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What does New Jersey’s marijuana vote mean to me?
Seven out of ten New Jersey voters this month affirmed that we must decriminalize marijuana. The state’s Attorney General quickly announced that all marijuana prosecutions are paused while we wait for cannabis industry legislation. Now the state government is scrambling to find ways to generate massive amounts of tax revenue from the drug. Much regulation…
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Cannabis programming in New Jersey
The New Jersey Society of CPAs is moving at a rapid pace following passage of the legalization referendum on November 5, 2020. I’ve been a member of the Cannabis Interest Group at @NJCPA since its inception. My @potCPA business practice is narrowly focused but I am pleased to see that they have adopted the following…
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Tax Change Needed to Level the Playing Field for Small Businesses, Minorities and Women in Cannabis Marketplace
This statement was released 11/5/2020 by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director New Jersey Society of Certified Public Accountants. “On Tuesday, New Jersey voters approved a constitutional amendment to legalize cannabis. That was just step one in allowing cannabis sales to proceed in New Jersey. Steps two and three will be the…
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Cannabis banking bill passed by House
Today the U.S. The House of Representatives passed a cannabis reform bill for the first time. The new law would permit cannabis businesses to access banking and financial services. The bill passed in a vote of 321-103. A total of 230 Democrats voted in favor of the bill while 91 Republicans also voted for the legislation.…
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Eight Inconvenient Truths About the Cannabis Industry (that nobody is talking about)
CPAs in the cannabis industry are not being candid, honest and straightforward in talking about the cannabis industry. While I’m not suggesting that there are any easy corrections available for current positions, I do think that it makes sense for us to address the facts directly and honestly.1 A headline in a CPA newsletter today…
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November 2019 update on cannabis in NJ
Here’s where we are with the insanity and injustice of cannabis law in our part of New Jersey right now. The state’s next dispensary will open in about a month here in Vineland. Initially the facility will be open for training; its locally grown cannabis supply won’t be available until next year. The facility is…
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Eight Inconvenient Truths About the Cannabis Industry (that nobody is talking about)
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Looking past decriminalization
This coming week our federal legislature will take up a bill to decriminalize cannabis. Most states, including ours, are attempting similar measures. But my form’s focus isn’t on these proceedings. In fact, we have little confidence in the near term outcome. That timeline really doesn’t matter in the big picture. What we know is that…
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The wrong way to handle small business accounting
Last night I finished the messiest and most stressful small business accounting job ever encountered in a 30+ year career. They will keep their bank financing, but at enormous personal cost to all of us. I just finished billing a bad stress-filled accounting job that took most of my time for the past two weeks.…