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Accountants from Coast to Coast Meet to Discuss Cannabis Issues

This week, the California and Colorado Society of CPAs, along with 18 other state CPA groups, from Alabama to Iowa, are hosting a virtual event that they hope will answer some of the toughest cannabis-related questions that certified public accountants face as they advise clients in the industry.  Topics included how the cannabis industry was […]

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This week, the California and Colorado Society of CPAs, along with 18 other state CPA groups, from Alabama to Iowa, are hosting a virtual event that they hope will answer some of the toughest cannabis-related questions that certified public accountants face as they advise clients in the industry. 

Topics included how the cannabis industry was disrupted by the COVID-19 pandemic and how it might recover, hemp and cannabidiol in food, intellectual property and taxation, and regulatory, banking, and labor issues. 

Aaron Smith, executive director of the National Cannabis Industry Association, kicked off the event with a birds-eye update on cannabis. While much of the national cannabis conversation has focused on whether President Donald Trump might legalize cannabis if re-elected, or if former Vice President Joe Biden will go beyond his plan to decriminalize, Smith emphasized that attention should be on the five states that have adult use and medical legalization on their ballots this fall (New Jersey, Arizona, South Dakota, Mississippi, and Montana). 

“Because of the federalist system in this country, states are able to really be the laboratories of democracy,” Smith said, pointing toward strong polling in New Jersey, the state’s population of nine million, and its “significance in the region.” 

“New York, for example, has been looking to enact adult use cannabis laws for a couple of years. Came very close last year. And I think that victory in New Jersey in November will really be kind of the thing that tips New York early in 2021, and then perhaps Pennsylvania and Connecticut,” Smith said. 

Given that many people in the audience were accountants or attorneys, it didn’t take long for the conversation to shift to the Internal Revenue Service. (Read Cannabis Wire’s resource page on tax hurdles faced by the cannabis industry.)

“The crushing and unfair provision of the tax code Section 280E, which doesn’t allow businesses to take their deductions in our industry, is really holding us back,” Smith said. 

Smith mentioned how the COVID-19 pandemic, in some ways, slowed attempts at national cannabis policy reform. The SAFE Banking Act, which had momentum before the virus hit, has taken a back seat as lawmakers shifted away from “anything that’s not directly related to either the public health crisis that the pandemic posed, or the economic fallout of the pandemic, understandably so,” Smith said. And while the HEROES Act, the House-passed COVID-19 relief bill, includes SAFE Banking language, “the death of Ruth Bader Ginsburg has now moved the Senate into prioritizing, fast-tracking a Supreme Court Justice,” while coronavirus relief remains uncertain. 

A panel discussion about the coronavirus pandemic, which included Josephine Giordanoa, a CPA based in Arizona, Tom Hood, a CPA in Maryland, and Ted Lichtenberger, co-founder of the Flower Company, a wholesale cannabis membership club that compares itself to Costco, dove deeper into how COVID-19 changed the cannabis industry.

“Overall, the supply chain has been pretty strong in resisting the ups and downs of COVID,” Lichtenberger said. 

Giordanoa noted that many current hurdles, including slow investment, are issues that already existed for the cannabis industry — the pandemic just exacerbated things. 

“Once COVID hit, they’ve been a little bit shy in providing capital that’s needed, although we’re starting to see that starting to overturn,” she said. 

Giordanoa also highlighted that while nearly every cannabis business was declared “essential,” COVID-19 still brought “operational changes,” like the need to physically distance. 

“Social distancing is an issue. Having the customers come in and having to maintain a certain number of customers within the dispensary itself just cuts back on the amount of people that could gravitate toward different products within the dispensary,” she said. 

Some cannabis business owners have had to furlough and lay off employees, while others are succumbing to the difficult market presented by the synergistic effects of federal prohibition, banking issues, and the pandemic. Still, many of the owners that Giordanoa said she’s spoken to have said that they’re doing everything they can to avoid layoffs. 

“I think by the time we weed out the non-performers, we’re going to be in a mature industry that’s really going to be able to sustain itself beyond this point of the pandemic,” Giordanoa said. 

A panel discussion on hemp and CBD in food brought together Amanda Conley and David Bush, both attorneys, and Joyce Cenali, a partner at Big Rocks Partners investment firm. 

“We have a federal regulatory scheme that has been now put into place for federally-regulated hemp production in the United States. But the federal government would rather not do the regulating itself. It doesn’t have the resources. It doesn’t have the interest,” said Bush, a lawyer with Hoban Law Group, adding that the U.S. Department of Agriculture’s interim final rule on hemp production has created controversy. (Read Cannabis Wire’s coverage of the rule.)

“What it has done is it creates a system of guidelines, regulatory guidelines, which if states wish to enforce, regulate, administer the federal program, they can do so subject to guidelines,” Bush said. “It is a very controversial program. States are pushing back. They don’t like some of the federal regulations. So that is subject to some modification in the future.” 

