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 New York State Supreme Court judge issued a temporary injunction against the state’s Office of Cannabis Management (OCM) on Monday, August 7, 2023, halting the OCM’s efforts to distribute and process cannabis dispensary licenses. The injunction was granted when a group of veterans filed a lawsuit claiming the Conditional Adult Use Cannabis Retail (CAURD) program […]
A rising tide floats all boats.
Connecticut Governor Ned Lamont signed budget legislation on June 12, 2023 that allows cannabis companies state tax deductions prohibited under federal Internal Revenue Code 280E. Until now, the “Constitution State” has followed federal law, which classifies cannabis as a Class 1 controlled substance under the Controlled Substance Act and disallows all deductions except for cost of […]
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Reprinted with the permission of Bloomberg Tax In a move long awaited by Empire State cannabis, the New York Senate approved legislation that would allow New York City cannabis business owners the full array of tax deductions already enjoyed by those businesses not considered by the federal government to be “trafficking in controlled substances.” The bill, which […]
The National Cannabis Chamber of Commerce has just issued its whitepaper, State of Cannabis – 15 Key US Markets, 2023 Annual Report. Written by accounting, legal, and consulting experts considered authorities in the today’s cannabis marketplace, the 180+ page document explores the cannabis industry in 15 key states. The work examines business opportunities and challenges […]
California’s Department of Industrial Relations (DIR) recently reminded California’s cannabis companies that labor protections apply to all cannabis workers, even those employed by illegal unlicensed businesses. This includes minimum wage, overtime, and maintaining a worker’s comp policy. Failure to comply can result in civil and/or criminal prosecution. The DIR is relying on mistreated workers to […]
Taking advantage of energy savings and tax deductions can boost a grower’s bottom line.