Blog

FDA Strikes Back against CBD Sellers

Certain violations include unapproved marketing drugs, misbranding food products, and adding Delta-8 THC (a synthetic form of tetrahydrocannabinol) to food items. Five firms were issued warning letters by the U.S. Food and Drug Administration for selling items described as having delta-8 tetrahydrocannabinol (delta-8 THC) in methods that violated the Federal…
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NJ ADULT USE

ADULT USE CANNABIS IS NOW LEGAL IN NEW JERSEY

Effective April 21, 2022 (why wasn’t it 4/20?), individuals over 21 years of age may purchase recreational cannabis. Currently, there are twelve dispensaries statewide. These dispensaries commenced originally under New Jersey’s Medicinal Cannabis Program. The regulating body in New Jersey is the Cannabis Regulatory Commission—CRC. The New Jersey Cannabis Regulatory…
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Medical Marijuana

Oklahoma Seed-To-Sale Deadline For Metrc Is April 26, 2022!

Effective May 26, 2022, the Oklahoma Medical Marijuana Authority (OMMA) is requiring every commercially licensed cannabis business in Oklahoma to be fully Metrc-compliant. This requires that all plants, seeds, and cannabis products be tagged and tracked by this date. However, this does not apply to transporters, waste facilities, or dispensaries…
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Section 280E Why It's Important to Cannabis Investors

Section 280E: Why It’s Important to Cannabis Investors

If you’re a cannabis investor or cannabis CEO, you need to be aware of Internal Revenue Code Section 280E. Section 280E disallows any business that “traffics in controlled substances” from taking regular tax deductions or credits. The legislation makes it more difficult for drug “traffickers” to operate profitably. While it…
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Cannabis Accounting

3 ‘Tricks’ To Avoid In Cannabis Accounting

The marijuana industry’s legality is still just a few years old in many states. Some cannabis accounting firms are still finding their feet and determining the best procedures for their customers. The cannabis sector is expanding, bringing a new set of accounting issues. As more and more businesses enter the…
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CORONAVIRUS & RECENT TAX LEGISLATION

All of us have in some way, shape or for form have been adversely affected by the Coronavirus.  While this is not indigenous to cannabis, this is information that may prove to be of great value for you or people you know. TAX EXTENSIONS From the Internal Revenue Service: The…
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Who Needs to File Form 8300?

As we are all probably aware, it is very difficult for cannabis businesses to obtain bank accounts.  Consequently, these businesses are forced to operate with large amounts of cash.  Accordingly, it is of paramount importance that cannabis business owners and its staff are cognizant of Form 8300. The general rule…
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