On January 4, 2018, U.S. Attorney General Jeff Sessions announced the revocation of what is known in the cannabis industry as the “Cole Memo”. It is surprising that the Trump Administration known for its pro-business stance, allowed for such an anti-business decision...
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The Woes Of The Cannabis Industry
Banks won’t touch you, IRS just wants to tax you and the Feds want to close you down - despite California legalizing marijuana, these are the challenges marijuana businesses face everyday. Medical marijuana is now legal in 29 states plus the District Of Columbia and...
Big Win For The Marijuana Industry – Colorado District Attorney’s Office Rebuffs Attorney General Sessions’ Revocation Of The Cole Memo
On January 4, 2018, U.S. Attorney General Jeff Sessions announced the revocation of what is known in the cannabis industry as the “Cole Memo”. It is surprising that the Trump Administration known for its pro-business stance, allowed for such an anti-business decision...
Attorney General Jeff Sessions Takes On The Marijuana Industry
Attorney General Jeff Sessions Takes On The Marijuana Industry On January 4, 2018, U.S. Attorney General Jeff Sessions announced the revocation of what is known in the cannabis industry as the “Cole Memo”. It is surprising that the Trump Administration known for its...
Beware Of New Invoicing Rules And Taxes Starting In 2018 For California Cannabis Businesses
The California Department of Tax and Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 is proposing a new category and tax rate for the cannabis cultivation tax which...
How Do Marijuana Businesses Substantiate To IRS Expenses Paid In Cash?
It is outrageous that the $6.7 billion U.S. cannabis industry is forced by disparities in state and federal law to conduct nearly all transactions in cash. Experts believe that by 2021 the cannabis industry is expected to balloon to $21 billion. The lack of banking...
City Of Long Beach Rings In 2018 Opening Its Gates To Medical Marijuana Businesses
Long Beach Municipal Code Chapter 5.90 - On November 8, 2016, the citizens of Long Beach voted to approve the regulatory portion of Measure MM, making it legal to own and operate a medical marijuana business in the City of Long Beach. The ordinance allows for medical...
Tax Planning For Marijuana Businesses
Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of Columbia. In 2000, 70% of Americans believed marijuana should be illegal. Attitudes have since dramatically changed with a...
Are You A Marijuana Business Owner With Incomplete Books And Records Facing An IRS Audit?
It is common that marijuana businesses operating in States that have legalized marijuana for medical and/or recreational use (Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of...