Once you turn a market black you might say, it's hard to turn it back. The IRS does what they do best, and that's make a mess of things. Tax time for cannabis businesses is not like any other business in the United States.
Even though states have voted for both medical and adult use retail cannabis laws, federal prohibition still prohibits normal business activities for cannabis companies. This means when it's time to pay your taxes you can't just send a bank transfer, check, or pay it with your debit card. You have to pay it with cold hard physical currency.
That's right cannabis businesses have to pay their taxes with extremely large volumes of cash. They keep this cash on hand in a tightly locked and secured room along with two IRS agents while it's counted out.
Can you imagine sitting in a room with two government agents counting out cannabis tax dollars to them in the tones of tens and hundreds of thousands? That's got to be one awkward room. Many cannabis business owners dread this time of year though it inevitable comes every year.
With cannabis legalization happening in more places than ever before it looks like draconian cannabis prohibition is coming to an end. The days of the devil's lettuce and negative anti-cannabis propaganda are being met by facts and educated truth. Medical professionals are changing their tone as they learn more about the endocannabinoid system and how it works with our body.
Hopefully with increased education and the facilitation of knowledge pertaining to cannabis, government entities such as the IRS will get with the times and allow cannabis businesses to function like other law-abiding tax-paying businesses in the United States.
The way cannabis businesses are being treated by the United States federal government shows just the type of favoritism the country has been founded on. The type of favoritism that is coming to an end.
Cannabis businesses are here to stay. They bring in large amounts of money to the economy and generate massive amounts of taxes. They are one of the heaviest taxed if not be heaviest taxed industry in America. That's information you can take to the bank.Posted: Saturday, December 1st, 11:00am 14 days ago
Ashley is a freelance cannabis writer and the co-owner of CannaLance. Her passion for sharing education and truth surrounding cannabis stems from a personal loss. Ashley has always had an elevated relationship with cannabis but it wasn't until 2015 that she turned that passion and relationship into a career as a cannabis writer.