Simplifyaa software platform for legal and operational compliance for the cannabis industry has partnered with CohnReznick to integrate key tax and accounting data into its Simplifya Market GuideBenzinga has experienced exclusively.
CohnReznick, which provides key tax and accounting advice to plant-touching and ancillary businesses in the cannabis sector, agreed to contribute current tax and accounting policies to Simplifya’s RegTech platform which is arming both marijuana and marijuana-related businesses comprehensive, easy-to-use regulatory summaries for all 50 states.
“Through Market Guide, we’re not only helping to significantly reduce the time and money businesses spend understanding and complying with tax laws, we’re also helping these businesses retain their licenses and survive.” , CEO and co-founder of Simplifya Marion Mariathasan said.
As the cannabis industry grows by the day, there are many challenges that plant-touching and supplement companies regularly face, CohnReznick Partners Michael HarlowCPA, stressed.
“Proper compliance with tax laws in a highly regulated industry is challenging, but in the cannabis industry — with its evolving and often competing state-to-state tax requirements combined with federal tax requirements, unprecedented non-deductible expenses and intense scrutiny — the challenges are both plant-touching and complementary businesses are second to none,” said Harlow.
In the meantime, The Simplifya Market Guide is continuously updated in real-time with the latest content from a team of regulatory experts and software engineers who monitor government regulatory changes and requirements.
Users can access regulatory snapshots and archived information and receive notifications of any new regulatory changes or updates.
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Photo: Courtesy of Glenn Carstens-Peters on Unsplash
