2020 election season is in full swing, and cannabis legalization is once again on the ballot. This year, an increasing number of states are either considering full-scale recreational legalization or focusing on medical cannabis, with a whopping 18 states expecting to loosen their marijuana laws either through their legislatures or via ballot measure. But like […]
280E
International Cannabis: Guidance for Companies Entering the U.S. Market, Part 2 – Taxation
by Jonathan Bench, Attorney At Harris Bricken In prior blog posts (see here and here), I described how we have been fielding regular inquiries regarding international cannabis, both from companies inside the U.S. looking internationally and from international companies looking to the U.S. market. This post deals with taxation issues for international companies seeking to […]
Cannabis industry in regulatory crosshairs
A recent U.S. Department of Treasury Inspector General report suggests that an increase in tax enforcement measures for the legal marijuana (cannabis) industry are imminent, with or without a corresponding increase in IRS guidance. The legal cannabis industry has expanded prodigiously over the last decade and, as of 2020, a majority of states now allow […]
Did the Tax Cuts and Jobs Act Remove the Teeth of 280E?
It seems that a cannabis dispensary could make a very strong case to run a portion of rent, payroll, utilities, security, and other overhead items through cost of goods sold…
How Risk Management Can Make Marijuana-Related Businesses Bulletproof
By Steve Schain Envision managing the risk of a volatile, staggeringly lucrative, 100-percent federally legal enterprise? Toss in ridiculously inconsistent federal, state and local regulations, insanely evolving technologies and efficiencies and an industry-wide disinclination to ever “play by the rules.” However, when armed with decent risk management fundamentals, a marijuana-related business can diminish most horrible […]
Agricultural Sales Tax Exemption and Medical Marijuana
Much has been written about Section 280E of the Internal Revenue Code and how it impacts the cannabis industry. State and local tax issues, however, have received very little attention. The CohnReznick State and Local Tax team is working diligently to identify state tax incentives that could benefit cannabis businesses, as well as potential hazards […]
The 2018 Farm Bill – What it Means for Hemp Farmers’ Tax Bill
CPA Covers The Income Tax Implications for Hemp Farms after the new 2018 Farm Bill The Agriculture Improvement Act of 2018 (the 2018 Farm Bill) has officially been signed into law. One of the major components of this legislation of industrial hemp. This blog post will mainly focus on what the tax implications of this legalization and […]
10 Questions to Ask Before Hiring a CPA in the Cannabis Industry
You have likely tried to google “280E CPA”, “cannabis CPA”, “cannabis tax” etc. and found that your options seem to be somehow limitless and horribly limited at the same time. Whether your state is legal for adult use (such as Oregon, Washington, Alaska, California, Colorado, etc.) or medically legal (29 states), the tax implications remain […]
New Federalism Fund and American Trade Association for Cannabis and Hemp Join Forces to Form New Industry Effort
CBE is excited to announce the partnership of the New Federalism Fund and The American Trade Association for Cannabis and Hemp (ATACH). The below press release lays out the mission of the newly formed group and is intended to push the ball over the line to provide the Cannabis Industry with the tools it needs […]
