West Coast Cannabis CPA

As a supporter of the decriminalization of marijuana and the benefits the industry will bring, including natural medicines and a larger tax base, the last thing I want to see is new entrepreneurs in the space get snagged for preventable issues. But with just a little advance planning, along with the understanding of some codes, cannabis entrepreneurs can take proactive steps to reduce their tax liabilities. If our experience with clients in the cannabis space has taught us o...ne thing, it’s if you’re going start in one place, it’s Section 280E. In short, cannabis entrepreneurs must pay taxes on all of their revenue without the benefit of being able to use business expenses to reduce their taxable income. Even though the cost of goods sold is still deductible, unfortunately, the IRS applies its definition more narrowly to cannabis companies. This means that cannabis companies may not be able to use the same accounting methods as other businesses. Accountants for cannabis companies are getting around Section 280E with smart business structuring. Contact us today so we can help your cannabis business!

Hemp production in the U.S. has quadrupled since last year, which estimates 230,000 acres of hemp will be planted this year. 50 percent to 60 percent of that acreage will be harvested, resulting in 115,000 to 138,000 acres of harvested hemp. In all, 511,442 acres of hemp has been licensed throughout the U.S. and 16,877 grower licenses have been issued. The licensed acreage increase represents a 455 percent increase over last year. 46 states total now allow hemp cultivation. I...daho, South Dakota, Mississippi, and New Hampshire are the only U.S. states without a hemp program. #cannabis #cannabisbusiness #cannabiscpa #cpa #accountant #cfo #weed #280e #dispensary #calidispensary #taxes #tax #cannabisgrower #cbd #cannabiscfo #cannaprenuer #cbdoil #ganjapreneur #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #medicalmarijuana #wcccpa #westcoastcannabiscpa #accounting #cannabistaxes #cannabiscommunity

Kourtney is launching a CBD serum, using one of the active ingredients in cannabis for her skincare regime. She will release her HORA x Poosh Hyaluronic Halo + CBD Serum and Derma Roller on her Poosh website this Thursday, and claims that the serum will ‘transform’ your skin. The new beauty mask allows consumers to reduce inflammation in their complexion. Some studies show that CBD has been able to interact with the receptors in the complexion to heal and soothe.

What’s on your mind? We know what’s on ours! #you #canna #cannabis #ganjapreneur #wcccpa #westcoastcannabiscpa #weed #weedtax #cfo #business #cannabusiness #advisor #cpa #taxcpa #growth #profit #grower #dispensary #dispensarylife #cadispensary #nevadadispensary #oklahomadispensary #washingtondispensary #cannabud #cannaflower #massachusettsdispensaries

The legalization of marijuana has created over 300,000 in direct and indirect jobs last year. Another obvious economic benefit is of course tax revenue. With taxes typically 10 to 37% higher than local sales tax, it comes as little surprise that some states raked in hundreds of millions of dollars last year. Out of all states where recreational marijuana has been given the green light, Washington made the most in taxes last year with an estimated $319 million. California was close behind with $300 million while Colorado recorded the third-highest estimated tax revenue with $266 million. Make sure you are maximizing your tax savings! Contact us for a consultation!

With a larger tax base, the last thing we want to see is new entrepreneurs in the cannabis space get snagged for preventable issues! When you’re in the middle of building a business, taxes feel like the last area of focus. But not giving it sufficient attention can end up costing a fortune in interest and penalties. If you need help or to maximize deductions correctly, seek advice and support from a qualified Cannabis CPA! Contact us today!... #cannabis #cannabisbusiness #cannabiscpa #cpa #accountant #cfo #weed #280e #dispensary #calidispensary #taxes #tax #cannabisgrower #cannabiscfo #cannaprenuer #ganjapreneur #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #cbd #medicalmarijuana #wcccpa #westcoastcannabiscpa #accounting #cannabistaxes #cannabiscommunity

A California bill that would authorize banks and credit unions to do business with cannabis companies on a limited basis has been pulled by its sponsor. Sen. Bob Hertzberg, D-Los Angeles, announced that he intends to make Senate Bill 51 a two-year bill, re-introducing the legislation in early 2020. If we’re going to do this, we have to do it right, Hertzberg said in prepared remarks. We owe it to the dozens of cities, counties, and cannabis industry officials who have been supporting this effort to see it through.