Conley gave an overview of the Food and Drug Administration’s approach to CBD, which is, essentially: now that the FDA has approved GW Pharmaceuticals’ Epidiolex, which contains CBD extracted from cannabis, CBD can’t be added to food or treated like a dietary supplement. (Read Cannabis Wire’s coverage of the FDA’s current and forthcoming CBD regulations.)

“We’re now at a really interesting crossroads where we’re going to see: how is the FDA going to deal with this? How are they going to deal with this huge CBD market? But then, also, this really clear guidance to them that says, ‘you can’t sell this product as anything but a drug once it’s been approved,’” Conley said. 

Colorado Rep. Ed Perlmutter is scheduled to speak when the event continues Tuesday. 

Source: https://cannabiswire.com/2020/10/27/accountants-from-coast-to-coast-meet-to-discuss-cannabis-issues/

Heartland

Not All Hemp Products Are Created Equal

What is the difference between Hemp and Marijuana?

Both Hemp and Marijuana are in the cannabis family. Human intervention has produced variation within the species in terms of THC and CBD levels. Simply put, hemp is designated by a man-made definition of THC levels at or below 0.3%. Marijuana is always harvested from female plants and typically has high THC levels with little to no CBD, although some strains can contain verifying levels of CBD/THC ratios. Hemp has over 10,000 known uses, which can be made from both the female or male plant depending on the desired product. Mana Artisan Botanics uses only female hemp plants in our products, with lab testing guaranteeing below 0.3% THC levels.

Hemp extract is the phytocannabinoid concentrate, created through some form of extraction process, most commonly either with supercritical carbon dioxide or ethanol. The extract’s potency will depend on the levels of cannabinoids in the plant, so each batch of extract will have different levels of cannabinoids.

Why should you care where your hemp is sourced from?

The demand for hemp extracts is rapidly increasing in the U.S. However, there is still limited supply of U.S.-grown hemp, resulting in high prices that cannot compete against imported hemp extract from places like China or Eastern Europe. Consumers seeking quality products may find a lack of transparency when it comes to the origin of the hemp extract in their products. And unfortunately, there is limited data behind the volume and quality control behind these imported hemp extracts.

At Mana Artisan Botanics, we take great care to source high-quality hemp that is grown in the U.S., with the specific intention to facilitate health and wellness.

Do hemp cultivation methods matter?

In the cannabis industry much of what is grown, unless it is organic, is sprayed with varying levels of pesticides and fungicides. Most consumers don’t realize this is a common practice. Given the increasing demand for hemp and cannabis, many conventional farmers are transitioning their fields to these high value crops. Yet, hemp’s cultivation environment is critical as it can act as a bio-remediation crop, absorbing contaminants from the soil while it grows. If the hemp was grown in poor or misused soil, that plant might contain toxins you won’t want to ingest.

This is why at Mana Artisan Botanics, we source our CBD-rich hemp extract only from farms that have never had any toxic agriculture on the land or use any harmful pesticides or fungicides. All our products are purity and potency tested at multiple lab facilities such as Steep Hill Labs Hawaii and Hawaii Pharm Labs for cannabinoid levels as well as pesticide residue, heavy metals and other contaminants. State of the art testing methods are used and THC levels are guaranteed to be under the federal limit of 0.3%. If you want to review the lab results, please contact us!

Do different hemp strains deliver varying results?

Many of the hemp products on the market derive their CBDs as a by-product from other types of hemp varieties such as fiber or seed for hemp food products. The levels of CBD-rich hemp extract in these products are lower and lack the diverse spectrum of cannabinoids one would ideally want for an “entourage effect” that delivers the possible synergies made available by whole plant therapies.

At Mana Artisan Botanics, the hemp we source is grown with great care to facilitate high levels of the non-psychoactive cannabinoids.

What is the entourage effect?

The “entourage effect” or “plant synergy” is the idea that cannabinoids, terpenoids and flavonoids in cannabis interact synergistically to magnify the therapeutic benefits of the plant’s individual components—so that the medicinal impact of the whole plant is greater than the sum of its parts.

Are whole plant extracts superior to single-compound alternatives?

Do you know the difference between isolates and whole plant extracts? “Whole plant extract” has a wide range of cannabinoids. Most scientists agree that there is between 80-120 cannabinoids plus additional terpenes, in addition to the better know CBD and THC compounds. With a “whole plant” extract you are getting access to the much wider spectrum of cannabinoids in your hemp infusion for that entourage effect.Isolates are not known to be effective as a whole plant extracts for that very reason. Additionally, isolates can be over processed, sometimes with added chemicals for purification.

Mana Artisan Botanics uses “whole plant extracts” only, with full range of cannabinoids making our infusions superior to single-compound alternatives.

Why does Mana Artisan Botanics include Turmeric in our hemp infusions?

Curcumin, the yellow pigment of turmeric (Curcuma longa) is one of the most intensely researched natural products available today. With over 6,000 peer-reviewed studies, including clinical and scientific research, turmeric is shown to have powerful anti-inflammatory effects. We add turmeric in our hemp infusions to further augment the anti-inflammatory effects of cannabinoids.

