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In an announcement dated March 2, 2023, the California Department of Cannabis Control released cannabis enforcement statistics for 2021 and 2022 in an effort to demonstrate its commitment to bringing down the illegal market.The DCC reported: “DCC-led search warrant operations increased from 62 in 2021 to 155 in 2022, a 150 percent increase. DCC also […]
In this two-part series, we take a look at New Jersey’s legalization of cannabis. Part one examines the state of the market, licensing, approvals, and sales. Part two will delve into all things taxes. On the surface, New Jersey’s new adult use cannabis program is similar to the program of its larger neighbor across the […]
THE HIGH-ROAD CANNABIS TAX CREDIT On June 30, 2022, Governor Gavin Newsom signed California Assembly Bill 195 into law, a bill specific to the cannabis industry. One of the goals of this bill was to bring tax relief to a class of businesses notoriously challenged by heavy taxes. To this end, the Franchise Tax Board […]
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, […]
Attention: Entrepreneurs and Investors interested in the brand-new Adult-Use cannabis markets of New York, New Jersey, and Connecticut! AB FinWright LLP and 420CPA’s Rachel Wright, CPA MST and Simon Menkes, CPA have been pleased to work with an amazing team of cannabis professionals and thought leaders on a CUTTING-EDGE WHITEPAPER. Here they discuss the opportunities and issues all cannabis people […]
You can find our article, N.Y. Recreational Cannabis Businesses to Run Gauntlet of Taxes, in the latest publication of Bloomberg Tax here: https://news.bloombergtax.com/tax-insights-and-commentary/n-y-recreational-cannabis-businesses-to-run-gauntlet-of-taxes Reprinted with the permission of Bloomberg Tax—————————————————– Since June 1, the New York’s Cannabis Control Board has issued 162 recreational cultivation licenses. But businesses fortunate enough to obtain one of its recreational […]
You can find our article, M&A in Cannabis: A Guide for Buyers and Sellers, in the latest publication of Cannabis Industry Journal here: https://cannabisindustryjournal.com/feature_article/ma-in-cannabis-a-guide-for-buyers-and-sellers/ Reprinted with the permission of Cannabis Industry Journal—————————————————– Mergers and acquisition activity in the cannabis space tripled from 2020 to 2021, and that pace is on track to continue in 2022. With big players entering […]
With Wednesday’s approval of California’s 2022-23 budget, and after Governor Newsom’s signature on the budget last night, California’s cultivation tax was finally eliminated![1] The governor had taken wording from a recently proposed bill eliminating the cultivation tax, authored by Senator Mike McGuire of Humboldt County, and incorporated it into his proposed budget as a cannabis trailer […]
On June 13, 2022[1], California’s Senate and Assembly passed a massive, $300 billion budget, just two days before the deadline which would have forced lawmakers to forgo their pay. While Governor Gavin Newsom has until June 30 to sign or veto it, and some issues surrounding the spending the state’s $49 billion surplus still have […]
