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You can find our article, An Update on Missouri Legalization & Taxes, in the latest publication of Cannabis Industry Journal here: https://cannabisindustryjournal.com/news_article/an-update-on-missouri-legalization-taxes/ Reprinted with the permission of Cannabis Industry Journal ————————————————– Some states, like California, Colorado and Washington, have welcomed cannabis with open arms while others have taken a while to come […]
The CDTFA has announced they will reduce cannabis excise taxes from the current rate of 80% down to 75%, effective July 1, 2022.[1] This rate impacts the markup between the wholesale cost and retail selling price of cannabis products. The 80% markup has stood unchanged since January 1, 2020.This rate change will affect the amount […]
The cannabis industry in the U.S. is growing rapidly. As of February 2022, 37 states allow the medical use of cannabis products, and 18 have enacted measures to regulate cannabis for non-medical use.The growing positive perception of cannabis stems, in part, from significant research aimed at producing better quality plants, uncovering new therapeutic properties, and […]
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 […]
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 […]
Our latest article, What Can Cannabis Do For Montana?, was published in the Cannabis Industry Journal: https://cannabisindustryjournal.com/feature_article/what-can-cannabis-do-for-montana/ When Montana became a territory in 1864, its legislators chose as its motto the Spanish words “Oro Y Plata” which means “Gold and Silver.” Gold and silver discoveries brought people to the new territory in droves, and everyone expected […]
The Cannabis Cultivation Tax in California: Breaking it Down Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ California Cannabis Tax Increase and the New Revolt California’s cannabis cultivation tax is set to go up again, and one leading cannabis business owner is staging a revolt. On January 1, 2022, the tax […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ Welcome to Oklahoma, the Sooner State: In 1889, the federal government opened up the Oklahoma District’s Unassigned Lands on a first-come, first-served basis. Would-be settlers entered the state at the time and date set by the President, and those that arrived at […]
With all the legislative changes related to retirement distributions over the last couple of years, it’s important to have a clear understanding of what to expect for the current year. In particular, it’s critical to know what to expect with Required Minimum Distributions (RMDs) for tax year 2021. RMDs are required distributions investors over a […]
Authors: Simon Menkes, Rachel Wright, and Abraham Finberg (Licensed CPA’s in California)___________________________________________________ When licensed California cannabis cultivators harvest their product, they will pass along the cultivation to tax to a distributor. This tax will eventually be remitted to the California Department of Tax and Fee Administration (CDTFA) by a licensed distributor- sometimes by way of […]
