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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.
The CTA requires business entities to file information on their "beneficial owners" with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, which, in turn, may disclose it to domestic and foreign law enforcement agencies, prosecutors, judges and financial institutions.
Because it imposes onerous reporting requirements, impedes entity formation and modification, encumbers investors, and enhances investigative and prosecutorial likelihood, the Corporate Transparency Act may stifle the cannabis industry's operations and growth.
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