Issue link: http://www.epageflip.net/i/28315
10A – Daily News – Friday, April 1, 2011 Medical marijuana industry rapidly grows mainstream WASHINGT ON (MCT) —The medical marijuana industry is beginning to show its age. After humble Califor- nia beginnings in 1996, 15 states and the District of Columbia now have legal- ized marijuana use for ill patients who have a doc- tor's recommendation. Medical marijuana has been found to help with chronic pain, nausea and other symptoms of dis- eases including cancer, muscular dystrophy and AIDS. Nearly 25 million Americans are medically eligible to buy marijuana. Sales are expected to hit $1.7 billion this year. Just last week, a San Fran- cisco-based outfit, the ArcView Group, formed the industry's first invest- ment network to link cannabis entrepreneurs to qualified investors with "seed" money. "It doesn't take a rocket scientist to realize that this industry is growing and that there are untold riches to be made here," said Troy Dayton, the chief executive of the ArcView Group. In coming months, Ari- zona, New Jersey, Rhode Island and the District of Columbia will launch pro- grams, joining eight states where medical marijuana is sold legally. Those states are California, Col- orado, Maine, Michigan, Montana, Oregon, Wash- ington and New Mexico. With more than 1,500 “PRIVATE PARTY” CLASSIFIED ADS ALWAYS FREE By Popular Demand Boats/Autos too! Certain restrictions apply Sell your stuff! * FREE* classified liner ads in many popular Classifications. ★All General Merchandise categories will be published for FREE, except yard and garage sales. ★ Announcements ★ Lost & Found and ★ Personals will be published for FREE. ★Automotive★Boat★Bike ads for sale for $3,500 or less – also FREE! *FREE ads not available for: Services, Employment, Real Estate/Rentals, Farm/Garden/Pets*, Wood/Construction categories.* * However, ads offering ANY items for FREE will be allowed to run for FREE! 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Strong public support has helped fuel the indus- try's eastward expansion, but that growth has also brought growing pains. Industry reps say sec- tion 280E of the Internal Revenue Code unfairly bars legal medical mari- juana operations from deducting business expenses from their income taxes. Dispen- saries nationwide are fac- ing Internal Revenue Ser- vice audits over the mea- sure. Other dispensaries have found that banks won't maintain their busi- ness accounts, fearing fed- eral scrutiny over report- ing requirements for ties to businesses that violate federal law. The National Cannabis Industry Association was formed late last year to help address these con- cerns. On Wednesday, the get paid vacations and 401(k) retirement plans. Yet they've had their bank accounts closed three times and are facing an IRS audit. Stephen DeAngelo, the executive director of Har- borside, said the center is being treated like an ille- gal trafficker rather than a community service orga- nization. "We do not deserve to trade group held its first national lobby day, visit- ing lawmakers on Capitol Hill as part of a push for greater legislative clout. "These kinds of days are necessary, because it puts a face on the indus- try," said Rep. Jared Polis, D-Colo., one of the indus- try's staunchest support- ers. While 76 percent of medical marijuana sales nationally are generated in California, Colorado has the nation's fastest-grow- ing market. More than 131,000 Coloradans are registered marijuana patients, up from only 7,000 in 2008. Colorado Dispensary Services, which operates three dispensaries and three commercial growing operations, has had five different bank accounts in three-and-a-half years, owing to state regulatory friction. Owner Jill Lam- oureux said it's impossible to manage nearly 50 employees and $120,000 in monthly payroll with- out a bank account. State RANDAL S. ELLOWAY DDS IMPLANTS DENTISTRY 2426 SO. 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He said support for the issue is bipartisan, citing Republican Reps. Ron Paul of Texas and Dana Rohrabacher of California as sympathetic to the industry's plight. Harborside Health Center, a nonprofit dis- pensary in Oakland, Calif., serves 79,000 patients, pays more than $3 million in state, federal and local taxes and employs 80 people who $112.00 D NEWSAILY in Discount Coupons were published last week in the RED BLUFF TEHAMACOUNTY … And that does not Count all the ads offering percentage discounts, two-for-ones and Free-with-Purchase offers! Don’t miss a Day of it! Subscribe Today 527-2151 It pays for itself. have our accounts frozen or to be taxed out of exis- tence," DeAngelo said. "280E (of the IRS code) was intended for cocaine kingpins, international smugglers and crystal meth dealers. It wasn't intended for organizations like ours, and it shouldn't be applied to organiza- tions like ours." Recent history suggests that clearing up the indus- try's tax and banking con- cerns could boost its growth. In 2009, the Jus- tice Department issued a directive that people won't face federal prosecution if they use or provide med- ical marijuana in compli- ance with state laws. That proved to be a "major growth driver" for the industry, prompting hundreds of new marijua- na businesses, while caus- ing raids on marijuana operations to drop 58 per- cent, said David Guard, a researcher at See Change Strategy, an independent financial-analysis firm. Becky DeKeuster real- ized medical marijuana's healing potential soon after she quit her high school teaching job to work in a dispensary in Berkeley, Calif., in 2002. "On my first day there, I saw a patient in a wheel- chair having (multiple sclerosis) seizures. And, literally, with two puffs off a joint, he stopped tremoring, and it was like, 'wow, this is amazing,' " said DeKeuster, now the executive director of Northeast Patients Group, which operates four dis- pensaries in Maine. "I'm grateful to be in this industry and I consider it a blessing to be able to do the work I do." LASSEN STEAK HOUSE “Home of the Sizzling Platter” Perfect for Large Parties Anniversary • Retirement • Weddings • Birthdays • Reunions, etc. Open 11am - 9pm Call 530 839-2838 Corner of Hwy 99E & Vina Rd. Have Your Party at