California Cannabis FAQ

California Cannabis FAQ

We have been flooded this past week with posts and emails announcing that the California Regulators issued Emergency Regulations. We already knew that once the announcement hit my inbox.

How about something that no one else seems to be doing yet….addressing what they, together with existing tax, licensing and regulatory issues that impact the cannabis industry in California. So we present our California Cannabis FAQ.

• Let’s start with the most important question first:
  • Why is aBIZinaBOX a good choice to advise a California cannabis business?

• California Emergency Regulations

  • What are the provisions of Inspections, Investigations, and Audits under the California Cannabis Emergency Regulations?
  • What are the requirements for audits and reporting lost or stolen inventory under California Cannabis Emergency Regulations?
  • What are the Track and Trace Requirements under the California Cannabis Emergency Regulations?
  • What is the requirement under California Cannabis Emergency Regulations for Sales Invoices and Receipts?
  • What are the new California Emergency Record Retention Requirements?

• California Sales Tax

• Who is a Manufacturer under the California Cannabis Tax Law ?
• Who is a Cultivator under California Cannabis Tax Law?
• Who is a Distributor under the California Cannabis Tax Law?
• Who is a Retailer under the California Cannabis Tax Law?

• California Income Tax

  • Can you provide an overview of California taxation of cannabis?

• Federal Income Tax

  • What is the History of the CHAMPS litigation on IRC Sec. 280E?
  • How Do IRC Sec. 263A UNICAP Rules Apply To CA Cannabis?
  • What is Cost of Goods Sold [“COGS”], how is it calculated?
  • How does the IRS audit cash-intensive businesses like those in the cannabis industry?

• California Cannabis Legal – General

  • How is cannabis illegal under Federal law but legal under California law?
  • Why is cannabis legal?
  • What Are The Requirements To Sell Cannabis In California Starting in 2018?
  • What is the disciplinary structure under California cannabis regulation?
  • What are Legal Pest Management Practices For Cannabis in California?
  • What Are the Requirements for a CA Cannabis Cultivation License?

If you are involved with the cannabis industry in California and could benefit from engaging with advisors that rather than “announcing” have moved on to explaining and implementing we should talk, and you can start the conversation here.