I'm guessing here (we need a lawyer). Marijuana is still classified as a
Schedule I drug. However, one may conclude that Schedule I marijuana is
non-prescribed marijuana as Schedule I drugs and substances require:
There is no currently accepted medical use in treatment in the U.S. and
there is a lack of accepted safety for use of the substance under
medical supervision. It seems to me that prescribed medical marijuana
would be excepted from Schedule I.
I did a little research on CA law, as that state has the largest number
of dispensaries, CO, my closest neighbor that has legalized it and my
home state of NM. CA law is quite clear that dispensaries must be
non-profit organizations. It also appears that you can't sell for cash.
(That's not to say that every dispensary is following the law.) I could
not find anything in CO law that requires the licensed establishment to
be nonprofit nor could I find anything in NM law that requires the
licensed producer to be nonprofit.
I'm not sure what all this means for tax purposes.
According to medicalmarijuana.procon.org there are now 14 states + D.C.
that have legalized MM and two states that have laws that look favorably
at MM (AZ allows a Dr. to prescribe and MD allows a defendant to use MM
as a defense.
If anyone wants to look up the laws for each state, here is the link:
http://medicalmarijuana.procon.org/view.resource.php?resourceID=000881