Jordan S. Zoot - CPA
Virginia: Inspectors find 137 illegal products, fine stores over $200,000 in first month of state’s new hemp law
ABC 8 News reports Some businesses across Virginia are being hit with big fines after a new law went into effect regulating the hemp industry last month. The new law, which went into effect on July 1, makes it illegal to sell edible hemp products with more than 0.3%...
California: Cannabis Vs Taxes
Everyone wants to avoid paying taxes. All voters want to avoid paying taxes. Politicians are regularly elected based on promises they will reduce taxes. The corollary to reducing taxes is to tax someone else. The political sell is, “We won’t tax you, we won’t tax me,...
California: Cannabis Client Due Diligence and Corporate Tax Return Preparation
We usually write articles about concepts relating to financial management, especially with respect to tax management. Articles based on abstract financial concepts are important. As a practicing CPA, on occasion one has to “get into the dirt” and “push the digits.”...
Rookie Mistake
We have reviewed articles in several publications that describe the Ninth Circuit’s affirmation of Decisions of the United States Tax Court rejecting as untimely filed the Petitions of Organic Cannabis Foundation (“OCF”) and Northern California Small Business...
Rebooting Cannabis In California
The Santa Barbara County Grand Jury issued its 2019-2020 Final Report on June 30, 2020. The last section of this Report is devoted to the County’s actions relating to the cannabis industry. This last section of the Report is a scathing indictment of the manner in which greed for money and power influenced the governance of Santa Barbara County in its adoption of ordinances relating to cannabis. The following is introductory summary of the Report.
Smart People – Bad Decisions !
Why is California’s cannabis industry in a state of chaos 2+ years after adult-use sales of cannabis were legalized? Why did California fail so badly in transforming a stable, lightly regulated medical cannabis industry into a heavily regulated medical and adult-use cannabis industry? Why is California’s underground cannabis industry booming while its legal cannabis industry is struggling? Why do so many self-anointed cannabis experts distribute so much advice of so little value? Why have the Equity Programs that were expressly created to assist and subsidize economically disadvantaged individuals with start-up cannabis businesses had so little success?