Taxing Marijuana: A Hazy Issue For Municipal Bankruptcy
By Katherine Lewis, Weil Gotshal & Manges LLP (January 24, 2017, 1:03 PM EST) -- The past 25 years have marked a growing trend toward the legalization and decriminalization of marijuana. Twenty-eight states have legalized the drug's medical use, with seven states and Washington, D.C., going a step further by legalizing its recreational use for adults over the age of 21. Despite the actions taken by those states and our nation's capital, the federal government's position regarding the use of marijuana remains clear: possession, cultivation or distribution of the drug constitutes a criminal offense under federal law.
As the number of states where marijuana is legal continues to rise, this glaring tension between state and federal...
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