Colorado-Based Blue Line Protection Group has opened a subsidiary to allow the company that ability to handle financial services for Marijuana companies. These include licensing and bookkeeping. Blue Line’s CFO, Patrick Deparini told the New York Daily News, “Our goal is to streamline and simplify the day-to-day bookkeeping duties these businesses face. By doing so, we reduce our clients’ operating costs, help ensure their compliance with the myriad local, state and federal regulations, and provide them with peace of mind with our guarantee of audit protection services.”
Blue Line’s new business, Blue Line Advisory Services is pushing forward to become a legal liaison for the budding marijuana industry, which to this point has been mainly a “cash-only business”. Banks are still hesitant to take money from cannabusinesses. Despite this fact, Uncle Sam still needs his cut.
In Colorado, the Denver IRS has set up a separate, Cash-only line and even though growing cannabis is deductible under the federal tax law, selling it is not and ends up putting business owners into higher tax brackets!
For Blue Line Protection, their new finance focused business, Blue Line Advisory will look to become an integral part of the financial landscape of this expanding marijuana industry.
Read More at New York Daily News
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
