The Tax Man Cometh

By |February 12th, 2017|

The Tax Man cometh, and cometh and cometh. At least that’s how it feels in cannabis Colorado. The Internal Revenue Service is auditing some 30 cannabusiness pioneers for tax years 2014 and 2015 because of the cash nature of the industry.

Uncle Sam has a way of keeping track of drug (expect pharmaceuticals) money with IRS […]

Green Rush Buzz

By |February 1st, 2017|

 

It’s 420 somewhere and everyone is lighting up. Where are they getting their product? From you! Are you ready to get started with a cannabusiness? Pinnacle Consultation can provide assistance for every step along the path to getting your cannabusiness up and profitable. Pinnacle Consultation can help with your business plan, site location, financial projections, operational plans, licensing assistance, […]

Pinnacle Consultation: Oregon FAQs

By |January 23rd, 2017|

Pinnacle Consultation has seen an upswing in clients seeking to do business in Oregon. So many in fact, its experts have put together a list of frequently asked questions. For more information contact Pinnacle Consultation’s main office at 719.330.5301.
Oregon Licensing – General
 Q: Do you have to be an Oregon resident to receive a license?
A:  Due to recent legislative changes […]

Supreme Court Refuses Lawsuit Against Colorado Pot

By |January 16th, 2017|

The United States Supreme Court, by a 6-2 vote, refused to hear a case from Nebraska and Oklahoma to sue Colorado over its cannabis law. The attorneys general Jon Bruning (Nebraska) and Scott Pruitt (Oklahoma) filed the suit claiming federal prohibition against the state of Colorado for its marijuana legalization law. There were no lower […]

The Tax Man Cometh

By |October 20th, 2016|

The Tax Man cometh, and cometh and cometh. At least that’s how it feels in cannabis Colorado. The Internal Revenue Service is auditing some 30 cannabusiness pioneers for tax years 2014 and 2015 because of the cash nature of the industry.

Uncle Sam has a way of keeping track of drug (expect pharmaceuticals) money with IRS […]

Oregon Market FAQs

By |September 17th, 2016|

Pinnacle Consultation has seen an upswing in clients seeking to do business in Oregon. Our experts have put together a list of frequently asked questions for the Oregon market. Contact Pinnacle Consultation’s main office at 719.330.5301 to learn more about Oregon or your state’s cannabis licensing process.
Oregon Licensing – General
Q:  Can I have all of my licenses in one […]

Quinnipiac Poll: US Support for Cannabis Legalization

By |August 24th, 2016|

Quinnipiac University, in Hamden, Conn., released poll results tracking support for legalizing cannabis (marijuana) in the United States. The university surveyed 1,561 registered voters in May 2016. Fifty-four percent support recreational  marijuana. The poll also shows overwhelming support for veterans seeking medical marijuana advice and information from Veterans Administration doctors for treatment of PTSD. Eighty-seven percent say VA doctors […]

Arizona MMJ Dispensary Applications

By |August 5th, 2016|

The Arizona Department of Health Services reported 747 applications submitted during the official submission period, July 18-29. Thirty-one licenses will be issued.

Here are some FAQs from PInnacle Consultation’s experts.

Q: What is still prohibited under the Arizona Medical Marijuana Act?

A: The Arizona Medical Marijuana Act does not:

Authorize a person to undertake any task under the influence of […]

Section 280E

By |August 3rd, 2016|

Section 280E of the Internal Revenue Code forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. The IRS has applied Section 280E to state-legal cannabis businesses, since cannabis is a Schedule I substance.

Whether charges will be filed […]

San Jose Hits MediMarts with Tax and Fees

By |August 1st, 2016|

The State of California’s Sixth Appellate District Court ruled MediMarts dispensary in San Jose must pay the city $767,058 in taxes and late fees. According to the court filing MediMarts has not paid the Marijuana Business Tax to the City of San Jose since May of 2012.

David Armstrong, president and founding member of MediMarts,  said his group is a collective […]