Will the Corporate Transparency Act Smother the Cannabis Industry?

The CTA requires business entities to file information on their "beneficial owners" with FinCEN, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.

10 minute read April 01, 2024 at 12:07 AM

Steve Schain

Will the Corporate Transparency Act Smother the Cannabis Industry?

Mandating "true owners' identity disclosure" to prevent using shell companies to conceal criminal revenue, the Corporate Transparency Act (CTA), 31 U.S.C. Section 5336, et. seq., creates myriad cannabis industry headaches.

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