There may be bad marijuana news for Colorado pot businesses.
A recent report from Marijuana Business Daily claims that the IRS is targeting pot businesses in Colorado over Form 8300, which is required of businesses that pull in more than $10,000 a year in cash. The agency has already audited 30 pot businesses in the state.
According to the marijuana news report, the IRS has been asking questions about how often marijuana plants are harvested and how many they have. It’s believed the agency is looking for fraud and money laundering.
It’s possible that these audits could extend to other states that allow for recreational marijuana use. This includes Alaska, Oregon and Washington.
More From InvestorPlace:
- 10 Big-Name Stocks With Must-See Charts
- 7 F-Rated Stocks Exposed in All the Wrong Places
- 10 Stellar Dow Jones Stocks to Buy for Q3
The opinions contained in this column are solely those of the writer.
Want to share your own views on money and politics? Drop us a line at letters@investorplace.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication.
