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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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Beware! Are you in compliance with your cash payments?

By Mary Amato, CPA, Partner, CohnReznick It is no secret that the Internal Revenue Service (IRS) is aggressively auditing cannabis businesses. The focus is on more than the limitations placed on the industry by IRC §280E. The IRS aggressively audits non-compliance of Reporting of Cash Payments. Form 8300, is not an income tax reporting form. […]
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Acquisition-Side Due Diligence in The Legal Cannabis Industry: Approach and Expectations for Both Sides

By Greg Chin, Kevin Michaelan and Jeffrey Michelson, Partner Continuing with the topic of industry trends from our last post, we explore the art of acquisition-side due diligence from full-scope financial and tax to limited-scope tax-only engagements.  We’ll look at what to expect and how to approach it.  Although commonly geared toward the investor/acquirer, i.e., […]
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