5 Things You Absolutely Need to Know About Cannabis Taxes

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Managing marijuana taxes is no joke. Here's what you need to do to keep the IRS off your back.

August 3, 2018

4 min read

Opinions expressed by Green Entrepreneur contributors are their own.

Tens of thousands of people have left traditional careers or pivoted to join the cannabis space within the last five years. The one thing all these people will all tell you is that with legalization comes new layers of business responsibilities. Taxes, and how they are levied and collected, are causing major growing pains. Getting everything right is crucial in developing positive relationships with government regulators, vendors, end consumers, and ultimately protecting the bottom line.

Here’s how the most successful entrepreneurs are managing it.

Related: What East Coast Cannabis Entrepreneurs Can Learn from Colorado

1. Understand Local Tax Laws

The importance of taxation is quite apparent in California, the largest and most diverse legal cannabis market in the world. The state is divided into 58 counties, and 482 incorporated cities and towns. By law, each of these territories is permitted to determine its own cannabis policies and taxes in addition to the state regulations. It makes things incredibly confusing for businesses and consumers alike.

Here's a breakdown of taxes charged for a $35 eighth of cannabis in eight US cities. You'll notice the total cost is widely different, even when comparing cities in California.

It’s never been more important for cannabis industry hopefuls to understand how state and local taxation affects them. Before setting up automated tax calculations at your dispensary, it’s wise to consult an accountant or attorney to ensure compliance and accuracy.

2. Keep Detailed Records

Though the task may seem daunting at first, even the largest cannabis retailers can easily handle its compliance responsibilities by keeping detailed records of every transaction.

Using a point-of-sale system specifically built for the cannabis industry makes it seamless, and creates a beneficial paper trail for the business, should any issues arise with finances or regulations.

Related: 5 Routes the Cannabis Industry Could Take to Get Around Federal Banking Restrictions

3. Set An Order of Operations for Taxes

Setting an order of operations for your calculations is also important, as there are several different compounding types of taxes. Standard surcharges could include a state-mandated excise tax on cannabis products, and local or municipal taxes, on top of the regular statewide sales tax. By creating a specific procedure for applying these taxes and fees, you will ensure accuracy in your tax reports and payments

4. Be Transparent with Customers

Because of tax differences, the price of a jar of cannabis can vary up to 15 percent based on geography and the policies in that area. That’s a huge shock for cannabis consumers, who end up paying between 20 and 45 percent over the sticker price in tax surcharges.

Though vendors and distributors have to pay taxes too, this particular burden is largely passed on to the retailers. They’re the ones that have to face the customer at the cash register.

Get ahead of the confusion by helping your customers understand exactly what taxes are being charged. Retailers can do this by clearly printing tax details on their receipts. Doing so will alleviate price complaints and visually explain how their total cost was calculated. Staff should also be trained on various tax types so they can intelligently answer questions and provide education about how tax revenue is being used to improve the community.

5. Fight for Fairness

The illicit market for cannabis is shrinking but still exists. If the total cost of cannabis is unaffordable, consumers will continue turning to the black market to save a buck. Additionally, if the business taxes keep climbing as the price of flower falls, the industry will continue to push out smaller players who can’t afford to stay in business.

Fairly-priced cannabis benefits the entire industry. Stay in close communication with your vendors, distributors, and other retailers in your area in order to stress the importance of responsible pricing.

Death and taxes are inevitable, even in the prosperous world of cannabis. Entrepreneurs have an inherent responsibility to advocate for fairness when it comes to taxes the taxes they pay. By taking a stand against excessive taxation and implementing customer-focused best practices, businesses can stand the test of time.

Related: 5 Things You Need to Know Before Opening a Dispensary

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Forget the Indoor Rainforest and the Beer on Tap -- Workers Want More Practical Things

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Attracting and retaining employees in this job market doesn't require extravagant amenities.

August
3, 2018

5 min read

Opinions expressed by Entrepreneur contributors are their own.

With the United States enjoying the lowest unemployment rates since the Vietnam War drove joblessness to 3.5 percent in 1969, employers are struggling. The available pool of labor is so tight that companies are finding it hard to retain workers. As a result, executives are scrambling to find innovative ways to engage their employees. There’s no doubt that in this labor market workers can pick and choose where they want to work. 

Related: Can't Compete With Google's Perks? Here's How to Keep Your Team Happy on a Startup Budget.

These days, many human resources executives feel pressured to compete with the working conditions and perks at leading U.S. tech companies -- especially places like Google, Amazon, Facebook and Apple (GAFA) -- to attract and keep desirable staff. That’s a tall order if you’re trying to match their excesses.

