Karla Brannen spends a lot of time explaining §280E to cannabis clients.
By CPA Trendlines Research
Maine, a.k.a. Vacationland, is gearing up to “go recreational,” and CPA Karla J. Brannen, senior tax manager at Albin, Randall & Bennet CPAs, is on the crest of the cannabis wave.
MORE at CannaBizCPA.pro: New to Cannabis? Maybe a Joint Venture Is the Answer | Zach Gordon CPA: “The level of guidance out there is just nonexistent.” | Why Jax Wheatley Shifted from LBGTQ to Cannabis Clients | Ron Seigneur Blazes New Trails in Cannabis | More
Exclusively for PRO Members. Log in here or upgrade to PRO today.
Nobody knows quite yet when the Pine Tree State will allow the sale of recreational marijuana. In 2016, the people of Maine approved a referendum to legalize the sale of recreational marijuana. The governor signed the recreational marijuana rules on June 20, 2019. On September 19, 2019, LD719, an Act to Amend the Adult Use Marijuana Law, went into effect. Final adoption of these rules will happen within the next 60 days.
Cannabis products have been legal in Maine for medicinal purposes for years. Licensed medical cardholders are allowed to purchase cannabis through a registered dispensary or through certified caregivers. Almost four years ago – even before the referendum – Brannen predicted a need for better accountancy in an industry that comes with its own set of complications.