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In the meantime, here is some additional information you should know about cannabis taxes in 2018:
How to Calculate, Collect and Pay Your Cannabis Taxes!
If you're a Cannabis retailer, you now must be collecting cannabis excise tax from your customers
So, then the next question retailers are asking is where does that tax money go to?
Cannabis retailers are required to pay the cannabis excise tax to a licensed cannabis distributor.
If you need examples of how to calculate your excise tax, please connect with us at:
Info@avivaspectrum.com for a FREE CONSULTATION!
Cannabis cultivators owe the cultivation tax on all harvested cannabis that enters the commercial market beginning on January 1, 2018.
Cannabis sold or transferred prior to January 1,
Beginning January 1, 2018, distributors who sell or transfer cannabis or cannabis products to a cannabis retailer are required to collect the cannabis excise tax from the retailer.
Cannabis retailers who acquired cannabis or cannabis products prior to January 1, 2018, upon which they did not pay the cannabis excise tax to a distributor, must collect the 15 percent cannabis excise tax from their customers.
Retailers must pay the excise tax on those sales by the 15th of the following month in which they collected the tax to a licensed cannabis distributor with whom they have a business relationship (that is, a distributor that they purchase or acquire cannabis or cannabis products from beginning on January 1, 2018).