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Strategically Navigate Oklahoma’s Cannabis Tax Frontier

Session Abstract

The moment State Question 788 passed, Oklahoma entrepreneurial business owners were introduced to a brand new industry… tons of upside opportunity, but attached with complex tax and reporting ramifications. Virtually overnight, certain IRS Tax Code sections took on additional prominence and importance to Oklahoma cannabis business owners. It all starts with IRC 280E, expands to IRC 471, and from there goes to a whole other level of required reporting, compliance and exposure. The need for proactive strategy and competence, to navigate through the tax and reporting issues in a heavily controlled, regulated and federally illegal industry, is more important than ever. Additionally, the lack of banking opportunities makes logistical operations and internal controls even more important. Business owners must move toward developing strategic solutions for growth, cash flow, protection and tax liability exposure control.

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