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Montana Revisited: How Did Its Cannabis Gold Rush Pan Out?
Reprinted with the permission of Cannabis Industry Journal A little over a year ago, we at AB FinWright took a look at the newly-opened adult-use cannabis market in Montana and posed the question: Is Cannabis the Next Gold Rush for Montana? Now, with our 20-20 hindsight, we can see that cannabis sales have taken off […]
Adult Use Cannabis Begins in Compassionate Connecticut
Reprinted with the permission of Cannabis Industry Journal. On January 10, 2023, Connecticut joined those states in our union that have opened their doors to adult use cannabis sales. Seven dispensaries stepped through those doors and by January 31, Connecticut had recorded $5.1 million in adult use sales, plus an additional $8.2 million in medical […]
Federal Tax Filing Deadlines for 2023
The IRS has begun accepting and processing 2022 tax year return filings as of January 23rd 2023. Please note FEDERAL INCOME TAX filing deadlines for calendar year taxpayer are as follows in 2023 for the 2022 tax year: PARTNERSHIPS AND S CORPS:Returns due on March 15,2023, Extended due date September 15, 2023.Please note that […]
California’s DCC Requests AG Opinion on Interstate Cannabis Commerce
California’s Department of Cannabis Control signals that it would like to open up new markets for the state’s struggling cultivators. On January 27 this year, Matthew Lee, General Counsel for the Department of Cannabis Control, sent a letter to Senior Assistant Attorney General Mollie Lee requesting an opinion on whether “medicinal or adult-use commercial cannabis […]
New Jersey’s Careful Approach to Cannabis: Part One
In this two-part series, we take a look at New Jersey’s legalization of cannabis. Part one examines the state of the market, licensing, approvals, and sales. Part two will delve into all things taxes. On the surface, New Jersey’s new adult use cannabis program is similar to the program of its larger neighbor across the […]
IRS USES 280E TO YANK DEPRECIATION DEDUCTIONS FROM CANNABIS COMPANIES
In light of the upcoming income tax filing season for 2022, we felt it was noteworthy to remind cannabis taxpayers that Section 179 depreciation is unavailable in the industry due to the 2022 tax court case discussed below. Read through for some other possible but aggressive options. In a March 2022 tax court decision, a […]
New California CDTFA Excise Tax Regs
CDTFA Releases Retail Calculation Examples In a few days, all California cannabis retailers and microbusinesses making retail sales will need to begin collecting excise tax from their customers. The CDTFA released examples showing the correct calculation of excise tax and sales tax for all retail sales on or after January 1, 2023. In their example, the […]
Transfer Pricing Is an Often-Overlooked Necessity in Cannabis
We were published in Bloomberg: https://news.bloombergtax.com/tax-insights-and-commentary/transfer-pricing-is-an-often-overlooked-necessity-in-cannabis Reprinted with permission by Bloomberg Tax Cannabis industry participants face a tough battle under a litany of regulations that may not change much in the near future. Transfer pricing rules must be considered and acted on properly to avoid even more tax problems for these businesses, […]
