For the sake of simplicity, let’s assume a farm grows Cannabis that they turn into flower and then sell to dispensaries or processors. Internal controls (rules, processes, and SOPs) minimize risk by reducing the mishandling or theft of product or cash as well as support any audit that your company will go through. They are [...]

Sales tax exemptions are frequently tied to the purchaser or product use. For instance, many U.S. states exempt purchases by non-profits or goods used in manufacturing or agriculture. Businesses must obtain and retain exemption certificates from eligible customers to substantiate these claims during audits. However, sales tax is a type of direct tax, while VAT [...]