You open a business and get an account. You use it for checking and credit card sales. You deposit your sales revenues into the account and pay your employees, your rent, and other expenses from the account. Fairly standard and normal for any business – right. Not for your cannabis business in the United States. …
So you own a cannabis dispensary under state law, have all of the correct licenses and follow all of the rules. It’s been a struggle but you’re starting to make a profit. You have enough business experience to know that your ordinary and customary business expenses are deductible from your federal income taxes – right, …
Let’s discuss federalism. It’s the most important concept affecting the cannabis industry’s emergence from the shadows of illegal activity into a recognized medicine and recreational substance. Federalism? What’s that? For those of you who forgot your high school civics, and those of you who never took it, federalism is the system of government where we …
