Cannabis and hemp, derived from the same plant, can be hard to tell apart by sight or smell. But their legal paths are quite different: hemp is legal, while cannabis is still illegal. In 2019, Texas passed a law that made hemp legal but kept cannabis illegal. This has caused confusion across the state. Some […]
When Texas Governor Greg Abbott signed Senate Bill 339, also known as the Texas Compassionate Use Act, into law in 2015, many Texans expressed frustration. The purpose of the act was to allow the THC treatment of illness via prescription, opening up the state’s medicinal cannabis market. However, the act authorized only low-THC cannabis […]
AB FinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes share how legal cannabis businesses in New York can use the qualified New York manufacturer credit to ease their tax burdens. Reprinted with the permission of Bloomberg Tax New York cannabis cultivators and manufacturers face more challenges than most businesses in the Empire State. At the federal level, […]
A rising tide floats all boats.
Connecticut Governor Ned Lamont signed budget legislation on June 12, 2023 that allows cannabis companies state tax deductions prohibited under federal Internal Revenue Code 280E. Until now, the “Constitution State” has followed federal law, which classifies cannabis as a Class 1 controlled substance under the Controlled Substance Act and disallows all deductions except for cost of […]
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Reprinted with the permission of Bloomberg Tax In a move long awaited by Empire State cannabis, the New York Senate approved legislation that would allow New York City cannabis business owners the full array of tax deductions already enjoyed by those businesses not considered by the federal government to be “trafficking in controlled substances.” The bill, which […]
The National Cannabis Chamber of Commerce has just issued its whitepaper, State of Cannabis – 15 Key US Markets, 2023 Annual Report. Written by accounting, legal, and consulting experts considered authorities in the today’s cannabis marketplace, the 180+ page document explores the cannabis industry in 15 key states. The work examines business opportunities and challenges […]
The state legalized adult use cannabis on May 30. What’s in store for its cannabis-loving citizens and those Minnesotans who want to open a cannabis business?