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CO sells over 5 tons of flower in June
August 26, 2015
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New Frontier quoted in Bloomberg BNA
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Bloomberg BNA reached out to New Frontier about the efforts by the California Board of Equalization Chairman to reach out to medical marijuana dispensaries in Los Angeles County to provide them with information on how to comply with state tax laws. John Kagia, Director, Industry Analytics went over some of the pitfalls facing companies.
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‘Cash Only' Issues
The BOE also warned cannabis dispensary operators that, contrary to popular belief, the agency has a “long-standing policy” of accepting cash payments for tax liabilities from businesses that don't have access to bank accounts. This is often necessary because many banks hesitate to do business with operators, according to experts in the industry.
John Kagia, the director of industry analytics for cannabis industry data collection firm New Frontier Financial Group Inc., says the “cash only” problems are greater than compliance with the BOE.
“The concerns we have heard about the ‘cash only’ aspect of the industry have pertained more to the inefficiency it creates, and the way it increases the cost of doing business, rather than because businesses are unable to meet their legal and regulatory obligations," Kagia told Bloomberg BNA in an Aug. 21 e-mail.
‘‘Furthermore, the disconnect between federal and state law further complicates how marijuana businesses assess and account for their tax liabilities, especially for those operating as nonprofit entities under state law, but are not recognized as such under federal law,’’ he said.
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Ride with New Frontier, experience equio...
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Equio will be launching next week! Our full online data, analytics, and risk management platform will change how you do business. Stay tuned for more updates on this exciting venture.
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Every week we are posting data insights, details about our reports, or articles featuring New Frontier content. As we continue to grow, we want our family to grow with us so please follow us and Ride with New Frontier.
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In partnership with MJIC Inc., New Frontier put out a special report on Oregon’s legal marijuana market.This leading edge report forecast Oregon’s legal marijuana market will nearly double in the next five years, growing from $257 million in 2015 to $464 million in 2020. The report also takes a look at the state’s evolving regulations and the large gray market, which are creating a great deal of uncertainty and competitive risk.
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