The Cannabis Industry Should Employ Careful Tax Planning When Allocating between Cost of Goods Sold and Ordinary Business Expenses

By Patrick “Rick” Cox and Vincent Tennant, Nixon Peabody LLP Cannabis is a controlled substance under federal law and as such § 280E of the Internal Revenue Code [1] (“§ 280E”), does not allow a cannabis business to use business…

Cost of Compliance Tips to Get a Cannabis Business off the Ground

March 8, 2021
Colton Griffin
Compliance and Regulations, News & Insights
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by Colton Griffin There are five important “categories,” that require company leaders’ utmost focus and attention as they launch a compliant cannabis business in a newly legal state. Non-compliant businesses face the risk of being shut down and attract negative…

Prohibition is Expensive: Sit or Get Off “The Pot”

February 3, 2020
Matt Karnes
Banking, Finance & Real Estate, News & Insights
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Many cannabis businesses are struggling, though not all the blame resides in faulty management decisions. In this edition of “The GreenWave Buzz,” we highlight the added costs of federal prohibition and discuss other risk factors that may cause near term…

Why Legal Cannabis is So Expensive: Understanding 280E and how the STATES Act Can Help

November 20, 2019
Erik Knutson
Op-Ed, Policy & Legal, The Buck Stops Here
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By Erik Knutson Mention the price of cannabis at a legal, regulated dispensary to a consumer and be prepared to get an impassioned earful. Mention 280E to a licensed cannabis business operator and also be prepared to get an impassioned…

Cannabis Track and Trace Is A Disaster Waiting to Happen—and Not for the Reasons You Might Think

By Griffen Thorne, Attorney at Harris Bricken Most states’ regulated cannabis regimes require licensed cannabis companies to use seed-to-sale track-and-trace software. In California, the state has contracted the entire track-and-trace program to the METRC program. The METRC program isn’t yet…

Top 5 Buzzkills Keeping Cannabis Down And Out (And Emerging)

Unfortunately, most of these are here to stay thanks to the Department of Justice and the Controlled Substances Act. By Hillary Bricken, Co-Founder Harris Bricken There’s no question that cannabis remains a rocky, emerging industry even though entire countries and…

Tell Your Senator – A ‘Yes’ Vote is Needed Now as a 280E Amendment Benefitting the Cannabis Industry is Slated to be Discussed During the Current Senate Tax Reform Session

November 30, 2017
CBE staff
Opinions
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You have just today and tomorrow to tell your state senator to vote yes on one of the most critical parts of the IRS code that affects the cannabis industry. Today, and again tomorrow, Congress - specifically the U.S. Senate…