February 10, 2015 – The International Business Times recently interviewed Marc J. Ross, founding partner of Sichenzia Ross Friedman Ference LLP, on the unique tax situation that Colorado now faces after earning more than $50 million in revenue from marijuana sales last year. Due to a 1992 constitutional amendment, the state has a limit on how much tax money the state can take in.
Read the full article here and see Mr. Ross’ quotes below:
“This will drive the point home how this new, burgeoning weed industry can be helpful to society, as it can be a substantial source of revenue for the state.”
He expects that lawmakers won’t end up refunding the money, and that the industry will keep booming.
I believe business owners, who are making money running these businesses, are happy to pay taxes, and the public, which is getting public benefits from the tax revenues and approved legalized marijuana, are happy to have those taxes,” said Marc Ross. “In sum, it becomes a ‘win, win, win’ situation for business owners, the public and the state.”
Earlier this year, Mr. Ross began teaching one of the first law classes on marijuana business law titled “Business and Law of Marijuana” at the Hofstra University School of Law. Learn more about his course here
For additional information, please contact Marc J. Ross directly:
In the securities and corporate area, Mr. Ross advises companies, mainly small to mid-cap public companies, with their 1934 Act reporting requirements as well as their NASDAQ, AMEX and NYSE and other exchange listing and compliance matters. He also assists companies wanting to go public, whether through a reverse merger, initial public offering, or company offering, and advises clients on a wide range of investment and capital raising transactions, including private investments in public equity transactions (PIPEs), initial public offerings (IPOs), registered direct offerings (RDs), and shelf offerings.
