LA Cannabis Business Licensing – BOO! The Phase 1, 2 and 3 Shenanigans
Since our last LA Update, the application submission process for Phase 3, Round 1 has come and gone and there have been numerous announcements and new proposed rulemakings for all cannabis-related businesses in Los Angeles. Phase 1 EMMDs will finally start having their annual applications reviewed, Phase 2 Authorized Non-Retailers have numerous upcoming deadlines and […]
Newsom Pushes California Cannabis in Right Direction
Going into the end of the legislative session, many members of the cannabis industry were optimistic about the fate of cannabis-related bills as they crossed Governor Newsom’s desk. A leader of California’s Blue Ribbon Commission on Marijuana Policy and a strong proponent of Prop 64, Newsom has been a poster boy for the cannabis industry […]
Your Cannabis Business – What to Look For in a Management Agreement
As with any other industry, owners of licensed cannabis businesses often determine that their limited time and resources require utilizing the services of an experienced third-party management company to maximize the profitability of a business. This is particularly true when owners decide to expand their businesses by obtaining additional locations and/or license types to maximize […]
Hemp and CBD: A New Definition of Industrial Hemp and Expansion of Farmland
While the legislative process continues to mold and direct cannabis regulation (you can read more about the Cannabis bills in Sacramento here), it is also worthwhile to take stock of which hemp and CBD regulatory measures are headed towards Newsom’s desk and which measures are being left behind. SB-527 – Expanding the Availability of Cannabis […]
California Flexes on Illicit Cannabis Activities, Will it Make an Impact?
As California struggles with the woes of the illicit cannabis market – we’ve all come to realize – with regulation – comes great responsibility! To address the ongoing threat to the legitimacy of the regulated cannabis market, both the public and private sectors are on the attack. California Targets Unlicensed Operators and Weedmaps It has […]
Two Cannabis Bills Sitting on Newsom’s Desk You Should Know About
This past Friday the 13th marked the last night of session for the California Legislature. As expected, it was a busy time for elected officials, advocacy groups, and other interested parties in the cannabis industry as they tried to either push bills through to the Governor’s desk or get them amended or killed. While there were […]
Back in Session: Sacramento Legislators Look to Push Cannabis Bills Forward
After taking a few weeks off to visit their constituents back in their districts, California legislators are back in Sacramento to tackle the last few weeks of the legislative session. All bills must be passed by both houses by September 13 in order to have a chance of getting signed by Governor Newsom this year. […]
LA Update: T-minus 2 Weeks Until Phase 3 Retail – Application Details & Expansion of the Social Equity Program
A lot is moving forward in the LA Cannabis world for all verticals and Phase 3 is dangerously close and it looks like it’s going to be quite the competition. Phase 3 Procedures and Application Guidelines In preparation for the highly anticipated Phase 3, the Los Angeles Department of Cannabis Regulation (DCR) is hosting technical […]
Can You Save On Income Tax? (And Other Taxes Too!)
Written by Abraham Finberg CPA and Simon Menkes CPA As most people in the industry already know, due to Internal Revenue Code (IRC) 280E, cannabis businesses may only reduce their income with cost of goods sold (the cost of the product) to lower gross profit and save on taxes. Most tax planning involves legally increasing […]
METRC: The Transition to CCTT
As you may know, California has contracted with Metrc (Marijuana Enforcement Tracking Reporting Compliance) as the state’s track-and-trace system for purposes of tracking commercial cannabis activity from “seed-to-sale”. Since contracting with Metrc in 2017, the State and its operators have been struggling to understand and comply with Metrc regulations. In reality, the slow rollout of […]