The Latest Cannabis CPA Update
Great resource for tax info in the state but also what licenses are being offered by whom and where
First things first, tax filing deadlines are quickly approaching!
- Partnership Extension Deadline – Friday, September 15th
- S-Corp Extension Deadline – Friday, September 15th
- 2017 Quarterly Tax Dealine, 3rd Quarter – Friday, September 15th
If you have returns that need filing, we can help. Simply reply to this email and one of our Senior Tax Managers will be in touch right away! In other news, here’s more great content that you’ve come to expect from California Cannabis CPA. The City of Sacramento is licensing Medical Marijuana Businesses, our latest blog post details the licensing process step by step.
Looking for professional guidance getting your business started? Need financial consulting for your established business? We’re here to help, click here to get in touch with our team of Cannabis business consultants and tax advisors.
Check out these additional resources from our most recent blog posts:
- Medical Marijuana Manufacturing Licenses are Available in the City of Long Beach
- San Bernardino is Licensing Cannabis Businesses
- There are Canna-Business Opportunities in Santa Rosa
- Starting a Cannabis Retail Dispensary in Uncharted LA County Cities
- Unincorporated Sonoma County has Canna-Business Opportunities Available
REPORTED BY TECH CRUNCH
The cannabis industry has lit up in the last year, including weed delivery startup Eaze, which just raised $27 million in Series B financing and claims a 300 percent year-over-year increase in gross sales.
But the weed delivery startup has come under scrutiny recently for burning through at least $1 million in cash per month. In contrast, other software-based pot delivery startups like Meadow have played it lean, focusing more on improving the software and logistics.
Eaze has gone hard on marketing spend, using aggressive growth tactics and burning through the $24.5 million it had previously raised in VC cash.
New CEO of the company Jim Patterson, who took over the role in December 2017 explains his approach as just part of the Silicon Valley cycle to get ahead, “We are a tech startup…we’re investing in growth,” he told TechCrunch when asked about the high burn rate. “We’re investing the money now in what’s clearly going to be a very big market.”
Rules for marijuana use in Alameda now being drafted
The LA Times reports..
Where can you open a pot shop? L.A. is hammering out those rules
Los Angeles took another step Thursday to prepare for the legal selling of recreational marijuana, hammering out proposed rules on where pot shops and other cannabis companies can operate.
The Planning Commission voted unanimously to back proposed regulations that would limit marijuana retailers to most commercial and industrial zones and bar them from opening within 800 feet of schools, public parks, libraries, alcohol and drug rehabilitation programs and other pot shops.
The draft rules also set out which zones other kinds of cannabis businesses can operate in, including manufacturers, distributors and greenhouses where marijuana is grown. And they require marijuana companies to get both a state license and city approval to operate in L.A.
Cannabis industry groups were pleased to see the city taking steps to recognize marijuana businesses but argued that some of the zoning rules were too strict and would squeeze out local firms.
Menlo Park backs temporary ban on pot businesses
Moratorium would give city time to decided how it wants to regulate marijuana production and sales
The Menlo Park City Council expressed unanimously support Tuesday to impose a 45-day moratorium on all commercial pot activity. The moratorium, once approved, could then be extended up to two years, according to City Attorney Bill McClure.
The moratorium will buy time for the city to see what happens across the state when licenses become available for recreational marijuana businesses. Council members said they want more data before making a decision about regulating production and sales.
A moratorium ordinance will be drafted and the council will actually vote on it at a future meeting.
Santa Clara County bans growing weed commercially
The County of Santa Clara is banning commercial, non-medical cannabis-related businesses and commercial cannabis cultivation in unincorporated Santa Clara County, effective for 45 days.
The temporary moratorium is effective immediately, and may be extended for up to two years.
On Tuesday, the County of Santa Clara Board of Supervisors passed the temporary moratorium on commercial cannabis businesses, and amended the Patient and Caregiver Medical and Personal Marijuana Cultivation Ordinance to permit limited indoor personal, nonmedical cannabis cultivation, pursuant to the passage of Prop. 64
California’s Sonoma County Extends Deadline for Marijuana Business Permits
Sonoma County cannabis businesses have more time to seek permission to operate legally after the Board of Supervisors on Tuesday extended a critical deadline the industry sorely wanted to see pushed back.
By Oct. 31, operators must submit an initial one-page application for relief from hefty land-use fines the county has delayed enforcing in order to entice cannabis companies in the unincorporated areas to participate in the county’s fledgling regulatory system. Complete permit applications are due no later than June 1, 2018.
Previously, the county required all applications to be submitted by Aug. 31, but supervisors voted to delay the deadline after hearing numerous complaints that operators did not have enough time to fulfill the extensive requirements, including securing specialists who can conduct the necessary environmental studies.