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Where are the Medical Marijuana Millionaires?

As CNN Money reported, the medical marijuana millionaires are conspicuously absent from the economic landscape of the 21st century. Despite it being a multi-billion industry, abuses by state regulators and local politicians can cripple or kill a dispensary. And, as we reported on our Marijuana Lawyer Blog, the IRS can create tax and accounting nightmares for legitimate businesses operating under state medical marijuana laws.

Our Los Angeles medical marijuana attorneys believe there is something more sinister at work than the commonplace ineptness of politicians. We believe the greed factor will continue to ensure dispensaries and collectives are hounded by local, state and federal officials. Those who have sought legal help have enjoyed some recent court victories. Many businesses that have tried to go it alone have been forced to close or have been run out of business by red tape and regulations.

A decade after medical marijuana became essentially legal under Colorado law, legislatures enacted tough new laws that made owning a Medical Marijuana Center no more profitable than running a corner liquor store. In California, the effort remains primarily among local politicians, who are spending millions of tax dollars in ill-advised, shoot-from-the-hip attempts to regulate, tax, and force legitimate businesses to close.

If you want to see what could be in store, look at Colorado, where lawmakers have passed detailed surveillance requirements and inventory tracking systems and are considering a ban on edible marijuana products, like brownies. Typically, these bills are “sponsored” by an amateur politician who is seeking the limelight. In most cases, he or she knows next to nothing about the issues.

Colorado is the only state with a for-profit medical marijuana system. License fees can cost $18,000 and the rules require the shops to grow at least 70 percent of their own marijuana — leaving their survival susceptible to crop failure.

The CANNABIS LAW GROUP offers experienced and aggressive representation to the medical marijuana industry in Southern California– including growers, dispensaries and collectives, patients and those facing marijuana charges. Call 949-375-4734 for a confidential consultation to discuss your rights.

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