Michigan’s adult-use marijuana laws define a framework for the recreational cannabis industry. However, while legal under Michigan law, conflicting Federal laws complicate the regulatory and tax compliance aspects of launching and operating a cannabis business.
In just one example, the State performs an extensive background investigation on every license applicant. Fortunately, minor prior issues are irrelevant to the license process when properly disclosed in the application. If left undisclosed, however, it can be a basis to deny the application. Our dedicated team of investigators will scour relevant histories to identify potential items for disclosure in the application process.
The industry also requires strict licensing and process controls. Cannabis regulations require detailed inventory control procedures, and, as a cash business, robust cash collection and safeguarding procedures are a necessity. We can help the organization develop methods to process transactions efficiently and maintain solid internal controls.
In spite of its specific challenges, the cannabis industry presents a strong opportunity to start and grow a business in Michigan. From entity formation and MMFLA state license application to accounting procedures and tax strategies, the trusted professionals at Cendrowski Corporate Advisors are here to help you set up and run your operation correctly from the start, so you minimize your tax obligations and maximize both efficiency and profitability.
Is your business ready for the next generation? Succession planning for a family who starts a successful business has its own set of complicated issues. One family had embedded their family office in their business of real estate construction and ownership of commercial property. The patriarch’s selection of a younger female sibling started a family […]Read More
What is your business worth without you? One family operating business owner wanted to sell the business. The next generation of the family was too young to contribute to operating the business. When the owner consulted with an investment banker he was convinced by the banker he could sell the business to a strategic buyer […]Read More
A recent article from the Illinois CPA Society discussed the power of niches within the accounting and advisory industry, focusing on CCA’s achievement in recognizing opportunities.Read More