🌿 $160 million in cannabis sales and $23 million in taxes—that’s #NYcannabis. OCM’s Policy Director, John Kagia, discusses how and where this revenue is being reinvested across the State with News 8 WROC Rochester.
New York State Office of Cannabis Management’s Post
More Relevant Posts
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DEA recommending rescheduling of Cannabis during an election year is a sigh of relief for the industry. After the ability to utilize 471(c) inventory methods was eliminated, the industry suffered in overburdening tax payments. Owners that were just getting by during price compression in CA were terribly impacted and investment nearly halted. To think about that practically: If two businesses, Cannabis and Non-Cannabis, each had a 50% Gross Margin and a 10% net Margin, The non-Cannabis business would be taxed based on their 10% net margin, and the Cannabis business would be taxed at the 50% Gross Margin. 5x the taxable income. At a bare minimum, putting the industry on an equal playing field for income tax will be incredibly valuable but other high hopes may be that we're able to refile old returns or even have interstate distribution (however unlikely it may be with state licensing). Link: https://lnkd.in/gw9fKfmX #Cannabisaccounting, #cannabistax, #471c, #280e #Cannabisindustry
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Cannabis sales in Colorado and Washington have been higher than expected in recent years, resulting in increased tax revenues. Washington collected $559.5 million in legal cannabis revenue in 2021, more than $85 million more than in 2020. Meanwhile, Colorado collected $423 million in cannabis tax revenue in 2021, an increase of nearly 10% over the previous year. #cannabisbussiness #realestatebusinesss #cannabisindustry #cannabisloan #bussinessloans
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Cannabis sales in Colorado and Washington have been higher than expected in recent years, resulting in increased tax revenues. Washington collected $559.5 million in legal cannabis revenue in 2021, more than $85 million more than in 2020. Meanwhile, Colorado collected $423 million in cannabis tax revenue in 2021, an increase of nearly 10% over the previous year. #cannabisbussiness #realestatebusinesss #cannabisindustry #cannabisloan #bussinessloans
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Cannabis sales in Colorado and Washington have been higher than expected in recent years, resulting in increased tax revenues. Washington collected $559.5 million in legal cannabis revenue in 2021, more than $85 million more than in 2020. Meanwhile, Colorado collected $423 million in cannabis tax revenue in 2021, an increase of nearly 10% over the previous year. #cannabisbussiness #realestatebusinesss #cannabisindustry #cannabisloan #bussinessloans
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An increasing number of cannabis MSOs are uniting to challenge 280E.... As the cannabis industry grows, adopting the right tax strategies is essential for your business’s financial health. Our expert tax team is here to help cannabis companies like yours navigate the complexities of 280E, and keep more of what you earn. Don't let 280E eat into your profits. Learn how strategic tax planning can protect your business's future. #cannabistax #cannabiz #cannabislegal
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An increasing number of cannabis MSOs are uniting to challenge 280E.... As the cannabis industry grows, adopting the right tax strategies is essential for your business’s financial health. Our expert tax team is here to help cannabis companies like yours navigate the complexities of 280E, and keep more of what you earn. Don't let 280E eat into your profits. Learn how strategic tax planning can protect your business's future. #cannabistax #cannabiz #cannabislegal
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Cannabis sales in Colorado and Washington have been higher than expected in recent years, resulting in increased tax revenues. Washington collected $559.5 million in legal cannabis revenue in 2021, more than $85 million more than in 2020. Meanwhile, Colorado collected $423 million in cannabis tax revenue in 2021, an increase of nearly 10% over the previous year. #cannabisbussiness #realestatebusinesss #cannabisindustry #cannabisloan #bussinessloans
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Cannabis sales in Colorado and Washington have been higher than expected in recent years, resulting in increased tax revenues. Washington collected $559.5 million in legal cannabis revenue in 2021, more than $85 million more than in 2020. Meanwhile, Colorado collected $423 million in cannabis tax revenue in 2021, an increase of nearly 10% over the previous year. #cannabisbussiness #realestatebusinesss #cannabisindustry #cannabisloan #bussinessloans
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Executive Assistant and Office Manager - EMEA | Forensic & Litigation | Financial Crime Consulting and Cybersecurity
A study by FTI Consulting's Cannabis practice shows that the top 5 U.S. operators could spend more than $9 billion in the next two years with their expected tax savings from Section 280E relief. DEA's move to re-schedule cannabis would give the legal U.S. market a chance for survival by eliminating draconian tax policies that pose an impediment to profitability for the state-regulated marketplace. Read the Law360 article co-authored by Perkins Coie LLP senior counsel Andrew Kline and FTI Consulting senior director Sammy Markland: https://lnkd.in/d_Y-8TAu
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Trulieve's move could potentially lead to significant tax savings for cannabis companies if successful. Additionally, it highlights the ongoing push for federal cannabis reform and the industry's resilience in overcoming regulatory hurdles. For further details, you can read the full article: https://lnkd.in/dK838QB4
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Security Expert, Situational Awareness Instructor, CPTED Certified
2moASIS International, a leading authority in security standards and guidelines, proudly announces the release of a pioneering American National Standards Institute (ANSI) approved standard dedicated to Cannabis security. This best in class standard, meticulously developed by industry experts, sets a new benchmark by providing comprehensive requirements and guidance for the design, implementation, monitoring, evaluation, and maintenance of a cannabis security program. Members of the standards technical committee represent security professionals who are actively working within the industry and other related subject matter experts who not only understand security best practices but understand the importance of applying industry recognized security risk management principles. Key elements of ASIS International’s ANSI - approved Cannabis Security Standards include: 1. Comprehensive Security Program Guidance 2. Physical Protection Systems 3. Exceeding Jurisdictional Compliance 4. Mitigation Strategies ASIS International, in it’s role as an accredited Standards Developing Organization (SDO), develops standards and guidelines to serve the needs of security practioners in todays global environment. www.asisonline.org