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Congressional Cannabis Caucus Co-Chairs Introduce Federal Reform Legislation
U.S. House Reps. Dave Joyce and Don Young put forward a bill that would limit the application of federal laws to the distribution and consumption of cannabis.
A pair of House Republicans aren’t holding their horses on cannabis reform activity in the Senate.
Reps. Dave Joyce, R-Ohio, and Don Young, R-Alaska, introduced a bill May 12 the “Common Sense Cannabis Reform for Veterans, Small Businesses and Medical Professionals Act” that would remove cannabis from the list of scheduled substances under the Controlled Substances Act.
In addition, the legislation would also protect depository institutions that provide financial services to “legitimate” cannabis-related businesses; provide safe harbor for veterans to use, possess or transport medical cannabis in compliance with state laws; and direct two studies on cannabis as it pertains to pain management and impairment through the National Institu
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To many in the cannabis industry, REIT is not a common acronym. Yet, as cannabis businesses seek ways to access additional capital, REITs are coming up in more and more conversations.
What is a REIT?
“REIT” stands for Real Estate Investment Trust. Typically, a REIT is a corporation that has elected to be taxed as a REIT (which provides several tax advantages, including the ability to deduct dividends from taxable income). REITs generally raise money from outside sources, often on public markets, and use those funds to buy, develop, operate, and sell income-producing properties. To qualify as a REIT, a company must meet certain qualifications. For example, most of the income of a REIT must be generated by income-producing real properties (e.g. rents, sale proceeds, and interest on mortgages) and it must annually distribute most of its income to shareholders.