The professionals of The DeMinno CPA Firm have the expertise necessary to help navigate through the many challenges those in the businesses of cannabis are experiencing on a daily basis. Our professionals work with large physician groups, hospitals and others in the industry guiding them through similar complicated regulations and complex tax structures. Most importantly, we help our clients look ahead and position themselves where the industry is going and navigate to future success.
Understanding the tax laws related to this industry can be a tumultuous undertaking. Currently, expenses related to Cannabis are not tax deductible other than the cost to actually produce the product. We have strategic partnerships nationally, in Canada and internationally. Because of federal laws, obtaining and processing money is more complicated in the cannabis business than compared to a typical business. Classified federally as a Schedule 1 substance, making it illegal to sell, to distribute and to cultivate, traditional banks are unable to participate in this growing industry. So, where do you put the money? This is one of the most important issues we hear from our clients in this area.
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