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When New Jersey and New York rolled out recreational cannabis sales, industry watchers anticipated a close race between the two neighboring states. Both markets seemed primed for success, building on earlier medical programs and boasting significant consumer demand. However, just a few years in, New Jersey has taken a commanding lead, outpacing New York in […]
How 420CPA Helped a Cannabis Company Reduce Legal and Financial RiskClient OverviewA prominent cannabis company faced a major financial lawsuit, with claims initially reaching millions of dollars. The case was built on financial records that inaccurately portrayed the company as highly profitable, when in reality, it was struggling with debt and liabilities.The inaccurate financial data, […]
By Rachel Wright, Simon Menkes and Falk Altenhöfer reprinted with the permission of MJBizDaily.com With Germany’s cannabis market speedily evolving and open to international players, U.S. cultivators now have an excellent opportunity to get into a market that is already lucrative and a springboard into the rest of the European Union. Even though American marijuana growers can’t […]
“Give me six hours to chop down a tree, and I will spend the first four sharpening the ax.” – Abraham Lincoln We recently held a company strategic meeting. Previously, we had done this in a windowless room, but this time I requested a room with windows. A simple change in the environment can make […]
THE CANNABIS EQUITY TAX CREDIT One of the goals of California Assembly Bill 195, signed into law by Governor Gavin Newsom on June 30, 2022, was to bring tax relief to the cannabis industry, a class of businesses notoriously challenged by heavy taxes. To this end, the Franchise Tax Board is currently offering two tax […]
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, […]
Changes are coming with regards to the collection and payment of cannabis excise taxes is coming to the State of California. Starting January 1, 2023, cannabis retailers will be responsible for collecting excise tax directly from their customers, replacing distributors who’ve handled this task since 2018. The taxes will be calculated on the actual retail […]
Redistributed from the California Tax and Fee Administration – Cannabis Special Notice——————————————————————————- On and after January 1, 2023, distributors, including microbusinesses that distribute cannabis, will no longer be responsible for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) for cannabis or cannabis products sold or transferred to cannabis retailers. Cannabis […]
