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.
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.
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.