Amazon recently opened a $4-billion office expansion that includes indoor domes containing a miniature rainforest, replete with 40,000 plants, including a 55-foot-tall tree nicknamed Rubi. It’s not uncommon for the lavish GAFA offices to boast Olympic-sized swimming pools, climbing walls, basketball courts or roof-top gardens -- offices that The Guardian describes as “spectacular symbols of their immense global power.”

Aim for happiness anchored in reality.

But companies don’t have to match that extravagance. Not every employee wants to drink craft beers at work. While some folks might love a climbing wall, others only feel intimidated and cowed by a fear of heights.

The point I'm making is that engaging staff can be achieved in more down-to-earth and inclusive ways. What do employees actually want? Employees say they want a job that takes advantage of their skills, in a place where their efforts will be recognized and where they feel their opinion really counts. Employees also want to trust that senior leaders can deliver success, and that executives value the organization’s staff as its most important resource.

The No. 1 motivator of staff is feeling that “my job allows me to utilize my strengths,” according to a Quantum Workplaces employee engagement survey. Too few employers do that: Only 32.2 percent of American workers feel engaged at work and only one in five have a manager that motivates them to do great work, Gallup’s annual State of the American Workforce report finds.

Related: 50 Percent of Your Employees Won't Last 365 Days at Your Company: Here's How to Ensure a Long-Term Fit

A cool factor helps.

Employees don’t have to work at a tech company, but they do want their place of employment to seem as cool as a tech company. That’s why so many organizations outside of the technology sector are leveraging open office concepts with a variety of workspaces.

It’s also why companies are using display technology to enhance the physical office space, and improve multiple aspects of the employee experience. For example, companies like Bayer and 3M have retooled their workspaces to create amenities that make it more pleasurable to come to work.

At Bayer, there are open workspaces and plenty of meetings rooms with technology to enhance efficiency.  In some open spaces, employees get headphones to reduce noise and increase privacy. There are also charging stations for electric cars and 3 miles of walking paths for fitness enthusiasts.

3M created an employee mall along with a social networking display system to make it easier for employees to visually connect from around the world. All these amenities make the work environment more productive and helps with retention and employee satisfaction.  

Top organizations in almost every industry are increasingly taking a page out of Silicon Valley’s employee engagement playbook -- without breaking the bank and implementing frivolous, extravagant amenities. 

Offices can also build a sense of community -- something helped by using displays to celebrate staff achievements, to promote wellness programs, community events and even displaying pictures of staff pets.

And any office overhaul should aim to go beyond new furnishings to advance the company’s culture. The goal is to create an office that's cool enough that workers are proud to invite friends and family to visit. If you can't create that, in this market, they will work for someone who can. 

Related: If This Is How You're Doing Workplace Engagement, You're Doing It All Wrong

Simple things matter more than you think. 

The office should feel like a club and employees should feel proud to be members. Employees get that feeling more when management celebrates staff achievements publicly than from things like pool tables and craft beer taps in the breakroom.

Employees actually want simpler, more practical things -- natural light, adjustable desks where they can sit or stand, enough meeting rooms and a booking system that works, tech/AV support that keeps everything humming along, an office that’s easy to enter and exit and enough parking so they don’t waste time getting their day started.

I’ve learned this from listening to our clients but also from my own staff. A couple of years ago, our offices were located at a wonderful warehouse-style location in Denver. However, we outgrew our available space and employees complained daily about such things like the lack of available meeting rooms. 

When we moved to a larger space in the city's trendy museum district, we addressed all of our practical challenges, and staff negativity was quickly replaced by more positivity and increased worker engagement.

This economy shows no sign of slowing, so companies that want to retain engaged staff should ensure their offices are as great as the staffs they want.  

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What to Do When You've Hit a Wall.

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Jessica Abo shares the best piece of advice she received while writing her first book.

August
3, 2018

2 min read

Opinions expressed by Entrepreneur contributors are their own.

This video is part of a series brought to you by Entrepreneur’s book division, Entrepreneur Press, the publisher of Jessica Abo’s book Unfiltered: How to Be as Happy as You Look On Social Media.

If you have been writing and rewriting the same section of your book and feel like you still don't have things the way you want them, then this episode is for you. No matter how hard I tried to work with some of the chapters I finished, I still felt like something was off. Entrepreneur's editorial director, Jennifer Dorsey, suggested I take out all of the sections that were giving me a hard time and paste them in a new document. I printed the chapters to see where the material might work better and that exercise helped me deconstruct major parts of the book.

It was bananas trying to get it all done while 38 weeks pregnant, and getting everything sorted for my book launch at New York Fashion Week, but I powered through it and hope if you've hit a wall that you push through yours, too!

