Maximizing tax savings for cannabis businesses takes time and expertise. There is a lot to know when it comes to filing taxes for any business. There is even more to know if you are filing taxes as a cannabis business. The cannabis industry has many nuances that are unique, and require special attention. Unfortunately, the…
In a world of calculating ROIs, analyzing the competition, and understanding your customers, data is gold. Leading online cannabis marketplace Weedmaps has just released a report containing a great deal of national cannabis data and insights. It’s the first report of its kind. It offers a unique and exclusive look into national cannabis sales data…
The future of cannabis in Michigan is bright. Record-breaking sales this year are projected to hit nearly $1.2 billion and massive growth is expected over the next four years. We have only just begun to see what is in store for current and future cannabis businesses in the state. While there are some obvious front-runners…
The cannabis industry has proven to be prosperous for Michigan since the adult-use first (recreational) shops opened up in 2019. But just as quickly as profits grow, the industry gets more complex for Michigan-based cannabis businesses. Here we’ll explore some of the opportunities for cannabis-related businesses and some of their challenges. Michigan cannabis sales projected…
If you follow Michigan cannabis news, you know it’s been a busy year so far with what’s going on in Michigan’s cannabis market. The Michigan cannabis industry has been booming, or should we say blooming, ever since the state started marijuana business licensing in 2018, followed shortly by the first recreational sales in December of…
When Michigan legalized marijuana for recreational use in 2018, the cannabis industry opened for business. Unfortunately, not everyone was on the same page; the federal government still considered marijuana a Schedule I drug, creating serious obstacles for cannabis businesses. Today, cannabis businesses still struggle to find access to banking. Legislators recognized this conundrum and addressed…
Congratulations! You’ve taken the leap and have officially opened up your cannabis dispensary, grow facility, processing facility, or another cannabis-related company. Starting a new business is exciting, but the dreaded T-word—taxes—can quickly turn that excitement into anxiety. In the cannabis industry, taxes are notoriously a minefield of tricky regulations and changeable laws. While hiring a…
Building a long-term business in today’s globalized economy requires the correct tools and information. Accounting is central to that. Accounting helps businesses make significant, calculated decisions and plan for monetary growth. The work of an accountant is imperative in controlling and stabilizing the financial well-being of an organization while holding each area accountable. Without an…
Whether you’re a small business filing as a sole proprietor, an s-corporation or a partnership, you can write off business loan interest on your annual federal income tax return. You can use Form 8990 to determine how much interest can be deducted and how much you can carry over to another tax year. Form 8890…
Recreational cannabis has taken the United States by storm in recent years. In Michigan, state-licensed sales of recreational cannabis became legal in December 2019, prompting dozens of Michigan-based professionals to consider opening their own dispensaries across the state. However, opening a state-legal cannabis dispensary requires adequate knowledge of compliance laws, adherence to several pre-qualifications, and…