
The hemp and cannabidiol (CBD) industry is an increasingly prosperous market. However, ambiguity surrounding product knowledge and legalities creates hindrances and obstacles for business owners and entrepreneurs alike. Before launching and investing in a start-up or existing CBD business, it is essential to fully understand the product that your CBD business will be dealing with: a specific class of compounds, known as “cannabinoids.” CBD is just one of many cannabinoids found in the hemp plant, and while many states have statutes and regulations that apply solely to CBD products, several of the other predominant cannabinoids in hemp will most likely be coming to mass market. Below, we break down the basic distinctions between the most prevalent types of cannabinoids to further assist your knowledge and understanding of hemp/CBD.
Texas hemp lawyer Chelsie Spencer spends some time on Better Living with Nick Carissimi to discuss the CBD and hemp industries, legalities, and more.
“The industry has made leaps and bounds in the past six to seven years, and as far as legality, we’re seeing a changing landscape both at the federal and state levels,” says Chelsie, as she dives into several specific examples of the challenges she has faced and those that lie ahead for hemp and CBD law. With significant experience representing hemp growers, extractors, processors and CBD white labelers across the nation, Chelsie covers a range of critical topics and details for both the average consumer and manufacturer. Listen to the full radio show here.
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.
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.