This post is part 2 in a series about economic receivership. Catch up on the first part, “Receivership for Cannabis Businesses” for more information.
Cannabis is an expensive industry to be a part of, and cannabis operators seeking to make a profit sometimes have to get creative. As this highly-regulated industry continues to stabilize, savvy entrepreneurs are using all available resources to stay competitive.
The Bureau of Labor Statistics reported this year that about 20% of small businesses fail in their first year. In the cannabis industry, operators face more obstacles than other new businesses. High licensing fees, taxes, and lack of access to traditional banking create high barriers...
If you need help with filing Form 8300 for your cannabis business, then please reach out to our team today.
Recently, our experts have heard reports of cannabis operators being penalized for failing to submit IRS Tax Form 8300.
Due to federal regulations restricting cannabis operators’ access to traditional banking, many cannabis companies are forced to pay their operational costs in cash.
METRC has been in the news in California recently with the approval of Resolution 3702, which approved a new vendor TrackLoop.
This new software vendor will provide a new option for cannabis operators hoping to comply with California’s Track-and-Trace requirements.
There’s still a lot of...
Despite the government shutdown, tax season has officially begun. Income tax-filing season will open January 27, 2020. You have until the deadline of July 15, 2020 to submit your business tax return (unless you qualify for an extension).
Did you know that cannabis businesses are five times more likely to face an IRS business audit?
Federal regulations like the Cole Memorandum make it difficult to do business in the legal cannabis market, and because banks often won’t accept cannabis money, cannabis businesses deal in a lot...
Even the most accomplished, groundbreaking leaders in the cannabis industry overlook things – especially where it concerns cannabis taxes and the 280E. A closer look at the case involving Harborside Health Center, the largest non-profit medical cannabis dispensary in California,...