Related: My Book and Baby Are Due the Same Day! Follow Along on My Journey. Episode 6: Sometimes You Just Have to Laugh.

Watch more videos from Jessica Abo on her YouTube channel here.

Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on Roku, Apple TV and the Entrepreneur App available on iOS and Android devices.

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EIG Bowling Party at Affiliate Summit East 2018

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At Affiliate Summit, we hard but we play harder. After a full day at the show, it was time to kick back, relax, have some drinks and beat each other at bowling! Check out the video to see all the action.

Click Here To Download John Chow’s New eBook, The Ultimate Online Profit Model!

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4 Logo-Design Options to Boost Your Startup's or Small Business's Marketing Campaign

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You may not have an artistic bone in your body, but rest easy: There are experts, freelancers and low-cost online tools to help.

August
3, 2018

5 min read

Opinions expressed by Entrepreneur contributors are their own.

We live in a logo-driven world. Think about those familiar logos for Coca-Cola, Nike, Starbucks, Google, Target (and more) ...

Related: What Is a Logo? Just the Beating Heart of Your Brand, That's All.

According to the experts at Red Crow Marketing, the average adult is exposed to over 4,000 advertisements every day, and often the only image in the ad is the sponsoring company’s logo. That's why, for a small business or startup, a logo is critical. It's the anchor of your brand, drawing attention to your company and representing its core values.

So, if you're considering designing this important aspect of your company's marketing presentation, here are four basic options you can choose from:

Do It yourself.

If you have a creative bent or are good with design software, creating your own logo can be a great choice. This option gives you the freedom to design exactly what you want so it is completely personalized.

Using free programs, such as Cavana, you can cut and paste images, select fonts from a large range of choices and use basic backgrounds and formats to create a design from scratch. There are also design-software systems, such as Adobe Illustrator and CorelDraw, which can be expensive to purchase and will require time to learn, but are great options if you plan on doing other design work, like banners, brochures, stickers and more, for your company.

Related: Why Small Businesses Need Strong Logos

These programs have a learning curve, but there are many inexpensive online courses that can teach you how to use them.

Pros: Some choices are free, quick and easy to use. Others can be used to produce amazing unique logos that really capture the essence of your business.

Cons: For free programs, such as Cavana, the design will only be as good as you can manage, given your experience with the program and its limited tools ; the design may also look generic. Design software systems will also cost you in terms of the software and learning curve.  

Use automated software.

Several free or inexpensive sites are available to help you generate logos. Several, such as Logojoy, use algorithms to help you select the best logo design choices for your business. They provide a wealth of clip art, color and design choices so you can create the perfect logo to reflect your business.

The better you become at the program, the more detailed and personalized a logo you can create. Also, sites such as Designhill allow you to post a graphic design contest, inviting designers to submit options; you can then select and purchase the one you like best.

Pros: These programs are free or very inexpensive.

Cons: Unless you really dig deep or use a contest option, the designs often look generic. In addition, they may not have the best colors or features for your logo to truly stand out in the marketplace.

Hire a freelancer.

There are many websites that provide access to graphic designers who will create your logo for a price. These include Freelancer, DesignCrowd and Fivver, to name just a few. Some sites have a mixed reputation for quality, so before selecting a freelancer, check the site's online reviews and do research to learn:

• How much control you have in selecting the freelancer
• What the process is for requesting and receiving revisions
• Whether there is a guarantee on the final cost of the logo design
• Who owns the logo when it's completed
• What the dispute resolution process is if you and the freelancer can’t agree on any part of the process

Pros: Hiring a freelancer through these sites can be inexpensive and result in a great logo.

Cons: This option can lead to disappointment since freelancers are often trying to work as fast as possible to get paid, and quality can suffer. While you can get your logo quickly, it may not be what you really want.  

Hire an expert.

The best way to assure you have an effective logo is to hire an expert who truly understands how to incorporate images, color and fonts to create an effective representation of your business.  

When the logo design is part of the branding process, this path can be expensive; and, according to the designers at Tungsten, have costs ranging from $3,000 to over $20,000.  However, companies such as LogoOribit match you directly with one of their employed design experts so you will receive personalized service and a unique, effective logo with no clip art or templates. This lower-cost expert can provide the quality logo you need at a fraction of the price a branding expert will charge.

Pros: When working with an expert, you get the skills and experience of people who truly understand how to use a visual image to create marketplace recognition and generate customer loyalty.

Cons: Depending on your expert, expenses will vary and in some instances will be higher than the other options'.

Related: What the Color of Your Logo Says About Your Company (Infographic)

Bottom line

Your logo is often the first experience consumers have of your business, so it needs to be perfect. Depending on your budget, skill set and time constraints, you have several options in logo design and just need to figure out which one is right for you.

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