Trailer Bill Tackles Illicit Market, Boosts Organic and Equity Programs
Trailer bills, or legislation that helps implement the budget, are yet another vehicle for shaping the rules governing California’s evolving cannabis industry. AB 97, this year’s cannabis trailer bill, was approved by the Governor on July 1, fast-tracking a slew of policy changes and programs for cannabis businesses. New qualifications for provisional licenses will arguably have the greatest reach, […]
Provisional Licensing Changes: Reduced Barriers or New Challenges?
California recently passed a $215 billion budget for the 2019-20 fiscal year. Not only did this afford the Legislature the opportunity to move around monies to fund and support various projects, but it also gave them a chance to tweak existing laws that are meant to implement the budget, including the Medicinal and Adult-Use Cannabis […]
When the FDA Met CBD: What Comes Next?
CBD, or cannabidiol, is common, especially on the West Coast. CBD is also an ingredient in Epidiolex, the one Food and Drug Administration (FDA) approved pharmaceutical containing CBD on the market in the United States. The FDA has long maintained that CBD is legal only in an Epidiolex-type scenario, meaning a pharmaceutical drug available only […]
The Art of Selling a Cannabis Business: Top 3 Tips on How to Prepare
“By failing to prepare, you are preparing to fail.” Benjamin Franklin Selling a licensed cannabis business is by no means a simple feat – it’s a science and an art. Due to the industry’s legal and regulatory baggage, the process of selling a cannabis business can be difficult and challenging, so preparation is critical. If […]
Tax Issues Surrounding Arm’s Length vs. Non-arm’s Length Transactions
Written By Simon Menkes CPA and Abraham Finberg CPA When we meet non-cannabis people at Hollywood parties and they find out the industry we serve, their reactions are pretty typical: “Do you get free weed?” and “Can you explain that 280E law? It’s so confusing!” While we just smile at the first question, those of […]
Legislative Limbo for Expired Temporary Licensees
California policymakers have several time-sensitive decisions on their plate regarding the cannabis industry. Surviving state license backlogs, navigating tax burdens, and reducing barriers to local licensure are just a handful of the biggest concerns facing cannabusinesses, and as we reach the halfway point for the 2019 legislative session, bills addressing these issues will live or […]
Cannabis Leases: Top 10 Things to Consider
There’s no such thing as a “basic” cannabis contract — and commercial cannabis leases are no exception. Unlike with standard commercial leases, cannabis landlords and tenants must navigate the inconsistencies (indeed, outright conflict) between federal and state law, the complexities of state and local laws and regulations, and unpredictable licensing timelines. With that said, here […]
Los Angeles: Timing, Practicality and Enforcement Concerns for Phase 3 Govern Newest Cannabis Policies
Since last month’s update, there have been several meetings where LA City Council and DCR discussed the different possibilities and processes for the upcoming Phase 3. After much debate and public input, the city has released final ordinances which you can read here. In addition, there have been several new motions put forth by the council that […]
THE (CANNABIS) CLONE WARS
By Abraham Finberg CPA and Simon Menkes CPA “A long time ago, in a galaxy far, far away …” It is a time of civil war, and the REBEL CANNABIS BUSINESS OWNERS are fighting battles on all fronts with the STORMTROOPERS from the federal, state, and local TAX AUTHORITIES. This article is about one such […]
The Legalities of Interstate Transportation of Hemp
Legalizing hemp is one thing, regulating the hemp industry is another. The 2018 Farm Bill explicitly legalized hemp production in the U.S., but transporting it across state lines is still questionable. In fact, the Farm Bill makes it clear that regulations for the hemp industry must be determined first before the movement of hemp can […]