Here’s the rest of the release..
Larry Lipman, CEO of Alliance Financial Network stated,
“States are spending large amounts of money to enroll cannabis companies. At the end of year one or two the IRS 280E tax takes them out of business in a 70% taxation. With eXPO total tracking, the business can now unitize its operating expenses and write them off through cost of goods sold. This has been upheld by the courts since 1982 and we have the inventory tracking software to assist businesses in keeping proper chain of custody from seed to CPA.”
Lipman added, “with the changes in federal advisory, the states have been lining up across the country to put together a closed loop banking system.”
eXPO has been invited into many state and municipal locations over the next 60 days and are proud to be standing alone with a full program for businesses, states and municipalities to work together and help the audit, taxation and chain of custody to become smoother.
Several states have already passed a closed loop banking law. eXPO is proud to be at the forefront of the discussion.