Every California county prosecutor can now use new technology to erase or reduce an estimated 220,000 old marijuana convictions after voters broadly legalized the drug in 2016. Six counties including Los Angeles and San Francisco earlier used the Clear My Record program on a trial basis to clear an estimated 75,000 cannabis convictions. Voters approved eliminating some pot-related crimes and wiping out past criminal convictions or reducing felonies to misdemeanors when they l...egalized adult marijuana use in 2016. District attorneys have until July to decide whether to dismiss sentences or fight reducing the convictions.

The question is simple enough: Should the NFL soften its hard-line stance on marijuana? The greatest potential for football extends beyond pain management. In Israel, a global leader in cannabis research, tests on laboratory animals have shown cannabinoids might act as a neuroprotectant, decreasing brain inflammation in response to injury. If so, it could be used to treat concussions and chronic traumatic encephalopathy (CTE), which have plagued the game.For now, the NFL has ...convened sessions with team physicians, athletic trainers and medical experts to discuss all aspects of the player-health initiative. The four members of the pain management committee have met once already and are scheduled to reconvene later this month. #cannabis #cannabisbusiness #cannabiscpa #cpa #accountant #cfo #weed #business #growth #jobs #280e #dispensary #calidispensary #espn #cannabisgrower #nfl #cannabiscfo #cannaprenuer #ganjapreneur #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #cbd #medicalmarijuana #wcccpa #westcoastcannabiscpa #accounting #cpa #cannabistaxes #cannabiscommunity #cannabisfamily

The University of Guelph, based in Ontario, Canada, is now offering an online cannabis production course as part of the university’s existing horticulture certificate program. The course, which is aimed at professionals and home growers, is already fully enrolled with 60 students. The course will include cultivation basics: lighting, irrigation systems, growing media, and managing pests and disease. ~ Ganjapreneur #cannabiscfo #cannaprenuer... #ganjapreneur #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #cbd #medicalmarijuana #cannabiscpa #280e #wcccpa #westcoastcannabiscpa #accounting #cpa #cannabistaxes #cannabiscommunity #cannabisbusiness #cannabisfamily #cacannabis #nvcannabis #lvcannabis #nevadacannabis See more

Just in time for the NBA preseason hype, the worlds of cannabis and pro sports are uniting like never before in the bestselling new variety from the global cannabis brand Cookies. Fifty-one-year-old Oakland, CA, native and NBA All-Star Payton licensed his name and likeness rights this year to Cookies, also based in Oakland. The 2006 NBA Finals Champion and 1996 NBA Defensive Player of the Year’s face screams off of eighth-ounce flower bags sold at licensed California retailer...s and delivery services this week statewide. #cannabiscfo #garypayton #garypaytoncookies #nba #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #cbd #medicalmarijuana #cannabiscpa #280e #wcccpa #westcoastcannabiscpa #accounting #cpa #cannabistaxes #cannabiscommunity #cannabisbusiness #cannabisfamily #cacannabis #nvcannabis #lvcannabis #nevadacannabis

According to a report by Prohibition Partners, the North American cannabis industry could reach $47.3 billion annually by 2024, with the U.S. comprising $44 billion of the market in the next five years. The research firm suggests that by 2024 medical cannabis sales in the U.S. will comprise just half of all legal sales, expecting more states to legalize cannabis for adult use. ~ Ganjapreneur ... #cannabiscfo #californiacannabis #calicannabis #cannabisaccounting #canna #cannabis #cbd #medicalmarijuana #cannabiscpa #280e #wcccpa #westcoastcannabiscpa #accounting #cpa #cannabistaxes #cannabiscommunity #cannabisbusiness #cannabisfamily #cacannabis #nvcannabis #lvcannabis #nevadacannabis