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