As Cannabis businesses rush to prepare for potential rescheduling, a harsh reality is emerging: most aren't ready for the scrutiny that's coming. While the industry celebrates this historic shift, many Cannabis operators are sitting on a powder keg of messy books, questionable 280E positions, and incomplete documentation that could explode under increased regulatory attention.

After a decade of helping Cannabis businesses navigate these waters, I can tell you this with certainty: the difference...

The Cannabis industry is undergoing transformative changes, with rescheduling imminent and valuations expected to surge. This comprehensive overview from the 2024 AICPA Cannabis Conference highlights crucial developments affecting businesses, investors, and service providers in the space. Watch the video for an in-depth overview of AICPA's 2024 Cannabis Conference.

We cover:

• Industry support and leadership
• The cannabis legalization landscape
• Rescheduling Updates
• Financial and Tax Implicat...

As the green rush continues, a sobering reality is setting in: for every Cannabis company that blooms, another wilts. The problem? Despite the industry's explosive growth, many businesses are operating on shaky financial ground. They're navigating this complex landscape without a map, relying on gut instinct rather than solid financial planning. It's a recipe for disaster, and we're seeing the consequences play out in real time with shuttered storefronts and failed ventures.

But here's the t...

The Cannabis industry is on the cusp of a monumental shift that's about to rock the accounting and tax world. As a CPA with nearly a decade of experience in this niche, I've watched this industry explode from the ground up. We've gone from zero to a $33 billion legal market in 2023, with support for legalization at an all-time high. But hold onto your calculators, folks – what's coming next is going to make the past few years look like a warm-up lap.

In April 2024, the DEA dropped a bombshell: ...

Valuations play a key role in an array of Cannabis industry business concerns. Nevertheless, there’s a lack of good information for accounting professionals supporting the licensed Cannabis space. When you understand what valuation is—and the different kinds of valuation—you can help clients make choices that align with their needs. 

What is Business Valuation?

In a nutshell, business valuation is the process and procedures of determining the value of an owner’s interest in a business. The thr...

Whether you’re looking to serve Cannabis startups as a world class CFO or are a Cannabis CEO in the making, knowing what it takes to properly position the company for success is imperative. 

Now, we don’t say all of this to scare anyone away or to be gatekeepers in any form or fashion. We say this so that all parties can know what is needed in order to do well in this niche. We want this niche to thrive, and not die on the vine because the blind are leading the blind into dangerous territory. 

Many Cannabis businesses such as dispensaries, manufacturers, and cultivators tend to have a lot of cash on hand, even six-figure amounts, due to there being a lack of available banking services and solutions. Obviously, safeguarding massive amounts of cash is essential to day-to-day operations but there are many other reasons why managing cash flow matters greatly. 

With improved cash flow comes greater peace of mind, greater profits, and better forecasting. That’s not all. A strongly safeguar...

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, however, which me...

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 this emerging...

Cannabis friendly software solutions have posed many challenges to accounting professionals, owners, operators, and investors. In order to remain in compliance in today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the state and federal level which include required bank reporting, consolidated financials for investors and lenders, and  others that can be laborious and hard to keep straight without centralized software systems that integrate. Coupled with co...