Filtered by tag "Canna Return"

The SAFE Banking Act Would Be a Giant Leap for Legal Cannabis

  By Maier N. Rosenberg, CohnReznick The Secure and Fair Enforcement (SAFE) Banking Act, which, in March, passed the U.S. House Committee on Financial Services by a significant bipartisan margin, represents a promising step forward for banks and cannabis companies that want to take sales out of the cash-based market and into the mainstream. Although […]
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5 Key Factors to Consider Before Making a Cannabis Acquisition

By Beau Whitney, VP and Senior Economist, New Frontier Data; and Andrew R. Lines, MAI, Principal, CohnReznick With talk of a looming recession, analysts predict that given a downturn there will be a short list of growth industries capable of delivering a healthy return on investment. Cannabis is near the top of it: Spending on […]
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Six Ways Cannabis Companies Can Maximize Their Sale Prices

By Andrew R. Lines, MAI, Principal, CohnReznick; and Beau Whitney, VP, Senior Economist, New Frontier Data Explosive Growth in M&A Activity Consolidation is a natural phase of any industry lifecycle, and as legal cannabis undergoes rapid growth, the market is in a new phase of consolidation. Many players are eyeing the cannabis market, including highly […]
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Tax Incentives for Cannabis Companies

By Marshall Varano, Partner, CohnReznick LLP The recent passage of the 2018 Farm Bill descheduled industrial hemp and its derivatives. This new law, combined with the pending bipartisan bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act, (which if passed would provide similar legal protections for cannabis where legalized), is paving the way […]
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Cannabis Banking: SAFE Banking Act Gets a Hearing

By Michael Harlow, Partner, CohnReznick   Last week, Congress held its first-ever hearing on the issue of cannabis banking, titled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.” The hearing before the House Subcommittee on Consumer Protection and Financial Institutions addressed a draft of the Secure and Fair Enforcement Banking Act  (SAFE Banking [...]
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Impact of Supreme Court’s Wayfair Decision on the Cannabis Industry

By Ben Wexler, CohnReznick, State and Local Tax Services On June 21, 2018, the United States Supreme Court decided South Dakota v. Wayfair, Inc., 585 U.S. __ (2018). In a 5-4 decision, the Court found in favor of the State of South Dakota and overturned its prior holdings in Quill Corp. v. North Dakota, 504 […]
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Considerations for Cannabis Stakeholders in Light of Harborside Health Center Decision

Considerations for Cannabis Stakeholders in Light of Harborside Health Center Decision By Selvan Boominathan, Manager, National Tax Services, for CohnReznick Late last year, the Tax Court published its opinion in Patients Mutual Assistance Collective Corp. (d.b.a. Harborside Health Center) v. Commissioner, 151 T.C. 11 (2018). Harborside is a medical cannabis dispensary operating legally under [...]
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Back to Basics: Laurel Alterman and William A. Gibson v. Commissioner of Internal Revenue

By Greg Pelucacci, CohnReznick senior associate In the rapidly growing industry of cannabis, there are several important concepts for owners to understand. One of the most popular topics would be Internal Revenue Code (IRC) Section (§) 280E: Passed in 1982, that code section prohibits companies that traffic Controlled Substances Act (CSA) Schedule I or II […]
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“The Black Experience in Cannabis” Event hosted by the Congressional Black Caucus Foundation

Interview with Kia L. Jackson, CEO of W.O.M.M.A.N, LLC, by Michael Harlow, Tax Partner, CohnReznick Over the past two decades, cannabis legalization has remained a divisive topic. This fall, the Congressional Black Caucus Foundation’s 48th Annual Legislative Conference (ALC) presented “The Black Experience in Cannabis”, highlighting people of color’s narrative in cannabis with panels [...]
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Illinois Legalizes Industrial Hemp

  By Larry Mishkin, Hoban Law Group, Litigation Practice Group Counsel Last month, Illinois Gov. Bruce Rauner signed into law Senate Bill 2298, the Illinois Industrial Hemp Act, which became effective immediately. The act allows Illinois farmers, in conjunction with a university or other recognized research group, to cultivate industrial hemp for research and commercial […]
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