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Excise Tax Shifts to Retailers in California January 1, 2023
Changes are coming with regards to the collection and payment of cannabis excise taxes is coming to the State of California. Starting January 1, 2023, cannabis retailers will be responsible for collecting excise tax directly from their customers, replacing distributors who’ve handled this task since 2018. The taxes will be calculated on the actual retail […]
Cannabis Tax Collection and Remittance Responsibilities for Distributors Ending
Redistributed from the California Tax and Fee Administration – Cannabis Special Notice——————————————————————————- On and after January 1, 2023, distributors, including microbusinesses that distribute cannabis, will no longer be responsible for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) for cannabis or cannabis products sold or transferred to cannabis retailers. Cannabis […]
The “Dirty Dozen” IRS Tax Scams for 2022
Each year, the IRS unveils its list of scams that target unsuspecting taxpayers. Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Pandemic-related scams. Criminals still use the COVID-19 pandemic to steal people’s money and identity with phishing emails, social media posts, phone […]
The Cannabis Chamber of Commerce’s 2022 Investment Summit Expo & Mixer
If you’re looking for strategic networking opportunities in NY, this Investment Summit will be the event. The Cannabis Chamber of Commerce is partnering with ArcView to host a fantastic networking opportunity in New York for cannabis industry leaders. Connect with the cannabis industry’s most influential professionals and investors on how to get ahead of the competition in the […]
Opportunities & Challenges in the Tri-State Cannabis Marketplace
Attention: Entrepreneurs and Investors interested in the brand-new Adult-Use cannabis markets of New York, New Jersey, and Connecticut! AB FinWright LLP and 420CPA’s Rachel Wright, CPA MST and Simon Menkes, CPA have been pleased to work with an amazing team of cannabis professionals and thought leaders on a CUTTING-EDGE WHITEPAPER. Here they discuss the opportunities and issues all cannabis people […]
California Cannabis Trade Samples Exempt from Cannabis Taxes
The enactment of Assembly Bill 141 on July 12, 2021 radically altered the taxability of cannabis trade samples. Effective September 29, 2021, excise tax no longer applied to cannabis flower or cannabis products provided to other licensees as trade samples. But not all licensees can give out trade samples: only cultivators, manufacturers, distributors, and microbusinesses, […]
N.Y. Recreational Cannabis Businesses to Run Gauntlet of Taxes
You can find our article, N.Y. Recreational Cannabis Businesses to Run Gauntlet of Taxes, in the latest publication of Bloomberg Tax here: https://news.bloombergtax.com/tax-insights-and-commentary/n-y-recreational-cannabis-businesses-to-run-gauntlet-of-taxes Reprinted with the permission of Bloomberg Tax—————————————————– Since June 1, the New York’s Cannabis Control Board has issued 162 recreational cultivation licenses. But businesses fortunate enough to obtain one of its recreational […]
M&A in Cannabis: A Guide for Buyers and Sellers
You can find our article, M&A in Cannabis: A Guide for Buyers and Sellers, in the latest publication of Cannabis Industry Journal here: https://cannabisindustryjournal.com/feature_article/ma-in-cannabis-a-guide-for-buyers-and-sellers/ Reprinted with the permission of Cannabis Industry Journal—————————————————– Mergers and acquisition activity in the cannabis space tripled from 2020 to 2021, and that pace is on track to continue in 2022. With big players entering […]
Christmas in July – California Ends the Cannabis Cultivation Tax!
With Wednesday’s approval of California’s 2022-23 budget, and after Governor Newsom’s signature on the budget last night, California’s cultivation tax was finally eliminated![1] The governor had taken wording from a recently proposed bill eliminating the cultivation tax, authored by Senator Mike McGuire of Humboldt County, and incorporated it into his proposed budget as a cannabis trailer […]
