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How 420CPA Helped a Cannabis Company Reduce Legal and Financial RiskClient OverviewA prominent cannabis company faced a major financial lawsuit, with claims initially reaching millions of dollars. The case was built on financial records that inaccurately portrayed the company as highly profitable, when in reality, it was struggling with debt and liabilities.The inaccurate financial data, […]
How 420CPA Helped a California Cannabis Business Reduce Its Tax LiabilityClient Overview: A California Cannabis Microbusiness Under AuditA California-based cannabis microbusiness, licensed for cultivation, manufacturing, distribution, and retail, found itself under significant financial stress when the IRS audited its 2019-2021 books. The IRS reclassified the company as solely retail, disallowing manufacturing-related COGS (Cost of Goods […]
By Rachel Wright, Simon Menkes and Falk Altenhöfer reprinted with the permission of MJBizDaily.com With Germany’s cannabis market speedily evolving and open to international players, U.S. cultivators now have an excellent opportunity to get into a market that is already lucrative and a springboard into the rest of the European Union. Even though American marijuana growers can’t […]
Optimizing Staffing for Business Transition Introduction: Managing Staff During Business Transition In Part One of our Transition Management Series, we discussed how 420CPA, led by Rachel Wright, helped facilitate the dissolution of Greenleaf Ventures, ensuring the new owners successfully navigated the early phases of transition. Part Two focused on setting up financial systems […]
“Give me six hours to chop down a tree, and I will spend the first four sharpening the ax.” – Abraham Lincoln We recently held a company strategic meeting. Previously, we had done this in a windowless room, but this time I requested a room with windows. A simple change in the environment can make […]
As the cannabis industry evolves, businesses face challenges ranging from regulatory complexity to market competition. Trade associations provide invaluable support, helping operators navigate these obstacles through advocacy, resources, and collaboration. Organizations like the Cannabis Chamber of Commerce, Global Cannabis Network Collective (GCNC), and International Cannabis Bar Association (INCBA) bring together experts, leaders, and businesses to drive growth and innovation. 1. […]
Still in Effect Experts warn hikers that injured rattlesnakes can pretend to be dead but will attack if a person approaches too closely. Even dead rattlers have a strong bite reflex that lasts for hours after the snake has been eliminated, and the heads of decapitated rattlesnakes have been known to turn around and […]
As your business grows and evolves, understanding the financial leadership roles of a Chief Financial Officer (CFO) and a Controller can be crucial for sustained success. Both positions play distinct yet complementary roles in managing your company’s finances, but they serve different purposes at various stages of your business lifecycle. In this article, we’ll discuss […]
New York state cannabis businesses are now subject to a 9% excise tax, effective this month. The state’s move to an excise tax from a potency tax will help some cannabis businesses survive a difficult market, while smaller businesses may lose out.The tax that aims to support legal expansion of the cannabis market by “simplifying, streamlining and reducing” obligations falls unevenly […]
Part 1 of this 2-part series on Cannabis and Hemp examined the growth of psychoactive hemp and how it has put an additional burden on an already beleaguered cannabis industry. In Part 2, 420CPA looks at the cannabis industry’s attempts to force the genie back into the bottle. Reprinted with the permission of Beard Bros. […]
