This session explores the most pressing tax and accounting challenges facing Minnesota’s cannabis operators, with a primary focus on IRC Section 280E—the industry’s most significant tax burden. With potential federal reforms like the SAFER Banking Act and cannabis rescheduling to Schedule III on the horizon, businesses must navigate both evolving policy and entrenched regulatory constraints. Attendees will receive insights into entity structuring considerations, tax mitigation strategies, including Section 471(c) applications, inventory accounting, and multi-entity planning. The session will also address common pitfalls in banking, payroll, and accounting system setup. Whether you’re new to the industry or managing a multi-state operation, this session will provide key considerations to help navigate and mitigate the impact of 280E.
Calvin Shannon, Principal, Consulting Practice Leader, BGM
Calvin P. Shannon is a Principal of BGM. With more than 20 years of experience, Calvin provides tax, advisory, and business valuation services. Calvin is skilled at understanding clients’ challenges and opportunities and working with them to develop and implement innovative and unique solutions. Calvin serves a wide range of clients, including cannabis operators, professional service firms, manufacturers and distributors, retail businesses, as well as, individual tax clients.