Cannabis Law: Taxation, M&A, and Compliance Strategies

William Wolfe
Jill Scher
Patrick O’Reilly
William Wolfe | Syracuse University
Jill Scher | Marcum LLP
Patrick O’Reilly | Marcum LLP
Live Video-Broadcast: December 11, 2024
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2 hour CLE
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Program Summary

Session I — Cannabis Taxation: Navigating the Complex Legal Landscape — William Wolfe

This session offers a comprehensive analysis of the unique taxation issues faced by cannabis businesses. In this session, we’ll delve into the complexities of managing taxes in an industry constrained by federal regulations, particularly the challenges posed by IRC Section 280E. Key discussions include navigating compliance for cash-based operations, strategic tax planning to mitigate liabilities, and staying abreast of recent court developments impacting cannabis taxation. Participants will also explore financial reporting best practices and gain insights into preparing for potential changes in federal tax policies, equipping them with practical strategies for sustaining and growing their cannabis businesses in a challenging legal landscape.

Key topics to be discussed:

  • Challenges in Cannabis Business Taxation
  • Impact of IRC Section 280E on Cannabis Businesses
  • Managing Tax Compliance for Cash-Based Cannabis Operations
  • Tax Planning Strategies for Cannabis Businesses
  • Recent Court Developments in Cannabis Taxation
  • Tax Compliance and Financial Reporting
  • Preparing for Potential Federal Tax Changes

Session II – Cannabis Tax Compliance: Practical Strategies for Cash-Based Operations — Jill Scher & Patrick O’Reilly

In this session we will focus on practical strategies for managing cash transactions, understanding the nuances of IRC Section 280E, and navigating state-specific tax regulations. Attendees will explore the best practices for maintaining accurate financial records, preparing for audits, and developing robust internal control frameworks to mitigate compliance risks. Additionally, the session will cover the tax treatment of different cannabis products and proactive tax planning techniques to help businesses stay ahead of potential regulatory changes.

Key topics to be discussed:

  • Understanding IRC Section 280E Compliance
  • Cash Management Best Practices
  • Tax Treatment of Different Cannabis Products
  • Audit Preparation Strategies
  • Developing an Internal Control Framework
  • Navigating State-Specific Tax Regulations

Date / Time: December 11, 2024

  • 1:00 pm – 3:10 pm Eastern
  • 12:00 pm – 2:10 pm Central
  • 11:00 am – 1:10 pm Mountain
  • 10:00 am – 12:10 pm Pacific

Closed-captioning available

Speakers

William M.X. Wolfe_myLawCLEWilliam Wolfe | Syracuse University

William, a native of Chicago, graduated from the College of Law in 2020. Alongside his Juris Doctor (J.D.), William achieved a certificate for completing the Advocacy & Litigation Curriculum program. He was also honored with admission to the Order of the Barristers, co-recipient of the Paul Shipman Andrews award, and awarded the “Outstanding Graduate” accolade for the class of 2020.

During his time in law school, William was a member of the Travis H. D. Lewin Advocacy Society, where he was a member of the ABA Arbitration Team and the BLSA Mock Trial Team. William also played pivotal roles within the Black Law Students Association (BLSA), serving as Social Chair from 2018 to 2019 and as President from 2019 to 2020.

Following graduation, William secured a position at Harris Beach PLLC, specializing in bankruptcy, creditors’ rights, litigation, and insolvency law. He also engaged in handling regulatory matters and litigation concerning New York State’s legalization of adult-use cannabis. Additionally, William serves on the Board of Directors for both ACR Health, Inc. and the Frank H. Hiscock Legal Aid Society.

William currently serves as Assistant General Counsel at Syracuse University in the Office of University Counsel. He is a frequent speaker on cannabis-related topics and regularly contributes articles on licensing procedures and legislative developments in the field.

 

Jill Scher_myLawCLEJill Scher | Marcum LLP

Jill Scher, CPA, MS, brings over 25 years of experience in public and private accounting. She has worked with midsize businesses across industries such as cannabis, manufacturing, technology, life sciences, pharmaceuticals, and green energy. Jill specializes in tax compliance, consulting, transaction structuring, and representation. She frequently speaks on tax strategies, incentives, planning, and professional ethics.

Jill serves on the Board of the Long Island Capital Alliance (LICA) and the financial committee of the Tesla Science Center. She previously served as a Director on the Board Nassau Chapter of the New York State Society of CPAs. Jill holds a BS in Accounting and an MS in Taxation from the State University of New York at Albany.

Jill is currently with CBIZ Inc., which acquired Marcum LLP. CBIZ is a leading provider of accounting, tax, advisory, insurance, and HR solutions, with over 10,000 employees and more than 100 offices worldwide. CBIZ helps clients manage finances, reduce risk, and improve performance.

 

Patrick O’Reilly_myLawCLEPatrick O’Reilly | Marcum LLP

Patrick O’Reilly is a managing director in the Firm’s Financial Accounting and Advisory Services (FAAS) Practice and the New England Food & Beverage Industry leader.

Patrick serves his clients by managing all aspects of their accounting and finance operations, with an emphasis on improving internal controls and operational efficiency. His over 30 years of relevant experience covers nearly all aspects of public accounting. His experience also includes food and beverage, cannabis, real estate management, medical practices, law firm administration, architecture and engineering firms.

Patrick is knowledgeable in taxation, business plan formulation and implementation, human resources management, payroll, benefits administration, insurance, retirement plans, and all manners of financial accounting software applications. He primarily functions as an outsourced CFO or Controller to clients of varying sizes. The work performed is often an outsourced placement but can be applied in interim situations as well and service levels can be scaled up or down depending on the needs. Patrick and his wife own a local restaurant and bar in Scarborough, ME where they live and he is an active multi-sport high school official.

Agenda

Session I – Cannabis Taxation: Navigating the Complex Legal Landscape | 1:00pm – 2:00pm

  • Evolving Legal Landscape in Cannabis M&A
  • Market Trends and Deal Structures in Cannabis M&A
  • Identifying and Addressing Legal Pain Points
  • Transferring Licenses in Cannabis M&A
  • Intellectual Property (IP) Protection in Cannabis Transactions
  • Valuation of Cannabis Assets
  • Key Provisions in Cannabis M&A Agreements

Break | 2:00pm – 2:10pm

Session II – Cannabis Tax Compliance: Practical Strategies for Cash-Based Operations | 2:10pm – 3:10pm

  • Understanding IRC Section 280E Compliance
  • Cash Management Best Practices
  • Tax Treatment of Different Cannabis Products
  • Audit Preparation Strategies
  • Developing an Internal Control Framework
  • Navigating State-Specific Tax Regulations

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