Category: aBIZinaBOX Inc. and Jordan S. Zoot

Cantonization – California – Cannabis

Cantonization – California – Cannabis

Cantonization – California – Cannabis – We have been looking forward to writing this article for a number of reasons.  We want to begin by thanking John Schroyer of MJBizDaily for introducing us to the issues we will discuss in this article.  We will try to polish some of the raw gems that John identified in a three-part set of articles

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The Colossal Cannabis Fiasco

The Colossal Cannabis Fiasco

What is really happening in California’s cannabis industry? What sources are reliable? Is anyone’s opinion reliable? What opinions are worthwhile? What opinions are useful? Why is so much garbage published?   What is fake news? How inaccurate must news be to be “fake news”? Is California’s cannabis industry booming or busting? The answer to the last question is easy. The answer to the last question is wholly dependent on who you ask. This is the reason we asked so many introductory questions.

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Illinois Cannabis Legislation

Illinois Cannabis Legislation

Illinois Cannabis Legislation, titled Illinois Cannabis Regulation and Tax Act introduced, and in classic Illinois fashion Governor Pritzker is already crowing about the bill making Illinois a leader, even though nine states have already legalized adult use.

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CalCannabis: Why Such a Debacle?

CalCannabis: Why Such a Debacle?

We were prompted to write this article by Joe Kukura’s article “Pot Growers Nipped in the Bud by Bureaucratic Bungle.” We agree with the article. CalCannabis created a gigantic debacle with its licensing of cultivators. However, a more accurate statement is, “CalCannabis is a gigantic blunder.”

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California: Eek Another Regulator

California: Eek Another Regulator

Eek Another Regulator – the nightmare of nightmares I happened upon yet another cannabis regulator in California…I have to admit that this one has me dumbstruck…never knew it was there…and am still trying to figure out where it came from. [I am just waiting for everyone to tell me that they knew about it and I am the only stupid one that didn’t know about it…how could the cannabis industry in California possibly live without another regulator?

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Wake Up Humboldt County – The Sky Is Falling!

Wake Up Humboldt County – The Sky Is Falling!

At the time legalization of cannabis loomed as a potential reality on the horizon, Humboldt County was positioned to maintain as a legal industry the prosperity that cannabis had provided the County for the preceding 30 years. Humboldt County had a well-established cannabis industry with a world-wide reputation for the quality of its product and growers. Of course, cannabis is a controlled substance under federal law and the vast majority of the residents of Humboldt County could have been criminally indicted.

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Tax Consequences to Cannabis Businesses of Licensing Delays

Tax Consequences to Cannabis Businesses of Licensing Delays

A number of articles and comments have addressed the application of IRC Sec. 280E and inventory costing methods for “Cost of Goods Sold” for a legal cannabis retailer in light of the two Harborside decisions. We have read no analysis that appeared to completely “get it right.”   Judge Holmes failure to impose accuracy-related penalties under IRC Sec. 6662 seems to have confused many commentators.  Let us see if we can produce a clearer articulation of inventory costing for the cannabis industry.

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Federal Legalization – Then What?

Federal Legalization – Then What?

Federal Legalization – Then What? – It is fascinating to step back and observe how the mindset of many in the cannabis industry seems to work. Let’s think through a couple of scenarios and have a peek at the landscape in a post-legalization world. Let’s begin with the following:

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The Impact of Taxes in California on Cannabis Oil

The Impact of Taxes in California on Cannabis Oil

This article is the companion to our article relating to the impact of taxes on the sale of cannabis flower. Our earlier article provided a simple illustration of the impact of taxes on the movement of flower through California’s commercial cannabis market. This article provides a simple illustration of the impact of taxes on the movement of cannabis oil through this market. 

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Lines We Don’t Cross

Lines We Don’t Cross

The reason we have chosen to frame the discussion by reference to the rules that govern Circular 230 Practitioners is that we seem to be getting a disproportionate number of questions about “is it ok to…” and finish the sentence with myriad forms of conduct that could land a business owner in prison and be a death penalty for a professional license.

