Panel Session: Accounting for Hemp & Cannabis Businesses
The cannabis industry isn’t the easiest to get into, compete in or raise money. On top of those challenges, they are also obligated to pay an effective rate about 3.5% higher than a business in any industry. Simply because of the tax code 280E. This includes employee wages, technology, accounting rent, and more. The biggest challenge in complying with 280E tax laws is knowing how to maximize the deductions that are allowed in each taxable year.