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New York: Adult Use Sales Launched On December 29 of last year, New York officially launched adult use sales, but at only one location. The fortunate dispensary was Housing Works Cannabis Company in Manhattan’s East Village, and it’s first sale was made to Chris Alexander, the executive director of the New York Office of Cannabis […]
National: SAFE Banking Act Launched in the U.S. House of Representatives in 2019, the Secure and Fair Enforcement Act proposed to eliminate penalties against banks that provided services to cannabis companies, thereby allowing the marijuana industry to bank safely and with reasonable costs, Raising equity and debt would become much easier as well. The bill […]
Vendor Compensation, Equity Fee Waivers, and More Massive social equity efforts are being made on the East Coast on behalf of cannabis businesses (see our articles in Bloomberg and elsewhere about New York and the Tri-State area:[1]) Now California has beefed up its offerings with vendor compensation being paid to equity-approved businesses. In addition, state […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]