Recent Difficulties Behind Getting Licenses
I recently read the article "Here's Why Most California Cannabis Cultivators Don't Have Licenses", by William Sumner, that was pretty interesting. Sumner laid bare some of the big problems behind why small to mid-sized cultivators are not able to get licenses. I will briefly summarize the article, and recommend everyone to go read it here. Before I get into the article I would like to reiterate that Cannabis is a Schedule 1 substance under the Controlled Substance Act and as
What is CHAMPS?
Before I start, I would like to remind everyone that Cannabis is a Schedule 1 substance under the Controlled Substance Act and as such it is illegal under federal law. With that being said lets jump into what is CHAMPS. CHAMPS is a valuable US Tax Court case that has ruled that dispensaries may be able to retain some ordinary business deductions, as long as they abide by the "Two Business" rule. CHAMPS is an acronym for the court case Californians Helping to Alleviate Med. Pr
199A Meets 280E – Cannabis Biz and the New Tax Act
Here we go – the Tax Cuts and Jobs Act signed in December 2017 allows (with limitations and restrictions) pass through entities to take a 20% deduction of their net reportable income as a deduction – this is known as “Section 199A”. A simplified version of the Tax Code would just leave it there. But this is no simple Tax Act, with it comes a whole slew of new and currently unanswered issues. For instance, with regards to state legal cannabis business’ the tax code also says t
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