The destigmatization and legalization of cannabis have been very positive changes for the industry, but it hasn’t only been an increase in consumer sales that has contributed to the industry’s boom. Venture capital investors, as well as businesses that were formerly agnostic (perhaps even opposed to cannabis) are now pouring investment dollars into the industry, […]
Way back in 2013, the Obama administration signed the Cole Memorandum, mandating that state-licensed cannabis businesses would not be prosecuted unless they explicitly violated a federal law. Unfortunately in 2018, the Cole Memorandum was rescinded creating uncertainty throughout the industry.
As all cannabis business owners know, there are many challenges the industry faces when managing taxes and the IRS, particularly where IRC Tax Section 280E is concerned. This fact was harshly underscored earlier this year when the Treasury Inspector General for the Tax Administration (TIGTA) released a report suggesting large noncompliance throughout the industry.
Over the years, cannabis has been criminalized and then decriminalized, only to be criminalized again. Cannabis has now been legalized statewide in California. With legitimate businesses popping up left and right, it’s safe to say that it will remain decriminalized. There’s just one caveat: While it may have been legalized for medical and/or recreational use […]
READ TIME: 6 MINS More times than not, many cannabis business payroll providers suddenly drop their customers when they realize the industry is cannabis. As a result of banking or federal regulations, payroll providers tend to stray away from businesses within the cannabis industry. Because of these regulations, many cannabis business owners are left scrambling […]
We probably aren’t the first ones to tell you that when it comes to your cannabis business and banking solutions, the financial challenges, such as the 280E tax code, are the ones you simply can’t avoid or overlook. Even though your cannabis business operates in a cannabis-legal state, the federal government still has control over […]
READ TIME: 5 MIN
READ TIME: 5 MIN