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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 is offering two tax credits: […]
With the latest movie about Napoleon out, I’ve been thinking about what kind of military lessons we can glean from the Napoleonic wars. I received formal military training regarding strategy and operations. I don’t pretend to be brilliant in either strategy or operations but the training has given me an appreciation for the subject. Napoleon […]
DankCan Dispensary*, after operating since recreational legalization in Michigan in 2018, a once-thriving cannabis retailer in Michigan, they found themselves mired in financial turmoil. As most operators, they experienced success within the first few years of adult-use sales in their dispensaries. Introduction: The Challenge The market began to mature, after the first few years of […]
FinCEN’s Corporate Transparency Act Has Arrived Enacted by Congress in 2021, the Corporate Transparency Act (CTA) went into effect on January 1, 2024 and affects more than 30 million American small businesses1 and many smaller foreign companies doing business in the United States. Unless exempted, these businesses must provide ownership information to the Treasury’s Financial […]
Reprinted with the permission of Bloomberg Tax Rachel Wright, Abraham Finberg, and Simon Menkes explain the legislative battle over Ohio’s latest cannabis bill and its potential impact on social equity. Faced with legislative inaction on cannabis, Ohio voters approved Issue 2 on Nov. 7 and made the state the 24th in the US to allow adult-use sales. The […]
LOS ANGELES–California, a trailblazer in the legalization of recreational cannabis, has faced challenges as the industry seeks to establish itself and cannabis companies in California make great efforts to flourish within the state. The California Department of Tax and Fee Administration (CDTFA) has emerged as a pivotal player, sparking debates and concerns within the sector […]
As we approach the end of the year, getting ready for the upcoming tax season is crucial. This is especially true for those in the cannabis industry, which comes with its own set of challenges. The tax season is set to start in early 2024, and it requires careful planning and an understanding of 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 […]
Reprinted with the permission of Bloomberg Tax Oregon’s new tax compliance certificate for cannabis businesses adds a challenge to an industry facing decreased demand and substantial competition with illegal operations, say AB FinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes. To force cannabis businesses to be tax compliant, the Oregon Liquor and Cannabis Commission in […]
Texas charts its own cannabis course, from historic restrictions to a budding medical program.
