ATTENTION: CDTFA Notice – Cultivation Tax No Longer Applies
From July 1st, 2022 the cultivation tax ceases to be applicable to marijuana or marijuana-related products that make it into the market for commercial use. Manufacturers and distributors do not have to collect the tax from cultivators if a cultivator transfers or sells cannabis to a distributor or manufacturer on or following July 1st, 2022. What […]
How to Minimize 280E Taxes for Your Cannabis Business
Knowing what expenses your cannabis company can claim on your tax return can be overwhelming without 280E accounting help. Internal Revenue Code 280E states that businesses that engage in the sale of Schedule I or II controlled substances, like cannabis, cannot deduct business expenses from their taxable income. Meaning, unlike ordinary businesses, a cannabis business […]
Cost Segregation: A Tax Savings Strategy for Cannabis Businesses
Cost segregation is a proven tax planning strategy that the cannabis industry can use to cut down on their income tax liability. For decades, the IRS has challenged this strategy in tax courts, but it’s been upheld time and time again. Although cost segregation is permitted under IRC 280E, very few business owners know about […]
NJ Weed Laws 2022
Curious to learn more about NJ weed laws in 2022? Northstar has you covered! As New Jersey’s legal cannabis marketplace begins to take shape, some rules and regulations will apply. The state’s medicinal marijuana program is already in place and has oversight from the Cannabis Regulatory Commission (CRC NJ). But what should we expect with […]
What to Be Aware of Bookkeeping for Cannabis
Whether you’re considering taking on cannabis clients or currently operating a cannabusinesses, you’re probably wondering what to be aware of bookkeeping for cannabis. This makes sense, especially when considering the fact that many common cannabis bookkeeping mistakes can result in costly infractions (or worse). Cannabusinesses operate the same way as other legitimate operations; they need […]
Cannabis Angel Investors The Ultimate Guide
Despite the fact that the space is still maturing, the legal marijuana industry has captivated many high-profile cannabis angel investors. Several platforms focused on funding these operations have been on the rise, and as Silicon Valley founders focus their efforts on helping these operations obtain funding, we’ve seen an increase in the number of angel […]
Future in Accounting for Cannabis
The future in accounting for cannabis is looking good. However, at this point, the space isn’t completely clear. There are still many uncertainties plaguing cannabis companies, particularly in the accounting department, although this will soon change thanks to the work we’re doing at Northstar. We’re pioneers in cannabis accounting, molding the future in accounting for […]
Cannabis CFO Service Insight
Wondering what a cannabis CFO service entails? You’re in the right place! If you’re visiting this page, you’re likely wondering what a cannabis CFO service entails. As more competition enters the space, it becomes even more essential to have your operation’s financials handled appropriately. In this post, we cover what our cannabis CFO services include […]
Accounting for Cannabis Inventory
Accounting for cannabis inventory is essential for dispensary owners and retailers alike. This, of course, involves an effective and efficient POS system that offers costing methods for appropriate inventory valuation and management. But what does accounting for cannabis inventory entail, exactly? In this post, we discuss the 280E loophole, inventory valuation for a compliant inventory […]
Cannabiz Accounting Advice for 2022
Looking for cannabiz accounting advice to expand your share of the legal cannabis industry? You’re not alone! As the cannabis market matures, cannabusinesses are looking for ways to streamline their accounting processes, stay on top of changing regulations, and plan for the future. This is where our cannabis CPAs provide value. In this article, we’ll […]
Michigan Marijuana: Everything You Need to Know
Michigan’s Marijuana Regulatory Agency is in charge of cannabis laws in the Great Lake State. However, these laws impact several parties. Adult recreational consumers, medical marijuana patients, and caregivers will benefit from the information in this post. However, if you’re part of this state’s cannabis industry, this information is essential for your success. Keep reading […]
Jersey Medical Marijuana Program Insight
Looking for information about how to serve medical marijuana patients in New Jersey? Or perhaps you want to get a medical marijuana card in Jersey. Medical marijuana patients need to obtain medical marijuana. But it’s equally important that businesses handling legalized medical marijuana in the Garden State understand everything that’s involved. The state medical marijuana […]
Cost to Start a Grow Operation
The cost to start a grow operation can be quite high. But it ultimately depends on what you’re willing to invest. Minimally speaking, the cost to start a grow operation that will turn a massive profit will usually range in the hundreds of thousands of dollars. However, if you’re looking to build out a grow […]
Cannabis Dispensary Profit Margin Insights
Operating a cannabis dispensary? Thinking about dipping your toes in the cannabis industry as a dispensary owner? In this post, we cover everything you should know about operating a successful cannabis dispensary from a financial perspective. Looking for expert assistance managing your legal cannabis business’s financials? Northstar is ready to increase your dispensary’s profitability! Contact […]
Virginia Marijuana Legalization FAQs
Now that Virginia marijuana legalization is just on the horizon before marijuana sales begin, it’s important to understand the rules in place. The Cannabis Control Authority of Virginia will regulate marijuana plants, marijuana sales, and other key aspects of this budding space’s regulatory framework. In this post, we cover some of the most frequently asked […]
Virginia Marijuana Laws, Penalties, & Sales
Virginia cannabis laws weren’t as in-depth in 2020. But on April 7, 2021, everything changed when Virginia became the first Southern state to start the process of making adult-use cannabis legal. But what do these laws say? Can Virginians possess marijuana for recreational use legally? Or will they continue to be limited to medical cannabis? […]
Fractional Cfo Service for Cannabis
An experienced CFO is critical for ensuring compliance with the many rules, laws, and regulations that govern all aspects of legal cannabis. As the legal cannabis industry continues to grow, so does the demand for professional business-to-business services such as finding an experienced and passionate chief financial officer or a bookkeeper that understands your unique […]
MMRSA (Medical Marijuana Regulation and Safety Act) in California
A 2016 bill – the Medical Marijuana Regulation and Safety Act (MMRSA) – allows California to begin regulating the country’s oldest medical marijuana industry, which had been operating in a legal gray area. Now that these provisions are in place, medical marijuana businesses can operate with regulatory best practices in mind. But there’s a lot […]
California Cannabis CPA Accounting Services
More often than not, cashing in on the cannabis industry can be tricky, especially when you’re new to this type of business. It is also very likely that you’ll need assistance with organizing and filing your taxes if you come from a background in non-cannabis-related businesses. Keep reading to learn how our experts minimize tax […]
Cannabis Banking California Insight
The California cannabis industry has not come this far without feeling some growing pains. But, besides state law overregulating this industry, even a business operating with California law in mind has a serious obstacle to overcome. Of course, we’re talking about the banking situation. The Cannabis Industry Banking Dilemma The financial relationship between cannabis operations […]
Is Cannabis Legal in New York?
Consumers and interested business operators in New York are all wondering whether or not marijuana is legal in New York. The short answer is “yes.” But what does this mean for consumers and cannabis business operators interested in the state’s newly-formed recreational marijuana space? This article will serve as a guide for consumers and business […]