In this episode of Joint Session, host Herb Barbot is joined by Daniel Sabet of GreenGrowth CPAs and Alex Norman, co-owner of New York dispensary Budega, for a practical deep dive into one of the biggest financial challenges facing cannabis operators: Section 280E. Daniel breaks down how the tax code works in practice, why cannabis businesses can be taxed on gross profit rather than true net income, and the strategies operators can use to mitigate the damage—from entity structure and cost allocation to inventory accounting methods like 471(c). Alex brings the real-world operator perspective, sharing how 280E impacts Budega’s cash flow, planning, and day-to-day decisions as a licensed dispensary in Brooklyn. Together, they unpack the risks, workarounds, and planning decisions cannabis businesses need to understand now—while also looking ahead to what rescheduling or broader reform could mean for the future of cannabis taxation.
Joint Session: Diverse Voices in NYS Cannabis is produced by Herb Barbot, with executive production and marketing by Simlev Media.
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What is Joint Session: Diverse Voices in NYS Cannabis?
Joint Session is your go-to source for the latest cannabis news shaping the New York market. Hosted by Herb Barbot, Esq., the first Director of Operations at the NYS Office of Cannabis Management, this podcast delivers expert insights, breaking developments, and in-depth conversations with the industry’s most influential voices.
From policymakers and legislators to business leaders, licensees, and advocates, Joint Session brings you exclusive interviews with those shaping the future of cannabis in New York and beyond. Plus, we keep you informed with key national and international cannabis updates. Whether you're an industry professional, an advocate, or just curious about the evolving landscape, Joint Session delivers factual, insightful, and digestible information to help you stay ahead of the curve. Tune in for high-level discussions, straight talk, and expert perspectives you won’t find anywhere else.