marijuana

Medical marijuana businesses are bracing for major changes as the federal government moves to reschedule cannabis. The shift would alter how these companies are taxed, easing the current burden that bars standard business deductions, and could change day-to-day operations across the industry. Operators and analysts are watching closely to gauge how tax rules, banking access and compliance requirements will be affected.

An after-school activity provider in Richmond says it is facing a funding 'cliff' and is asking the city to direct money from the upcoming marijuana tax toward its programs. The group argues that dedicated revenue from cannabis sales should support youth services, as officials prepare to allocate the new tax proceeds.