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Reprinted with permission of Bloomberg Tax The Drug Enforcement Administration recommended that cannabis be transferred from its status as a Schedule I controlled substance to Schedule III under the Controlled Substances Act. This means cannabis has been found to have accepted medical use and low potential for abuse. When this process is complete, the cannabis industry’s federal […]
In Part 1 of this 2-part series on Cannabis and Hemp, 420CPA looks at the growth of psychoactive hemp and how it has put an additional burden on an already beleaguered cannabis industry. Part 2 examines the cannabis industry’s attempts to force the genie back into the bottle. Reprinted with the permission of Beard Bros. […]
Reprinted With The Permission Of Bloomberg Tax New York Gov. Kathy Hochul’s proposal to replace the state’s cannabis potency tax with an excise tax will help lower taxes for the legal cannabis industry as a whole, say ABFinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes. New York Gov. Kathy Hochul (D.) on Jan. 16 recommended […]
In South Dakota’s journey towards adult-use sales, 420 CPA explores the future of South Dakota cannabis tax and finance for companies currently facing the challenging landscape. Advocates in the state are preparing for another battle to legalize adult-use cannabis by 2024, with two competing initiatives underway, but the future remains uncertain as we navigate the […]
In the ever-expanding landscape of the cannabis industry, where green is not just a color but a thriving economic force, the question of taxation looms large. As states grapple with the complex task of regulating and taxing cannabis, a taxing dilemma has emerged, raising critical questions about fairness, sustainability, and the industry’s long-term viability. The […]
Texas charts its own cannabis course, from historic restrictions to a budding medical program.
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.
