News:

Domestic alcohol producers are reaping the tax benefits from the Craft Beverage Modernization and Tax Reform Act (CBMA), which took effect January 1, 2018. Importers, who are also eligible for the tax cuts through appointment by foreign producers, have not received much guidance on the implementation of CBMA. Importers will be pleased to hear that Customs and Border Protection (CBP) has recently announced that further specific guidance and instructions on how to receive reduced tax rates and tax credits will be released in mid-October via the CSMS messaging system. An announcement summarized the process that importers of certain limited quantities of distilled spirits, beer, and wine will follow once they are given the green light. For an importer to be eligible to receive the reduced tax rates, they will have to substantiate that the foreign producer/assigning entity has assigned an allotment of its reduced tax rate or tax credits to the distilled spirits, beer, or wine imported into the U.S. CBP will process and liquidate claims for entries made in calendar year 2018, beginning January 31, 2019 for importers. CBP will begin its review with the oldest entry on file with a CBMA claim and work forward chronologically. Any 2018 CBMA claims that are not substantiated with the required documentation byJanuary 31, 2019 are at risk of being liquidated without the benefit of the CBMA rate.  If the importer has a complete and valid claim and the allocation limit has not been reached at the time of CBP review, CBP will liquidate the entry and apply theCBMA rate. As will be discussed in greater detail in the mid-October 2018 CSMS message, importers will signal…

Yesterday, the Department of Justice and Drug Enforcement Administration announced that Epidiolex, the newly approved medication by the Food & Drug Administration, is being placed in Schedule V of the Controlled Substances Act, the least restrictive schedule of the CSA. The FDA announced in June that it approved Epidiolex for the treatment of seizures associated with two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, in patients two years of age and older. Epidiolex contains cannabidiol (CBD), a chemical constituent of the cannabis plant. The CBD in Epidiolex is extracted from the cannabis plant and is the first FDA-approved drug to contain a purified extract from the plant. Marijuana and CBD derived from marijuana remain against the law, except for the limited circumstances that it has been determined there is a medically approved benefit via approval by the FDA. In those instances, the drug will be made appropriately available to the public for medical use. See more here: https://www.dea.gov/press-releases/2018/09/27/fda-approved-drug-epidiolex-placed-schedule-v-controlled-substance-act

Posted in cannabis, marijuana, Medical Marijuana | Tagged CBD, DEA, DOJ, FDA, MJ | Comments Off