The CA Cannabis Practice Industry has become a central part of the aBIZinaBOX practice. Our Group has professionals in Evanston, Illinois and Oakland, California. Our group has devoted several years of study to the application of our business reporting and accounting experience and services to the unique requirements of the cannabis industry.
We are the right advisor for CA cannabis industry businesses. We have made a conscious choice to limit the practice to the commercial cannabis industry in California at the present time. The California market is mature with a twenty-year history with medicinal cannabis. While there will be substantial challenges in the transition to a regulated commercial market
, we are excited by the potential. Do NOT throw away your Medical Card
You can read about our experience in filing over ninety license applications with the California Bureau of Cannabis Control “BCC” [Retail, Retail-Delivery, Distribution – Packaging], California Dept. of Public Health “CDPH” [Manufacturing, Processing, Extraction], California Dept. of Food and Agriculture “CDFA” [Cultivation] and registration for sales, and excise tax with California Dept. of Fee and Tax Administration “CDFTA” here
We have substantial experience and expertise relating to the California cannabis industry in:
The unique financial record-keeping needs of cultivators, distributors, processors, and extractors.
Experience with the selection of optimal operating structures for each participant in the California cannabis industry.
Experience in adjusting structures and modifying financial record-keeping to comply with a rapidly evolving regulated California marketplace.
An understanding of the challenges presented by a long history in this industry of “doing business in cash” and the associated problems.
A practical understanding of the banking, card processing, and anti-money laundering issues applicable to this industry.
Focused Expertise relating to Commercial Cannabis Industry
We have established practices and procedures that address the unique issues of tax reporting and tax collection for California’s cannabis industry relating to
the Internal Revenue Service (“IRS”);
the Franchise Tax Board (“FTB”);
the California Department of Tax and Fee Administration (“CDFTA”);
the Economic Development Department (“EDD”),
and the Bureau of Cannabis Control (“BCC”).
Our experience includes issues relating to permitting, licensing as well as reporting and paying cannabis excise tax and gross receipts tax at the municipal and county level. We have developed effective strategies for addressing the onerous impact of the limitation on the deduction of ordinary and necessary business expenses imposed by Internal Revenue Code §280E on businesses engaged in “trafficking” in a controlled substance.
A Leader in California’s Cannabis Practice
We will continue to monitor on a daily basis the evolution of the regulation of California medical and recreational cannabis industry to retain our position as a leading service provider with practical expertise.
We will retain our position as a leader in financial record-keeping and be reporting for California’s medical and recreational cannabis industry by constantly adjusting to the demands of this evolving industry.