The 2023 reMind Psychedelics Business Forum was held Nov. 28-29, 2023, at the Westgate Hotel & Casino in Las Vegas. More than 30 expert speakers presented the latest insights and information in the field of psychedelics with the goal of advancing this emerging industry responsibly and ethically. The videos of the sessions are now available online.
Legal and financial experts with deep experience in the space shared their insights on how to establish and operate a psychedelic company, including legal contracts, banking practices, insurance coverage, and tax structures at the reMind Psychedelics Business Forum.
The session, titled “Set Up Your Business for Success: Insider Advice on Taxes, Banking, Contracts and More,” featured Britt Rollins, co-founder of the National Psychedelics Association; Nicole Howell, partner at Clark Howell LLP; and CEO of Calyx CPA LLC.
The discussion ranged from tax code issues and best accounting practices to setting up mission statements and partnership agreements. Howell said working in psychedelics brings opportunities for new ways of looking at business in general.
“I think fundamentally a lot of psychedelic healing is pointing to a more healed concept of ourselves and our relationship to one another. And there are a lot of concrete ways that can be done in business, too,” she said. “The process and the wisdom that is potentially available to you and your partners as you are working with these medicines and molecules can guide how you set up your corporate structure and the governance of your entity — and also your contracting and other business relationships.”
Botillier discussed some of the nuances of the 280E tax code, and compared the emerging psychedelics industry to cannabis.
“There are tools you can use to mitigate 280E. There are accountants who specialize in the cannabis industry who can apply those same tools to psychedelics,” he said. “But there definitely needs to be more preparedness in the psychedelics space for these issues because it’s a service versus a commodity and there is a spectrum of recommendations by tax attorneys.”
More about our speakers:
Britt Rollins, Co-Founder of the National Psychedelics Association, brings a wealth of experience from the healthcare and pharmaceutical sectors. Having worked at renowned agencies like Saatchi & Saatchi, DDB, and Real Chemistry, Britt has been instrumental in guiding brands through pivotal moments, from launches to rebrands and FDA expansions. Beyond the corporate world, Britt’s commitment to mental health advocacy is evident. As the National Psychedelics Association gears up for its 2024 launch, Britt’s vision and expertise will undoubtedly play a key role in its trajectory.
Nicole Howell is a partner at Clark Howell LLP and founding board member of the Psychedelic Bar Association. Sheis one of California’s most effective and respected cannabis business and regulatory attorneys. Industry executives, private investors, and public companies turn to Nicole for her perspective and proven track record in advising the industry’s most successful operators through California’s challenging and dynamic market. She has been working against prohibitionist drug laws since the beginning of her career and is passionate about the cognitive, therapeutic, and spiritual healing that results from the perspective shift psychedelics provide.
Justin Botillier is CEO of Calyx CPA LLC in Southern Oregon. Justin has 16 years of experience working with small business owners. Prior to its recreational legalization, he was among the first accounting professionals to advocate for the cannabis industry actively and publicly. In 2016, Justin sold his general practice to work in cannabis full-time. He now works with the psychedelic community to prepare business owners for the tax impact of 280E on businesses in the psilocybin industry. His firm specializes in business advisory, entity formation, tax preparation, and tax planning for plant medicine companies.
