Franchise Tax Board to Hold Cannabis Meeting in Sacramento

For those who live in California and are eagerly awaiting the arrival of legal cannabis, the future is bright. But as with all businesses, there is a lot to prepare for, especially for those who are new to the industry. It’s important for business owners to both learn as much as they can about the industry, as well as educate government entities on the best practices.

In less than a week, the Franchise Tax Board (FTB) will hold a meeting for the public to attend to not only educate new business owners on the emerging market, but it will also help the board understand the best ways to regulate cannabis businesses under the new state cannabis regulations.

According to the FTB event page, this meeting is being held to mainly help educate taxpayers on how to navigate the cannabis industry. “At this meeting, we would like to identify the best way to reach the taxpayers and the related emerging markets,” the event description reads. “We would like to open a dialogue to find out the questions taxpayers might have and identify the most effective tools to assist them. This meeting is geared primarily towards businesses and taxpayers who may be new to business income taxes.”

The event is set to cover topics such as the FTB’s role, helping taxpayers understand how to properly file their tax returns, conduct effective recordkeeping practices, learn more about other tools that can help taxpayers understand and simplify the process, and what kind of challenges they might face as new business owners in the industry.

The meeting is set to be held on Tuesday, Dec. 5 at 1:30 p.m., PST in Sacramento, California. Space will be limited and an RSVP is required (the deadline for RSVPs is Thursday, November 30). Click here to be taken to the FTB event page, or if you have questions, reach out to FTBCannabis@ftb.ca.gov.

Luckily, those who live outside of the Sacramento area are also invited to attend via phone. Starting 15 minutes before the meeting begins, interested individuals can call (877) 714-6671 and use the passcode 43210432.

It’s extremely important for business owners to put themselves out there to identify and help rectify challenges they may face. This is the perfect opportunity to fully embrace recreational cannabis in the state and ensure your success as a business owner.