Filtered by tag "Canna Return"

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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Cannabis Research Efforts Progressing Despite Federal Tax and Banking Regulations

By Michael Harlow and Craig Golding Partners at CohnReznick There are some unique challenges to conducting research in the United States on the medical applications of cannabis. Cannabis’ federal Schedule I classification presents several obstacles for cannabis industry operators and businesses, even for those located in states where medical and recreational use is legal. Strict [...]
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Federal Restrictions on Cannabis Still a Hurdle to Understanding the Plant’s Genome – But There is Good News

By Tracy Curley, Partner at Cohnreznick The legal status of cannabis presents a challenge toward advancements in quality assurance and medical research. Currently, the Controlled Substance Act carries no distinction between the medical and recreational uses of cannabis, which is classified as a Schedule I drug – meaning a substance or chemical defined by the […]
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States Challenged to Optimize Cannabis Tax Revenues

Some reinventing the cannabis tax-reform wheel as they go along By Bob Moss, Principal, National Director of Governmental Affairs & Eddie Delgado, CMI, Cohn Reznick For the states with cannabis initiatives on the ballot this fall, there is a fine line between passing legislation and being prepared to implement the new law. With time and more […]
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Growth Strategy for the Green Ocean

Setting a new path for market entry into the cannabis industry Cannabis operators who want to shape the future of legal consumption in the United States want to create innovative new products, reach broad new customer sets, and promote positive uses for cannabis to meet the $80 billion market opportunity the industry is chasing. While cannabis […]
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Up in Smoke: Alpenglow Botanicals, LLC V. United States

Challenging IRS authority to deny “ordinary and necessary” business expense deductions By Tosin Hassan, CPA, CohnReznick In the words of Lauryn Hill, “It’s funny how money changes a situation, miscommunication leads to complication.” With the explosion of cannabis businesses across the country, many business owners are not profitable because of significant tax bills impacting cannabis […]
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