January 1, 2025, Deadlines
There are several business tasks that must be completed by the end of the year. Some have relatively severe penalties if you don’t. If you have questions please give us a call and we’d be happy to help you come into compliance.
Provisional Cannabis Licenses with the DCC: January 1, 2025, is the last day the Department of Cannabis Control (DCC) can renew provisional licenses. Provisional licensees must meet all annual requirements and comply with specific renewal requirements set forth in California Code of Regulations (CCR) sections 15001.2 and 15020 to transition to an annual license.
Beneficial Ownership Interest (BOI) with FinCEN: January 1, 2025 is the last day to comply with US Treasury’s reporting requirement for reporting owners of all small businesses, including cannabis businesses (for businesses registered prior to January 1, 2024). Businesses created after January 1, 2024 must complete their BOI filings within 90 days of formation. Penalties for not filing are $500 per day and criminal penalties of up to 2 years in prison and a $10,000.00 fine. (Link to prior blog)
Cannabis Cafes Become Legal: California Assembly Bill 1775 goes into effect on January 1, 2025, and allows licensed dispensaries and cannabis lounges to make and selling non-psychoactive food and nonalcoholic drinks and hosting live music events and performances
Contact Scot Candell at Candell@candell-law.com or (415) 441-1776
