Category: Financial
Decreasing the dependence on cash for canna-businesses
August 24th, 2017We 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.…
Read More >Investing in Canada
August 4th, 2017In 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…
Read More >Owe taxes you can’t pay? You have options
July 18th, 2017Do 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,…
Read More >Don’t Let Your Green Go Up In Smoke
June 27th, 2017As 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,…
Read More >Without bankruptcy option, personal assets are at risk
June 15th, 2017Starting 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…
Read More >The IRS is Looking
April 10th, 2017Somewhere 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…
Read More >Three ways to reduce taxable income
April 4th, 2017Taxes 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…
Read More >Succession planning
March 1st, 2017Most 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…
Read More >Weighing investments in an exploding industry
February 23rd, 2017Early in 2016, industry leaders worried that too many marijuana ballot initiatives could spread resources too thin, leading to losses at the polls. November’s election, though, saw recreational or medicinal measures pass in eight of nine states. With multiple other states authorizing medical marijuana or new regulatory structures earlier in…
Read More >Cannabis Industry Tax Tips
February 21st, 2017Anybody involved in the cannabis industry has probably heard about Internal Revenue Code Section 280E, which was originally developed in response to a famous U.S. Tax Court case. Craig W. Smalley is the CEO and co-founder of CWSEAPA (www.cwseapa.com) and Tax Crisis Center (www.taxcrisiscenter.com), which both have locations in Florida,…
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