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Oregon marijuana industry seeks to influence Congress on tax, banking problems

News Posted Jun 7 2015

Members of the Oregon Cannabis Association are visiting Congress this week to portray some of the struggles of legitimate marijuana businesses and how small changes can create a huge impact allover the country. The group is also participating in fundraisers to help raise money for Portland legislators' long-standing support of marijuana legalization. Even though some states have legalized the drug, marijuana businesses lack normal necessities other businesses have like reasonable tax deductions and bank accounts.

"I order to be real businesses, we need access to real business services," said Margolis. She noted that federal tax law restricts marijuana businesses from deducting most of their business costs. And banks generally won't open marijuana-related business accounts because the drug is still illegal under federal law.

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