Haven Accounting Co. LLC

?? Federal Rescheduling of Marijuana: What You Need to Know ?? The federal government is considering moving marijuana from Schedule 1 to Schedule 3. Here’s what this could mean, let's start with the perks: Potential tax relief! This change could allow cannabis businesses to deduct expenses like other legal enterprises, leading to lower taxes and improved profitability. But here's the catch... Banking issues won’t disappear overnight. Many financial institutions may continue to avoid the cannabis industry due to lingering federal regulations. The bigger picture... The SAFER Banking Act could be the real game-changer. This proposed legislation aims to provide the cannabis industry with the banking access it needs but is still facing hurdles in the Senate. Now, what can you do? Advocate for change! Engage with your congressional representatives, join industry advocacy groups, and stay vocal about the need for comprehensive banking reform. What are your thoughts on the rescheduling? Share in the comments below!

August 6th, 2024, marks the launch of recreational marijuana sales in Ohio. With 98 dispensaries now open to adults 21 and over, this new market opportunity brings both potential and challenges! Here’s what you need to know as a cannabis business owner: ?? Increased Demand: With recreational sales now in full swing, you can expect a significant boost in customer traffic. Ensure your inventory and staffing levels are prepared to handle this increase efficiently. ?? Pricing and Taxes: Ohio’s pricing and tax structures are in effect. Stay informed about these to manage your pricing strategies and understand their impact on your profitability. ?? Regulatory Compliance: Stay up-to-date with Ohio’s regulatory requirements to avoid any compliance issues. This includes understanding new laws and maintaining accurate documentation. ?? Financial Management: Effective financial management will be crucial during this busy period. Keep your financial records precise and monitor cash flow to navigate this surge in business. How is your business preparing for the new recreational market??Share below!

Here are the FIVE misconceptions you have been told about the cannabis industry ???? ?? 1. "Cannabis is a Cash-Only Business" Truth: While it's true that traditional banking options are limited, there are compliant financial institutions and payment solutions tailored for the cannabis industry. ?? 2. "You Don't Need to Worry About Taxes Until You're Profitable" Truth: Tax obligations start from the moment you generate revenue, regardless of profitability. Cannabis businesses face unique tax challenges under Section 280E, which disallows most business deductions. ?? 3. "Licensing Is the Only Major Regulatory Hurdle" Truth: Licensing is just the beginning. Compliance with ongoing local, state, and federal regulations is complex and ever-changing. Regular audits, meticulous record-keeping, and adherence to strict operational standards are necessary. ?? 4. "You Can Use the Same Accounting Practices as Any Other Business" Truth: The cannabis industry requires specialized accounting practices due to its unique regulatory and tax environment. For example, cost accounting becomes critical under 280E restrictions, and inventory management must be precise. ?? 5. "The Market Is So Lucrative, You'll See Quick Profits" Truth: The cannabis market is competitive and saturated, and profitability can take time. High startup costs, compliance expenses, and market fluctuations impact financial performance. By understanding these misconceptions and working with experienced cannabis accountants, you as a business owner can better navigate the complexities of the industry and position yourself for long-term success. What’s a common misconception in the cannabis industry that we missed? Comment below! ????

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A heartfelt thank you to everyone who attended our Grow Like a Weed Meetup last night! It was an inspiring evening filled with meaningful connections, engaging conversations, and a shared passion for our industry. We created this meetup to foster a community where professionals can learn from each other and grow together. In this close-knit industry, the value of shared knowledge and experiences is immense. As we head into summer, we'll be taking a break from our meetups, but we'll be back in the fall! Stay connected with Haven Accounting Co. to stay informed about our next event. Thank you for your enthusiasm and support—see you in the fall!

Exciting developments are underway here in Ohio! *Long, but important caption ahead* ??According to MJBizDaily, the state has given the green light for adult-use cannabis sales to kick off next month, following a significant legislative milestone. ??Ohio's existing limited-license medical market, largely controlled by multistate operators, is expected to remain unchanged with the introduction of adult-use sales. ??The state plans to levy a 10% excise tax on adult-use transactions, along with the current 5.75% sales tax, while also allowing license holders to expand cultivation and manufacturing operations. ??With this move, Ohio joins the ranks of the 24 states, along with the District of Columbia, to legalize adult-use cannabis. If you're a cannabis business considering outsourcing your accounting services in light of this news, you may want to begin your search now... ...Your search could be quick and easy if you go ahead and visit our website: https://lnkd.in/gpENHDH9 It's your choice. ??

Are you a cannabis professional struggling to find networking events? ?? Join Grow Like [a] Weed Networking Group! Grow Like [a] Weed is a networking meetup for individuals in the cannabis industry to connect and learn from each other. For more information, click the link: https://lnkd.in/gAJzg7uF ?? Only 20 spots available, tag a fellow Ohio cannabis professional in the comments!

OHIO!! Exciting developments in Ohio's cannabis landscape! According to 21-WFMJ, regulators have just released the latest draft rules for the state's adult-use cannabis program. Among these regulations, only individuals aged 21+ or medical cannabis patients can enter licensed dispensaries, which must be situated at least 500 feet away from schools, public libraries, and parks. ?? The rules also introduce legal online sales with options for in-store or curbside pick-up, and even drive-up windows at licensed retailers, though home delivery isn't currently included. However, there's talk of self-serve kiosks within dispensaries. Applications are slated to begin processing in June, with licenses expected by late summer or early fall. Remember, under last year's voter-approved cannabis legalization proposal, adults aged 21+ can purchase and possess up to 2.5 ounces of cannabis and cultivate their own plants at home. Despite Gov. Mike DeWine's call for action in February, the House has yet to address allowing medical dispensaries to serve adult-use customers. This could be a perfect time to find an accountant for your cannabis business before adult-use is official! ?? Comment your thoughts on this news update below

Cannabis business owners?? If you miss a tax filing deadline and owe taxes, time is of the essence. File your tax return immediately to avoid accumulating interest, failure to file penalties, and failure to pay penalties. Don't delay—take action to resolve your tax obligations promptly. Follow us to stay in the know!

Tax Saving Tips for Your Cannabis Business! ???? Discover how savvy tax strategies can fuel success for cannabis entrepreneurs by lowering taxable income, reducing liabilities, and unlocking credits through smart financial planning. Lead your cannabis business to success with strategic tax savings! Here are three key strategies you can implement: Maximize 280E deductions: Deduct production-related costs like growing supplies, packaging, and cultivation wages to reduce taxable income under IRS Code 280E. This strategy allows you to offset the impact of 280E restrictions and optimize your tax position. Optimize Cost of Goods Sold (COGS): Lower taxable income by accurately calculating expenses for production materials, labor, and direct overhead costs. By optimizing COGS, you can improve your financial performance and maximize tax savings. Claim R&D tax credits: Qualify for tax credits by documenting expenses for developing new cannabis products or enhancing existing ones. These credits can significantly reduce your tax liabilities and provide additional funds for business growth and innovation. How is your business staying ahead of the curve with strategic tax planning? ?? Comment below ??