Category: aBIZinaBOX Inc. and Jordan S. Zoot

Greed & Cannabis

Our interest in California’s cannabis industry extends far beyond taxes. We have a substantial personal and historical perspective relating to cannabis in California. Members of our staff have been involved in California’s cannabis industry since Haight-Ashbury was the place to be in the mid-1960s. Members of our team have witnessed both the damage and the benefit of cannabis. Members of our staff have observed first-hand the injuries the federal government has caused through misguided, oppressive, and racist policies relating to cannabis. “Cannabis is a dangerous drug. Greed is also a dangerous drug. The combination of these two drugs is the principal reason for the chaos in California ‘s cannabis industry. Of these two drugs, greed is the more dangerous.”

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Proposition 215 Conversions: Read the law! The California Legislature anticipated this problem

A few days ago, we published a short note that described how a Cannabis Cooperative Association (“CCA”) could be utilized to circumvent the confiscatory nature of Internal Revenue Code (“IRC”) §280E[i]. Several our readers, including some purported experts, advised us that our suggestion would not work for them because the business organization with which they were involved pre-dated the enabling legislation for CCAs…………..Read the law! The California Legislature anticipated this problem.

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IRC Sec. 280E Insanity

The two Harborside cases created an opportunity for analysis and a solid foundation for tax planning going forward for the cannabis industry. Such planning is what tax professionals should be engaged with on a daily basis.

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Major Cannabis Tremors

October 17th is remembered by many Californians as the anniversary of the Loma Prieta earthquake. Both the San Francisco Bay Bridge and the Cypress Freeway collapsed. Millions around the world witnessed the fires in the Marina District. The Loma Prieta earthquake is now a memory for most Californians. More recent disasters have supplanted these memories. Many present day Californians were not here.

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Tax Court’s decision in Harborside A Big Challenge For CA Cannabis Dispensaries

We once again visit the Tax Court’s decision in Harborside[1]. This time we will focus on statements made to the public and in financial statement related disclosures. More importantly, we will focus on what has NOT been said. Lest anyone suggest we are beating a dead horse, the Tax Court decision yesterday in Northern California Small Business Assistants, Inc. v. Commissioner, 153 T.C. No. 4 (October 23, 2019), confirms the predictions we made two years ago.

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Trivializing Legal Advice

We were prompted to write this note in part by an article published on the Harris Bricken Canna Law Blog entitled, Five Common Problems in California Cannabis M&A Transactions. The article describes five minor, and very obvious, points that must be considered in connection with such a transaction:

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California Repeals 280E for Personal Income Tax

California Repeals 280E for Personal Income Tax – Existing law, the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities and authorizes persons to conduct specified commercial cannabis activities, as defined, in the state.

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California: Review- Kanha CMS Works Wonders With METRC

We don’t have experiences that impress or “WOW” us very often. Perhaps we have become jaded. However, we had one today, and are still attempting to digest it. We spend most of our time working in the commercial cannabis industry in California – complaints about the complexity of licensing, tax reporting and regulatory compliance are constant. The implementation of the METRC compliance system in California became a running joke with single and double digit usage out of thousands of licensees.

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California: Jordan Zoot – Commentary on Legislation Assembly Bill 1296

CA AG’s Office Press Release February 2019. “Friday, February 22, 2019 .California Attorney General Xavier Becerra and Assembly woman Lorena Gonzalez (D-San Diego) today at the Port of San Diego unveiled legislation to substantially strengthen the state’s efforts to combat the illegal underground economy in California that targets the most vulnerable members of our community. Assembly Bill 1296 will expand California’s unique, multi-agency task force of law enforcement professionals known as the Tax Recovery and Underground Economy (TRUE) Team that currently operates out of Sacramento and Los Angeles.”

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Un Pesce Marcisce Dalla sua Testa

Un Pesce Marcisce Dalla sua Testa is an old Sicilian proverb that translates “a fish rots from its head”. The statement appears to be an accurate summary of present condition of both the private and governmental sides of California’s cannabis industry.

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Who Is Inept: “NCIA does not appear in the registry of tax-exempt organizations maintained by the Office of the Attorney General very likely because NCIA has not registered to engage in business in California”

Who is Inept? – We were surprised a few days ago when we discovered California Cannabis Industry Association (“CCIA”) has been suspended by the Franchise Tax Board (“FTB”).  At the moment CCIA lacks the authority to engage in business.  We stumbled across this information quite inadvertently.  We were checking to see if the National Cannabis Industry Association (“NCIA”) was authorized to engage in business in California as a foreign corporation.

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Medical CCA’s (Cannabis Cooperative Association) 201

This is the last of the four articles we decided to publish to illustrate the savings for consumers, and additional profits for cultivators, that can be produced through the use of a properly organized Cannabis Cooperative Association (“CCA”). This article describes the savings for consumers, and the additional profits for cultivators, that can be produced through the movement of extracted oil as medical cannabis through a fully integrated CCA.

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Medical CCAs 101 (Cannabis Cooperative Associations)

On August 6th we published an article that described the financial benefits of the use of a properly organized Cannabis Cooperative Association (“CCA”) to move cannabis as adult-use flower from cultivator to consumer. [See CCA’s Beat Underground ] On August 8th we published an article that described the financial benefits of moving cannabis as adult-use oil through a CCA. [See CCAs Create Profits ]This article describes the additional financial benefits of moving flower from cultivator to consumer through a CCA as medical cannabis rather than as adult-use cannabis.

