“If they follow GAAP in their accounting systems, income taxes will bankrupt them.”
By Liz Gold
cannabizcpa.pro
You might have seen Luigi Zamarra, CPA back in the first episode of Weed Wars, a 2011 Discovery Channel series about the day-to-day operations of Oakland, California’s Harborside Health Center. Zamarra played himself, the chief financial officer of the world’s largest medical cannabis dispensary.
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It was during his tenure at Harborside that Zamarra noticed the cannabis industry was humming along without realizing the implications of IRS Code 280E. To bring the issue to light, he wrote an article in Kush Magazine warning those in the industry how he anticipated the code section being an issue.
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