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The sales records show when the drugs were legalised in the USA the sales sky rocketed. In 2014, the first year after recreational cannabis was approved, total sales in Colorado amounted to $699.2 million. The second year, sales were $996.2m.

By 2016, the figure reached $1.3 billion. Recreational marijuana accounted for two-thirds of that, medical marijuana for a third.

Can marijuana be a legal industry in New Zealand?

It seems in NZ the Government are easing up on restrictions to the drug. Perhaps in the coming future it might get legalised. And if this happens we can see similar results in New Zealand. Earlier this year it was reported a lady imported marijuana for medical purposes for her personal use.

As a business how should you prepare for tax purposes?

You need know what are your deductions? As tax agents IBBZ Accounting can help you to setup your business, claim expenses and do excellent tax planning to save you tax. 

 

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