Many U.S. cannabis companies will need to comply with a new reporting requirement under federal law, an attorney for the marijuana industry warns.
“This is a pretty complex law, and I think a lot of cannabis business owners are not aware that it exists,” said Rachel Gillette, a partner with Denver-based law firm Holland & Hart who specializes in cannabis business and tax law.
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The new beneficial ownership reporting requirements under the Corporate Transparency Act likely will apply to “most small cannabis businesses – (although) there are certain exemptions,” Gillette explained.
Although the law is already in effect, most existing cannabis businesses won’t have to report immediately: Companies formed before Jan. 1, 2024, have until Jan. 1, 2025, to file their first ownership
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