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Dispensary Taxes: Post-Harborside

Dispensary Taxes: Post-Harborside

Dispensary Taxes –  Post-Harborside – there is a silver lining for some well-advised cannabis dispensaries in the black-cloud Judge Mark V. Holmes hung out over the cannabis industry in his two 2018 Harborside opinions.  The two opinions are; 151 TC 11  and TC Memo 2018-208  . [See Harborside – Further Reflections, Harborside Redux  and Harborside Beats Penalties.]

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CPA Firm – Cannabis Perception

CPA Firm – Cannabis Perception

CPA Firm – Cannabis Perception – just when you think the world has changed, it can still kick you in the chops. We lost a client this weekend specifically due to concerns of investor perception of our being involved with the legal cannabis industry in California.

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Further Consideration of the STATES Act

Further Consideration of the STATES Act

Numerous attempts to introduce legislation to relax the provisions that placed cannabis on Schedule I of the Controlled Substances Act [“CSA”] have been made beginning in 1981[i]. Similar bills have been introduced perennially since then, most recently by Rep. H. Morgan Griffith [R-VA] (H.R. 4498). All have died in committee. In 2011, Reps. Ron Paul (R-TX) and Barney Frank (D-MA) introduced a bill to remove marijuana from the schedules entirely (“de-scheduling”). This Bill also died in committee[ii].

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Long Ago – Far Away

Long Ago – Far Away

We turn our attention to the selection of mentors and professionals who we can rely on to seek to replace the function of the partners in my Andersen office in New York.We have chosen to approach the task by offering our view of representative examples of four group of Circular 230 Tax Practitioners whom we have observed either with clients, in webinars or on the web.

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CCIA Policy Conference What’s Missing?

CCIA Policy Conference What’s Missing?

CCIA Policy Conference What’s Missing? – On Wednesday, March 20, 2019, the California Cannabis Industry Association (“CCIA”) will host its 4th Annual Policy Conference in Sacramento, California.  The conference has a notable line-up of representatives from the legislative and administrative branches of California government, including Nicole Elliott, Senior Advisor on Cannabis, Governor’s Office of Business and Economic Development; Hon. Wendy Carrillo, Assembly, District 51; Hon. Reggie Jones-Sawyer, Assembly, District 59; Hon. Scott Wiener, Senator, District 11; Hon. Scott Wilk, Senator, District 21; Hon. Ricardo Lara, Insurance Commissioner; Lori Ajax, Chief, Bureau of Cannabis Control; Christina Dempsey, Manager, California Department of Public Health; Nicolas Maduros, Director, California Department of Tax and Fee Administration; and Richard Parrott, Director,  California Department of Food and Agriculture.

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Back to the BRC: “The ability to tax cannabis is one of the main political reasons given to support recreational legalization. A successful tax system will need to raise money to pay for increased education, public health and enforcement costs associated with marijuana cultivation and use.”

Back to the BRC: “The ability to tax cannabis is one of the main political reasons given to support recreational legalization. A successful tax system will need to raise money to pay for increased education, public health and enforcement costs associated with marijuana cultivation and use.”

Back to the BRC – while 2015 seems like ancient history, however, that was when then Lt. Gov. Gavin Newsome’s Blue Ribbon Commission published “Pathways Report – Policy Options For Regulating Marijuana in California” which contained a detailed analysis of the policy choices that were to be considered in what gave California Proposition 64 and subsequently SB 94 which led to the system of regulation for the legal cannabis industry that exists in California today.

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Our firm has spent the last 3 years working to get the medical marijuana bill passed. The firm is the only lawyer member of the...

 Legal /  Philadelphia

Bernstein IP

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Bernstein IP is an Intellectual Property firm that counsels and advises its legal cannabis clients on creative ways to protect, enforce, and license their IP...

 Legal /  New York

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  • Garvin v. Cook Investments II

    No. 18-35119 (9th Cir. 2019)A plan funded with proceeds from cannabis operations may be approved by a bankruptcy court because the plan's funding […]

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