Financial Tips For New Cannabis Dispensary Owners
If medical or recreational cannabis is legal in your state and you are opening a dispensary to get in on the ground floor of this growing industry, then these tips will help you manage the financial aspects of your new business:
Tip: Understand U. S. Tax Code 280E
Since cannabis is still classified as a Schedule 1 drug under United States law, your dispensary falls under U. S. Tax Code 280E. This section of the tax code regulates how you are able to deduct expenses for your business when filing its federal income taxes.
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