By: Cannabis Law PA and RW Group
The Pennsylvania Department of Health is currently accepting applications for prospective medical marijuana growers/processors and dispensaries until for March 20, 2017. During the next weeks, prospective medical marijuana organization applicants will be working tirelessly to present the best application possible to Pennsylvania’s Department of Health. For those 12 grower/processor and 27 dispensary applicants that are successful in obtaining a permit to conduct business in an emerging agricultural field where the end-product is prohibited under federal law, the process will have just begun.
Medical marijuana organizations are required to navigate the regulatory maze of growing and processing or dispensing a highly regulated product, while simultaneously managing more traditional problems facing new businesses. When asked about the biggest issues medical marijuana organizations face, Judith Cassel, an attorney at Cannabis Law PA explains, “One of the biggest issues facing medical marijuana organizations is financial compliance. Because medical marijuana remains a controlled substance under federal law, medical marijuana organizations face special banking, accounting, and tax issues unique to this industry.”
Undoubtedly, given the intense scrutiny and strict regulations that Pennsylvania medical marijuana organizations will face, having knowledgeable and experienced legal, tax, and bookkeeping professionals is a necessity. Whether a medical marijuana organization is working diligently on its Phase I application, looking forward to Phase II, or is granted a permit in the near future, Richard E. Wortmann, founder of the RW Group and seasoned CPA, wisely advises that “it is a lot cheaper to set the company up correctly at first then to deal with problems later.”
With years of business accounting experience, RW Group is well-positioned to assist medical marijuana organizations in remaining compliant with their financial obligations, including working and navigating the infamous IRS Section 280E of the tax code. RW Group’s services include auditing, review, and compilation of financial statements and tax returns of medical marijuana organizations.
As for the regulatory obstacles facing medical marijuana organizations, Cannabis Law PA is a Pennsylvania-based law firm committed to providing thorough, effective, and complete guidance to cannabis and cannabis-related businesses. Cannabis Law PA attorneys have helped hundreds of clients similar to medical cannabis growers, processors, and dispensaries, comply with state laws as they plan, form, and operate their enterprises within highly regulated industries.
If you are a new medical marijuana organization seeking assistance with financial and legal compliance, please be sure to visit RW Group and Cannabis Law PA’s websites for more information on our experience.