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If you’re not taking advantage of R&D (research and development) credits for your clients when calculating their tax liability, you’re missing out on one of the major tax-savings tools available to businesses in the cannabis industry.
Cannabis is still federally illegal, so finding ways to minimize tax liability can be tricky. While companies who produce or sell CBD and hemp products (those that contain less than 0.03% THC) can qualify for R&D credits because of the Agriculture Improvement Act of 2018, those that deal with THC products cannot.
It gets even trickier if your cannabis company has different cannabis and CBD/hemp verticals.
