Page 1 - Feb 2020 Cannabis News Florida Newspaper

SPOTLIGHT: PAYMASTER:
Brit Francis Deductible Payroll
The Canna Academy Expenses for
Cannabis Businesses

page 44 page 45

February 2020

2019 Cannabis Business Award’s Publication of the Year

ACCC’s Spring Congress

to Provide Equal Education

on CBD, Medical Cannabis

BY VANESSA ORR

The use of CBD and medical
cannabis products is booming;
in fact, 57 percent of patients 55
Marc Egort years old and older have used Shamaya Chah
CBD or marijuana for medical
Federal Taxation reasons, and interest continues
to grow. Yet for many physicians Global Advanced
of Cannabis – and allied healthcare profession- Botanicals
als, this is still an untapped area,
An Overview mainly because of a lack of tar- Dr. Mark Hashim Dr. Michelle Weiner
geted information on how to use
these substances in their practices. BY SHAMAYA CHAH
BY MARC EGORT, CPA On March 14-15, 2020, the American College of CBD & Cannabis (ACCC) will
present its first annual Spring Congress in Orlando, FL, targeted to helping practi- In this ever-growing cannabis indus-
In 1982, Congress enacted Internal tioners learn more about the medical benefits of cannabidiol (CBD) and medicinal try, how do you know what you are get-
Revenue Code Section 280E, which cannabis. Unlike similar conferences, the Spring Congress will provide an opportu- ting. There are so many new companies
states: nity to learn more about CBD and medical cannabis equally. popping up and flooding the market
“No deduction or credit shall be “We are really excited about this event because while most conferences are focused with products that all look the same and
allowed for any amount paid or incurred on medical cannabis and only provide about an hour of information on CBD, we’re all say theirs is the best.
during the taxable year in carrying on Continued on page 42 As the researcher and developer of
any trade or business if such trade or products for our company, Global
business (or the activities which com- Advanced Botanicals, I am always ques-
prise such trade or business) consists of FastFingerprints - Serving Florida tioning where the products are sourced
the trafficking in controlled substances from, extraction method, are plants from
(within the meaning of schedule I and II seedlings or clones, and what are their
of the Controlled Substances Act) which with Dependable Level 2 Live agricultural practices.
is prohibited by Federal law or the law of We make a point of visiting the farms
any State in which such trade or busi- Scan Background Checks and labs where our product is sourced
ness is conducted.” from during harvest time. This allows
Based on the constraints placed on BY DANIEL CASCIATO me to eyeball the health quality of the
businesses in the cannabis industry by plants and proof of pesticide use.
Section 280E, a major objective of such Looking for help with your live Our business directive is to make sure
businesses is to capitalize as much of scan and fingerprint background that the product is something we would
their costs as possible in arriving at cost check needs? FastFingerprints is give to our family members and loved
of goods sold. Generally, businesses look your one-stop shop for the state ones. Our GAB Elite line checks off all
to the provisions of Internal Revenue of Florida and nationwide. the boxes.
Code Section 263A for guidance regard- With 40 FastFingerprints GAB Elite tinctures are sourced from
ing cost capitalization. Unfortunately, Florida locations, the company seedlings and grown in Oregon. The
the provisions of Section 263A are not provides a reliable network of live farm is pesticide free and uses organic
available to businesses in the cannabis scan providers that can capture farming practices. Our Elite tinctures
industry. Instead, businesses in the fingerprints for a Florida Level 2 Jade Perez Lisa Kirk use 4 different strains of hemp and are
cannabis industry must look to Internal background check electronically combined into a single tincture. This
Revenue Code Section 471 for guidance. (with or without AHCA photo) and transmit the data direct- results in an extraordinary combination
Regulation Section 1.471-3(b) states ly to the Florida Department of Law Enforcement (FDLE). of the cannabinoid and terpene profiles.
that, generally, only the cost of the mer- FastFingerprints has been in the South Florida market Our Elite tinctures are ethanol
chandise purchased, net of any trade or since 2011, but has been in the biometric software industry extracted and naturally winterized.
other discounts, plus any freight in and and processing fingerprints since 1999. Including Florida, Winter ization means that all the fats and
any other cost incurred in acquiring the they now have over 200 locations nationwide. plant matter are removed, allowing for
goods and preparing them for sale, are “In this capacity we can fulfill the background check needs maximum bioavailability.
includible in inventory. of a host of industries including, but not limited to, Medical We are in constant communication
Due to the constraints placed on busi- Marijuana, Compassionate Care, Insurance, Home Health, with the physicians and their patients
nesses in the cannabis industry by using our products. We are always told
Hospice, Massage Therapy, and Nursing,” says Jade Perez,
Continued on page 41
Continued on page 37 Nick McCleese Continued on page 40