Opportunities and Challenges of Michigan’s Rapidly Growing Cannabis Industry

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…

Details

The Challenges of Banking for Cannabis Businesses

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…

Details

Calculate Cannabis Taxes in Michigan

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…

Details

The Critical Role of Accounting in Business

If you don’t know much about the numbers behind your business, you’re not alone. According to Wasp Barcode Technologies’ Small Business Report–Accounting, only 40% of small business owners surveyed said that they feel “extremely” or “very” knowledgeable about accounting.   However, this lack of accounting knowledge could put you at a severe disadvantage. Running a…

Details

How to Open a Cannabis Dispensary in Michigan

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…

Details

Choosing Your Cannabis Accountant

The cannabis marketplace is steadily growing with opportunities for serious income streams that need to be navigated. Keep your business going strong by adding a knowledgeable accountant to your team. Accountants from MI Tax CPA, in Michigan, stand ready to supply your business with our highly competent cannabis tax and accounting CPA services.  The Cannabis…

Details

Cannabis Business Tax Guide

Filing taxes as a cannabis business owner is a throbbing headache due to state and IRS agents leaving no stone unturned when searching for reasons to penalize the non-compliant. Keep your business above board and lucrative with MI Tax CPA’s cannabis accounting services. We offer our clients a free consultation to discuss our tax and…

Details