Why does Mana Artisan Botanics include Passionflower in our Hawaiian Sleep Hemp Tincture?

Passionflower extract has been shown in studies to be helpful for relieving general anxiety and improving sleep quality. We add passionflower in our sleep hemp tincture to further augment the anti-anxiety effects of cannabinoids.

Republished by Plato

Published

on

What is the difference between Hemp and Marijuana?

Both Hemp and Marijuana are in the cannabis family. Human intervention has produced variation within the species in terms of THC and CBD levels. Simply put, hemp is designated by a man-made definition of THC levels at or below 0.3%. Marijuana is always harvested from female plants and typically has high THC levels with little to no CBD, although some strains can contain verifying levels of CBD/THC ratios. Hemp has over 10,000 known uses, which can be made from both the female or male plant depending on the desired product. Mana Artisan Botanics uses only female hemp plants in our products, with lab testing guaranteeing below 0.3% THC levels.

Hemp extract is the phytocannabinoid concentrate, created through some form of extraction process, most commonly either with supercritical carbon dioxide or ethanol. The extract’s potency will depend on the levels of cannabinoids in the plant, so each batch of extract will have different levels of cannabinoids.

Why should you care where your hemp is sourced from?

The demand for hemp extracts is rapidly increasing in the U.S. However, there is still limited supply of U.S.-grown hemp, resulting in high prices that cannot compete against imported hemp extract from places like China or Eastern Europe. Consumers seeking quality products may find a lack of transparency when it comes to the origin of the hemp extract in their products. And unfortunately, there is limited data behind the volume and quality control behind these imported hemp extracts.

At Mana Artisan Botanics, we take great care to source high-quality hemp that is grown in the U.S., with the specific intention to facilitate health and wellness.

Do hemp cultivation methods matter?

In the cannabis industry much of what is grown, unless it is organic, is sprayed with varying levels of pesticides and fungicides. Most consumers don’t realize this is a common practice. Given the increasing demand for hemp and cannabis, many conventional farmers are transitioning their fields to these high value crops. Yet, hemp’s cultivation environment is critical as it can act as a bio-remediation crop, absorbing contaminants from the soil while it grows. If the hemp was grown in poor or misused soil, that plant might contain toxins you won’t want to ingest.

This is why at Mana Artisan Botanics, we source our CBD-rich hemp extract only from farms that have never had any toxic agriculture on the land or use any harmful pesticides or fungicides. All our products are purity and potency tested at multiple lab facilities such as Steep Hill Labs Hawaii and Hawaii Pharm Labs for cannabinoid levels as well as pesticide residue, heavy metals and other contaminants. State of the art testing methods are used and THC levels are guaranteed to be under the federal limit of 0.3%. If you want to review the lab results, please contact us!

Do different hemp strains deliver varying results?

Many of the hemp products on the market derive their CBDs as a by-product from other types of hemp varieties such as fiber or seed for hemp food products. The levels of CBD-rich hemp extract in these products are lower and lack the diverse spectrum of cannabinoids one would ideally want for an “entourage effect” that delivers the possible synergies made available by whole plant therapies.

At Mana Artisan Botanics, the hemp we source is grown with great care to facilitate high levels of the non-psychoactive cannabinoids.

What is the entourage effect?

The “entourage effect” or “plant synergy” is the idea that cannabinoids, terpenoids and flavonoids in cannabis interact synergistically to magnify the therapeutic benefits of the plant’s individual components—so that the medicinal impact of the whole plant is greater than the sum of its parts.

Are whole plant extracts superior to single-compound alternatives?

Do you know the difference between isolates and whole plant extracts? “Whole plant extract” has a wide range of cannabinoids. Most scientists agree that there is between 80-120 cannabinoids plus additional terpenes, in addition to the better know CBD and THC compounds. With a “whole plant” extract you are getting access to the much wider spectrum of cannabinoids in your hemp infusion for that entourage effect.Isolates are not known to be effective as a whole plant extracts for that very reason. Additionally, isolates can be over processed, sometimes with added chemicals for purification.

Mana Artisan Botanics uses “whole plant extracts” only, with full range of cannabinoids making our infusions superior to single-compound alternatives.

Why does Mana Artisan Botanics include Turmeric in our hemp infusions?

Curcumin, the yellow pigment of turmeric (Curcuma longa) is one of the most intensely researched natural products available today. With over 6,000 peer-reviewed studies, including clinical and scientific research, turmeric is shown to have powerful anti-inflammatory effects. We add turmeric in our hemp infusions to further augment the anti-inflammatory effects of cannabinoids.

Why does Mana Artisan Botanics include Passionflower in our Hawaiian Sleep Hemp Tincture?

Passionflower extract has been shown in studies to be helpful for relieving general anxiety and improving sleep quality. We add passionflower in our sleep hemp tincture to further augment the anti-anxiety effects of cannabinoids.

Source: https://www.finallycbd.shop/not-all-hemp-products-are-created-equal

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