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The state senator from Humboldt County, Senate Majority Leader Mike McGuire (D), has introduced a bill that would eliminate California’s cannabis cultivation tax.[1] The current tax rate is $10.08 per dry-weight ounce for flower and $3 per dry-weight ounce for leaves.[2]Senate Bill 1074 would discontinue, beginning on July 1, 2022, the imposition of the cultivation […]
Assembly Bill 2691 has been introduced that would allow small cultivators to sell their cannabis at events. “This license will allow so many growers who cultivate cannabis on one acre or less to really showcase their products at these special cannabis events,” says bill sponsor Assemblyman Jim Wood (D-Humboldt County). “The Emerald Triangle is located […]
We look forward to seeing you at the Hall of Flowers in Palm Springs. Let us know if you’re around to meet up! Hall of Flowers is a licensed, industry-only, highly curated B2B show designed to facilitate commerce between our vast network of premium licensed cannabis brands and retailers. Our product categories span across flower, concentrates, […]
Happy 420! You can find our article, New York’s Cannabis Social Experiment and How You Can Participate, in the latest publication of Bloomberg Tax here: https://news.bloombergtax.com/tax-insights-and-commentary/new-yorks-cannabis-social-experiment-and-how-you-can-participate Reprinted with the permission of Bloomberg Tax This is part of a two-day series by Bloomberg Tax Insights looking at the tax challenges facing […]
By Abraham Finberg, CPARachel Wright, CPA MSTAB FinWright LLP and Jim Marty, CPAFounder of Bridge West CPAs and Advisors to the Cannabis Industry ———————————— Montana voters legalized cannabis for medical use in 2016 under the Montana State Initiative I-182[1]. Somewhat similar to states such as California, Initiative I-148, passed in 2004[2], allowed for patient use […]
You can find our article, Sooner to Profitability – Oklahoma’s tax structure makes it friendlier to cannabis businesses than California, on page 7 of the latest publication of Cannabis and Oklahoma here: https://indd.adobe.com/view/4f0d5275-0328-46e3-b714-df5d72ca04e4 Reprinted with the permission of Marijuana Venture In 1889, the federal government opened up the Oklahoma District’s Unassigned […]
You can find our article, The Great Social Experiment: Social Equity in New York, in the latest publication of the Cannabis Industry Journal here: https://cannabisindustryjournal.com/feature_article/the-great-social-experiment-social-equity-in-new-york/ Reprinted with the permission of Cannabis Industry Journal New York is embarking on a great social undertaking. In awarding its adult-use cannabis licenses, under the plan laid out by Gov. Kathy Hochul on […]
Our latest Bloomberg Tax article on farm outsourcing arrangements in cannabis was published this morning: https://news.bloombergtax.com/daily-tax-report/hidden-tax-dangers-in-cannabis-outsourcing-arrangements Our goal at AB FinWright and 420 CPA is to educate and stay on the cutting edge of tax in cannabis. We hope this article is helpful for all industry folks and their advisors. Rachel Wright, […]
Reproduced with permission. Published March 04, 2021. Copyright R 2021 The Bureau of National Affairs, Inc. 800-372- 1033. For further use, please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/ —————————————————————————– Andrew Gradman of the Law Office of Andrew L. Gradman, and Abraham Finberg and Rachel Wright of AB FinWright LLP argue that new final regulations—stating that tax code Section 471(c) cannot […]
Summary In the cannabis industry, due to lack of banking, cash has truly been king. Compliance is critical when receiving large amounts of cash from customers as the penalties can be cost prohibitive to operating your business. We’ve offered a short guide here to filing form 8300 and other helpful resources. Background As part of the […]