Marijuana Legalization: It’s Ripe Time To Get Your EIN & Break Into the Marijuana Business

Marijuana business in the United States is on its full bloom. The legalization will open a Pandora of opportunities in the cannabis industry enabling entrepreneurs to set up new marijuana businesses. They can step into the marijuana sector in the areas of a processor, dispensary, retail sale or testing lab. Those interested, can stay upfront & obtain EIN & other necessary licenses according to the requirements of the states.

Voters’ mood on supporting marijuana legalization is at an all-time high. 21states have already legalized cannabis for medicinal purpose. Nine states have legalized marijuana for recreational and medicinal use, both. This November, people in 4 States are likely to vote in favor of legalization of marijuana either for medicinal purpose or recreational use.

Voters would decide the proposed new marijuana law in 4 states that are going for the poll on the following initiatives.

Medical Marijuana Legalization in Utah:

Utah is all set to legalize medical marijuana via Prop 2. The ballot initiative allows patients with specific critical conditions to obtain & use medical marijuana with the recommendation of a qualified doctor.

This ballot initiative allows patients to possess 2 ounces of medical marijuana or 10 grams of CBD/THC for 14 days.

Under the proposed initiative, qualifying conditions include Alzheimer’s, autism HIV/ AIDS, cancer, Crohn’s disease, epilepsy, MS, & PTSD.

Specified conditions also allow patients with chronic or debilitating pain who are at risks of becoming dependent & overdosing on opiates. The poll initiative also allows patients to use medical marijuana that unable to use opioids.

A Compassionate Use Board of five physicians could decide to allow other eligibility conditions on a case-by-case basis.

The patients would get medical marijuana only from licensed dispensaries.

Medical Marijuana in Missouri:

In Missouri, the legalization of medical marijuana is via 3-point opinion poll. The initiative getting the highest votes will become the law.

Prop-C suggests a statutory change in the existing laws instead of a Constitutional amendment. The initiative enables the patients to buy marijuana for alleviating their critical illnesses. They will pay the sales tax at 2% at the retail level.

Patients with a specified qualifying condition would be able to avail MMJ cards from doctors. This proposed amendment 2 allows patients to grow cannabis for their personal use. This new law will attract a 4% tax on marijuana sales.

Under the initiative amendment-2, physicians would get more latitude in recommending medical marijuana.

The third amendment proposal allows patients with qualifying conditions to buy & use marijuana, but they would pay MMJ sales tax @ 15%. The state would use the revenue collected from marijuana taxes for research on cancers & other critical illnesses.

Marijuana Legalization in Michigan:

Marijuana in Michigan is on the way to legalization via Prop 1. The initiative would legalize marijuana like alcohol. The new law would allow adults of 21 & above to possess, use and grow marijuana.

Adults over the age of 21 would be allowed to possess or process marijuana up to 2.5 ounces, or marijuana concentrates up to 15 grams.

The initiative allows adults of 21 to grow 12 marijuana plants in the home and store up to 10 ounces of marijuana obtained from the grow.

Smoking marijuana in public would be illegal.

Marijuana Legalization in North Dakota:

Medical marijuana in North Dakota became legal in 2016, but patients would be able to buy & use it in 2019.

Initiative-3 proposes to permit adults of 21 and over to possess & use marijuana for recreational purpose. There is no possession limit.

This way entrepreneurs from all categories like sole proprietors, partnerships or LLC get an opportunity to enter the marijuana business in these states.

Sum Up:

The laws relating to the establishment of new businesses differ from State to State. The process could be short, but not too simple and may involve a lot of paperwork.

It’s always better to obtain an EIN, licenses, Income Tax registration etc by hiring a professional service provider agency. That saves your time and avoids delay due to the rejection of the application.