November 18, 2017

Cannabis Taxes Made Easy

A new industry is emerging, run by responsible entrepreneurs who need accurate and easy compliance with local laws and regulations, including cannabis taxes. For the cannabis industry, full regulatory compliance includes attending to the new tax laws and regulations being enacted, and periodically changed, leaving cannabis industry participants vulnerable to penalties, fines and even loss of license to do business.

As the first cannabis tax service provider, Taxnexus enables cannabis taxpayers (retailers, cultivators, manufacturers and distributors) to comply with cannabis tax regimens promulgated in the United States and Canada. Taxnexus works through the myriad of new tax compliance regulations, creating an all-in-one cloud-based software solution for each link in the distribution chain of the cannabis industry.

The Taxnexus system tracks all taxing within the distribution chain, calculates excise, sales and use taxes, and prepares and files all required tax returns with each official tax jurisdiction for complete tax compliance. Through a seamless integration and direct e-commerce connection between the Taxnexus API and cannabis POS and ERP software, Taxnexus allows cannabis industry participants to track, file and remit tax payments.

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