Category: Financial

As prospective cannabis entrepreneurs attempt to understand state and local regulations — while putting together business plans and marketing strategies — many attorneys across the country are scrambling to do the same. After all, the marijuana business and its complex regulations weren’t exactly taught at law school. After working at…

Most professional cannabis retailers know the struggles of collecting and making payments within the marijuana industry. For years, even in states where medical weed has long been legal, dispensaries and other marijuana-related businesses could hardly hope to have a bank account, let alone accept credit and debit payment cards. Visa…

We live in a credit/cash-equivalent based economy. Yet, cannabis businesses still rely on cold, hard cash for virtually everything and face immense burdens when it comes to running their everyday operations because of it. Conducting transactions in a cash-only atmosphere causes myriad issues with payroll, accounts payable, accounting and taxes.…

In more ways than geography, Canada is “higher” than the United States. Since the 2015 election of Prime Minister Justin Trudeau, investors globally have had an eye on Canada. In April, the Liberal government introduced a measure to legalize cannabis; investor confidence is soaring; Canadian cannabis stocks continue to trade…

Do you or your business owe taxes you can’t pay? Have you received a collection notice from the IRS or had your bank accounts garnished? First, file all your tax returns. People often delay filing tax returns if it will result in a tax bill they are unable to pay,…

As new cannabis investors and entrepreneurs hasten to enter the Green Rush, many, if not all, feel overwhelmed. A solid vision, business plan and novel product offerings are no longer enough to break through in this competitive marketplace. Business owners and operators spend countless hours on permits, compliance, financing, taxes,…

Starting a cannabis business legally under state law requires owners to consider a wide range of possible challenges. Some of the major considerations include possible federal enforcement issues if the DEA changes its stance regarding the Cole Memo; concerns with banking because many FDIC-insured banks do not want to handle…

Somewhere along the line, you made the difficult choice to become a part of the cannabis industry, which is fraught with risk of both criminal prosecution and excessive IRS scrutiny (read: disproportionate audit risk and huge tax rates). While we cannot predict what the current administration will do, we have…

Taxes are one of many conflicts between state and federal laws pertaining to the cannabis industry. States that have legalized cannabis for medical or recreational use treat all business alike, allowing the same deductions and credits for business expenditures. Under federal tax laws, however, most cannabis-related businesses are prohibited from…

Most commercial cannabis businesses, whether they are “touching the flower” or providing ancillary services to the industry, are small, family-owned businesses. In this article, I hope to impress on small family business owners the importance of succession planning with four tips entrepreneurs should consider in succession plan development. Succession Planning…