High Or Stupid?
With the legalization of medical marijuana dispensaries in Florida in 2017 there is much to be learned from those in other states who’ve been at it for years.
One such lesson comes as a “what not to do” account.
An owner of a medical marijuana business in Oregon failed to file tax returns from 2011 – 2014. The only question I have is, was he high? The guy had to be…
According to accountingtoday.com, “The medical marijuana dispensary owner-operator in Oregon was sentenced to seven months in prison last month, in what appears to be the first federal sentencing of a legal cannabis business owner for tax crimes. Price, a co-owner of Cannabliss dispensaries, pleaded guilty to willfully failing to file income tax returns in connection with his cannabis stores, and did not file individual tax returns from 2011 to 2014 for income received from the dispensaries’ operations — despite the advice of a number of CPAs who advised him during those years.”
The guy had to be high or just plain stupid.
I mean, you have legal recourse to sell a Schedule I substance, you make a ton of money and you don’t file taxes. Maybe he is merely a drug dealer accustomed to spending time behind bars for his activities. Maybe he missed the camaraderie!
It’s just a stupid mistake that every owner of a medical marijuana dispensary should take to heart. Hire an attorney to keep you on the straight and narrow with the IRS. If you have someone taking care of that end of the business, get as high as you want! You can be high without being stupid. Or so I’ve heard.