2021 is already shaping up to be a historic year for Cannabis, on the heels of the huge growth and developments the industry experienced in 2020. From skyrocketing sales amid the pandemic to five new states welcoming legalized Cannabis in the November elections, the industry is poised for big changes on the horizon.

Now, with the recent Senate power shift and the House voting on the MORE (Marijuana Opportunity Reinvestment and Expungement) Act, Cannabis may finally be removed from its...

Cannabis companies are springing up across the country, and for good reason. There is a huge opportunity for growth in this market and businesses are just scratching the surface. However, it’s your job to be the expert on the numbers and the complicated rules to stay ahead of the game and keep your clients moving forward.

Despite the many opportunities in the industry, Cannabis companies face certain challenges due to its federally illegal status, especially in regards to tax...

Properly quoting accounting fees is complicated in any industry, but establishing a pricing policy for the wily Cannabis and hemp/CBD niches can be especially challenging and overwhelming. 

If you find it hard, or even scary, to price your Cannabis and hemp/CBD accounting services without undercutting your value, you are not alone. 

Many accountants struggle with raising their fees beyond low hourly rates. Learning how to package your services, create clear offers to reflect your...

To say that Cannabis and hemp/CBD accounting is like the Wild Wild West, is a bit of an understatement. High regulation, unusual tax codes and penalties, cash handling issues, lack of reliable software, merchant services availability, and complex reporting and compliance needs make Cannabis accounting ridiculously complicated. Never mind the fact that Cannabis is still federally illegal, so businesses must adhere to 280E, which stipulates deductions can’t be taken (for the most part)....

What is the first thing you think of when you hear the word “Cannabis”?

Did your thought(s) lean negative or positive?

The stigma surrounding the Cannabis plant often prevents seasoned accounting professionals from entering the Cannabis niche. There is sometimes a fear of not maintaining professionalism or damaging their reputation when they sign Cannabis clients, or a resistance to working with a federally illegal product and the accompanying tax complications.

You’re here,...

Cannabis/CBD accounting is overwhelming for CEOs and seasoned accountants alike. At times, both niches can seem impossibly complex and leave you, the accounting professional, with a headache as you sift through state and federal rules and regulations. 

Your clients’ success hinges largely on you unraveling the tangle of rules and regulations and implementing the necessary processes required to keep Cannabis companies compliant. Few standard procedures and controls have been set in...

Proper cost accounting is essential for all Cannabis and hemp verticals, but it gets particularly tricky when you're dealing with cultivation. From the moment a seed is planted in the ground to the harvest of the crop, high-level accounting procedures are mandatory to keep cultivation companies compliant. 

Cannabis growers tend to be uninformed as to the importance of proper accounting. Often focusing more on the science and passion of growing, they have little patience for numbers....

Cannabis accounting is a complex, ever-changing niche due to the plant’s federally illegal status (regulations and rules vary from state to state). One key (but extremely complicated) aspect of Cannabis accounting is seed to sale tracking and compliance. Cannabis business owners can easily flub these complex accounting and compliance processes without the help of a trained Cannabis accountant on board. Even worse, inaccurately inputting seed to sale data can lead to significant...

$8.1 billion of capital was raised by Cannabis companies in 2019 alone and, as more states move toward full legalization, that amount will only continue to grow. Additionally, industry experts are seeing that these niches appear to be recession-resistant (even “virus-resistant”) with many states experiencing recent record sales, mainly since Cannabis and hemp/CBD markets have been deemed essential during the pandemic. 

However, even recession-resistant companies can...

Now that most of the nation is holed up under shelter-in-place guidelines, Cannabis and CBD are considered essential (in most states) and sales have been increasing, While other companies are on lock down and laying off their employees, there is truly no time like the present to build your own 100% remote Cannabis or CBD accounting firm. 

But how do you even get started? What is the actual process to transfer from a full-time job at a corporate accounting firm to running your own...