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Formation and Set Up of Cannabis Industry Business

We have spent the past couple of articles reviewing the differences between “bookkeepers”, “generic accountants”, and “professional accountants”, the final phrase being limited to certified public accountants [‘CPAs” in the United States[1]. We add mention of Enrolled Agents [“EAs”][2] noting that they are “Circular 230 Practitioners” many of whom, are or have been employed by the Internal Revenue Service, and may be skilled at “Tax Resolution[3]”.

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Los Angeles Bringing Back The “War on Drugs” for Illegal Commercial Cannabis Activity

Bringing Back The War – A bit of background on illegal storefront dispensaries tells us And the enforcement in California will come from both state and local authorities. The City of Los Angeles recently launched a massive crackdown on unlicensed, illegal cannabis businesses, filing misdemeanor charges against more than 500 people and shutting down 105 illegal cannabis businesses, including cultivation operations, extraction labs, and delivery companies across the city. In Los Angeles, a charge of unlicensed commercial cannabis activity within the city carries a potential sentence of six months in jail and $1,000 in fines.

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Marijuana Strains Store

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Marijuana Strains Store is a premium weed shop in California where you can buy weed online. We offer cannabis seeds, marijuana concentrates, THC vape juice,...

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420A3

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Safest most Secure Cannabis Business Search - No Tracking Cookies, No Data Sharing

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Our lawyers have years of combined experience in all the practice areas related to the cannabis industry. Our services are tailored to assist producers, retailers,...

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Sydney Criminal Lawyers is an experienced team of specialist criminal defence lawyers who work together to ensure clients achieve the best possible outcomes in their...

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Chris Youmans - Human Capital Advisor to the Cannabis Industry Grow Your Team to Grow Your Business! We serve an exclusive client base in a...

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Boutique accounting firm that specializes in helping clients in the legal cannabis industry. We represent clients all over the United States, both plant-touching and ancillary....

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Cannabis law and commentary on legislative updates. Tom Howard has actively researched and served the cannabis industry legal needs since 2010. He has frequently published...

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How-to guides, ideas and expert insights for entrepreneurs looking to start and grow a cannabis business. Read The Latest News [feedzy-rss feeds="https://www.greenentrepreneur.com/latest.rss" max="10" feed_title="no" refresh="12_hours"...

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Dama Financial, through its partner banks, provides cannabis-related business with access to a secure, transparent banking solution that allows cannabusinesses to secure their cash, make...

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Since 2014 Caliextractions has been Northern California’s premier producer of essential oil extractors, located in Sacramento. We specialize in Aircraft Aluminum and Stainless Steel Extractors....

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The Law Office is a multi-attorney firm with offices in the DC area, Denver, and West Virginia. We represent clients in employment and occupational safety...

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Get toasted on a daily basis with Wake and Bake Daily. Take a look a the Cannabis industry from a different viewpoint. Recent Posts [feedzy-rss...

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Find in-depth information for growers at moldresistantstrains.com Mold Resistant Strains is owned by Jared Cox, a medical cannabis grower and seed strain collector in Hawaii....

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Cannabis Attorney in Oregon & Washington We understand your unique cannabis business, legal, and compliance needs. We are thought-leaders and consistently receive amazing reviews from our former...

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aBIZinaBOX Inc

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The Cannabis Practice Group ["CPG"] of aBIZinaBOX Inc. CPA's serves commercial cannabis industry businesses in California. The CPG have experienced > 250% growth over prior...

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Hanson Bridgett is a law firm with more than 150 attorneys in offices in San Francisco, Sacramento, the North Bay, the East Bay and Los...

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Our specialized cannabis team is composed of lawyers with expertise in business law, labour and employment law and information technology law. They have the experience...

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  • Ryan v. Henry II

    18-0660 (Ariz. Ct. App. 2019)Garnishment proceedings seeking to garnish funds of former operators of a marijuana business, against whom judgment was […]

  • Greenwood v. Green Leaf Lab LLC

    No. 3:17-cv-00415-PK, 2017 U.S. Dist. LEXIS 125143 (D. Or. 2017)Despite marijuana’s illegality under federal law, employers in the marijuana […]

  • Dewey v. Amazon.com, Inc.

    C.A. No. K19C-02-001 (Del. Super. Ct. 2019)An employee’s claim of discrimination under the Delaware Medical Marijuana Act was required to be […]

  • Bishop et al. v. City of Yukon

    Case no. CV-2018-326 ( 2019)Oklahoma’s medical marijuana law places limitations on municipalities’ police power to regulate retail […]

  • Albuquerque Public Schools v. Sledge

    Civ. No. 18-1029 KK/LF (D.N.M. 2019)The Individuals with Disabilities Act (“IDEA”) does not require and cannot compel Albuquerque Public […]

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    February 20, 2020

Twitter

Judge Throws Out Cannabis Possession Case as state lab testifies in court it can’t tell difference between legal hemp and illegal marijuana https://cannabislaw.report/judge-throws-out-cannabis-possession-case-as-state-lab-testifies-in-court-it-cant-tell-difference-between-legal-hemp-and-illegal-marijuana/

Colorado Supreme Court Asked To Rule On, "Can A Judge Tell A Coloradan On Probation Not To Consume Medical Marijuana? " https://cannabislaw.report/colorado-supreme-court-asked-to-rule-on-can-a-judge-tell-a-coloradan-on-probation-not-to-consume-medical-marijuana/

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