Executive Order
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20-X-9-.10 - Record Keeping Requirements for Consumable Hemp Product Retailers
AI Summary:
This regulation establishes comprehensive record-keeping requirements for consumable hemp product retailers to ensure transparency and accountability in the sale of hemp products. The key requirements include:
Record Maintenance:
- Retailers must keep detailed records of all hemp products received, including:
* Date of receipt
* Invoice number
* Distributor or producer information
* Quantity of products
- All receiving documents must be signed and dated
- Sales receipts must include specific details like sales date, brand, retail price, quantity sold, tax collected, and total sales amount
Reporting Requirements:
- Monthly returns must be filed by the 20th day of the following month
- Two submission options are available:
* Paper returns postmarked by the 20th
* Electronic returns filed by the last day of the following month
- Even if no sales occur, retailers must submit a zero-activity report
Status of Regulation:
This appears to be an active, fully implemented regulation that provides clear guidelines for hemp product retailers. The regulation seems designed to create a structured approach to tracking hemp product sales, ensuring proper documentation, and facilitating tax collection and potential inspections.
The regulation provides flexibility in record-keeping methods (paper or electronic) while maintaining strict requirements for the type and depth of information that must be recorded and reported.