Cannabis Companies Under Magnifying Glass as State Hires Industry Auditors

The Connecticut Department of Revenue Services has hired five cannabis auditors as the state prepares to address cannabis taxation for the first year of licensed businesses.

Partner Bob Lickwar noted the decision not only enforces the state’s cannabis tax laws, but also helps cannabis companies ensure they’re collecting the correct amount and remitting it properly and on time. Most often, this means after the end of the month to which the tax applies, he said.

This approach can help companies avoid situations where they owe more than expected at the end of the year, and this can be especially true for cannabis businesses that are under greater regulatory scrutiny. “They’re hiring people number one for enforcement, but also number two, to get people through the process,” Lickwar said.

Read the full article published by the Hartford Business Journal.