October 26, 2023
The Marijuana Regulation and Taxation Act legalized cannabis sales in New York State with checks. The 280E tax is one of those checks.
The cannabis industry is composed of legal cultivators and producers, consumers, independent industrial standards bodies, ancillary products and services, regulators and researchers concerning cannabis and its industrial derivative, hemp. The marijuana industry will add nearly $100 billion to the economy. Adult-use cannabis is now legal in 21 states. 88% of adults want to legalize weed. There are specialized accounting firms that are emerging to help cannabis businesses navigate unique financial challenges.