Marijuana Business Lawyers
Taxation of cannabis businesses is a complex area of law that incorporates
special taxes at the federal, state, and municipal level. While industry
professionals may complain that cannabis is overtaxed, tax revenue is
the reason states and municipalities enact cannabis programs and failure
to comply with tax obligations can have devastating consequences for cannabis
business owners. Understanding your potential tax liabilities is a critical
component of your business’ compliance program.
Most states impose special excise taxes on the sale of cannabis and allow
local and municipal governments to enact cannabis-specific taxes as well.
These taxes are in addition to standard sales and use tax and result in
cannabis being one of the more heavily taxed products in the country.
Because of this, cannabis tax revenues are an important component of state
and local government budgets in states that have legalized cannabis.
Developing a plan to both comply with and minimize your business’
tax obligations is key to succeeding in the cannabis industry. Through
careful planning and creative thinking, cannabis businesses can reduce
their tax liability without running afoul of regulators. A skilled tax
attorney can help develop and implement a tax plan that minimizes potential
liability while ensuring total compliance with tax laws.
The knowledgeable attorneys at Cantafio & Song have the skills and
experience to help your business develop a comprehensive tax plan. Let
our team guide you through the numerous tax implications of operating
in the cannabis industry while you worry about growing your business.
Free initial consultations are available for potential clients: Call (888) 458-0991