Beware of getting caught up in the race to secure a cannabis farm. The risk of getting stuck with an impractical or unproductive site is high. But the cost of mitigating that risk is relatively low.
With the coronavirus pandemic leading to stay-at-home orders around the U.S., large gatherings were not allowed this year. But that didn’t stop some cannabis companies from organizing their own virtual festivities.
In recognition of National Take Our Daughters and Sons to Work Day, Marijuana Business Daily asked cannabis executives to send photos of themselves with their kids at work.
Hand sanitizer was suddenly nowhere to be found as the coronavirus crisis escalated. Cannabis companies around the U.S. took their cue and saw an opportunity to pivot toward making a now-essential product without too much disruption to their manufacturing processes. And businesses didn’t stop at hand sanitizer.
The federal government has come out with the single most expansive relief package, the Coronavirus Aid, Relief and Economic Security Act , since the New Deal of the 1930s. While the CARES Act is certainly sweeping in its mandate, there is one sector potentially missed – the cannabis industry.
As an essential business, California licensees have both rights and very significant responsibilities to employees, customers and regulators – so the stakes of understanding the letter and intention of the law have never been higher.
As a former Federal Commissioned Officer of the Internal Revenue Service, here’s my advice for cannabis companies and section 280E of the U.S. tax code: Settle with the IRS – rather than fight it in U.S. Tax Court.
Cannabis industry authorities predict more bankruptcy filings and insolvency proceedings by cannabis companies in 2020.
Under this scenario, businesses low on cash struggle to raise funds or are unable to compete, forcing them to seek protection under federal bankruptcy and/or state insolvency and receivership laws.
