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[1] and Washington, D.C., going a step further by legalizing its recreational use for adults over the age of 21.[2] 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.[3]

As the number of states where marijuana is legal continues to rise, this glaring tension between state and federal...

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