Lighting up Cannabis: The Intersection of State Cannabis
Regulation and Taxation
Thursday, March 17, 2022
4:30 p.m. – 5:30 p.m. ET
American Bar Association & Institute for Professionals in Taxation
Almost half the U.S. population lives in states that have at least one form of legalized marijuana. Two-thirds of American adults support marijuana legalization. Virtually every state has legalized some form of marijuana and hemp for various uses, including medicinal use (36 states), recreational use (18 states), and hemp/CBD alternatives, at the time of this writing. It’s not only what’s being sold, where it is being sold, but also who is selling it in the ecosystem, that impacts the various tax considerations. It is important to understand what is legal in each state and what license requirements exist, such as horizontal or vertical integration, thus affecting income tax filings that could be subject to §280(E). Recognize the ways in which cannabis companies can lower their tax bill by effectively classifying and documenting costs.
Join Moderator Judy Vorndran as she hosts a panel of state and local tax specialists in recognizing the many ways in which cannabis companies are taxed and can manage their tax bills.
After attending the session, the participant will be able to:
- Explain how to manage 280(E) restrictions and optimize G&A
- Identify State tax considerations (i.e., excise tax, tax pyramiding, other)
- Describe Tax treatment of the ecosystem and infrastructure that serves the cannabis industry (it’s not all pot)
- Evaluate Legal structures designed to avoid tax and reduce risk
- Discuss federal legalization, interstate commerce and proposed legislation such as the Cannabis Administration and Opportunity Act (CAOA)
Judith B. Vorndran, CPA, Esq.
Partner, TaxOps SALT, LLC
Mike Goral JD, LLM
National Partner in Charge Cannabis and Hemp, Armanino LLP
Los Angeles, CA
Garrett Graff, Esq.
Partner, Moye White LLP
Jordan Wellington, JD
Partner, VS Tech Ventures
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