Filtered by tag "Taxes"

How Banking Challenges Impede the Growth of the Cannabis Industry Today

  By Maier N. Rosenberg, CohnReznick With recreational cannabis now legal in Canada and many U.S. states, 2019 seems poised to become a turning point for the industry. However, within U.S. borders, one thing still limits growth: Cannabis companies’ lack of access to banking and financial services.   Until legislation like the SAFE Banking Act, […]
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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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Ask Our Experts 2/10/2019: Why A Cannabis LLC Beats a C-Corp

By Beau Whitney, Senior Economist, New Frontier Data   Q: Why Does A Cannabis LLC Beats a C-Corp? A: With the deployment of the Trump tax cuts in late 2017, there was a renewed focus on how a company’s business structure can reduce overall tax liabilities. Taxes are one of the biggest expenses outside of […]
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Hemp Update: 2018 in Review

Hemp Update: 2018 in Review by Hoban Law Group attorneys Patrick Goggin and Matthew Smith More than a decade since its seminal ruling in HIA v. DEA II (2004), the Ninth Circuit again weighed in on hemp issues in 2018. Last time around, the Court invalidated a proposed DEA rule that would have prohibited the […]
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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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