No business owner can manage their enterprise’s operations alone. That is, not if you want your business to succeed and grow. This is especially the case for businesses in the cannabis space. Complex and ever-changing rules and regulations impose time and resource constraints that are overwhelming and costly to handle alone. That’s why it’s imperative […]
As the cannabis industry in the US matures, there’s a growing need for accountants to service canna-businesses and further professionalize the sector. But given the complexities and risks faced by marijuana businesses due to the plant’s federally-illegal status, it is essential to hire an accounting firm with cannabis industry-specific expertise for three hugely significant reasons. […]
While the marijuana industry in the US still comprises a significant proportion of small, independent businesses, there has been a trend towards more mergers, acquisitions, joint ventures and partnerships. The industry is consolidating fast, but it’s not necessarily professionalizing at the same pace, at least as far as accounting practices go. Across the country, cannabis […]
Marijuana legalization has well and truly established itself as more than a movement in recent years. It’s now big business, with retail sales expected to top $37 billion in 2024. But while more and more states move to legalize cannabis, the marijuana industry continues to be underserved by financial institutions, including accountants. This not only […]
Ensuring your business remains tax compliant is a challenge for every entrepreneur. Failure to do so leaves you vulnerable to an IRS audit and potential resulting penalty charges. This challenge is especially acute for marijuana business owners though due to the unique nature of the state-legal cannabis industry operating while the federal prohibition of marijuana […]
Marijuana’s federally illegal status adds extra layers of complexity and risk that cannabis business owners need to be aware of to ensure they comply with federal tax requirements. The most obvious challenge canna-businesses face as a result of federal prohibition is the reluctance of major banks and financial institutions to offer their services for fear […]
Marijuana legalization may be continuing apace across the US, but cannabis industry finances are still stuck in the 1980s. This isn’t just because many financial institutions are reluctant to service state-legal marijuana businesses because of cannabis’ federally-illegal status. It’s also because of Internal Revenue Service (IRS) Tax Code 280E. This code means marijuana businesses have significantly […]
The thriving cannabis industry in the US, which has gone from strength to strength even amid the COVID-19 pandemic, means marijuana businesses big and small face an increasing need for accountants. Accountants are essential for just about any business, but this is especially so in the marijuana industry given the difficulties posed by the plant’s […]
The third annual Insuring Cannabis Summit took place entirely online this year and focused on the insurance risks and opportunities in the cannabis marketplace. The event, hosted by Insurance Journal, included presentations from 27 marijuana industry experts discussing topics like risk management, the future of the cannabis industry, marijuana laws and regulations, and the business […]
While marijuana legalization continues to spread across the US, cannabis stocks are currently trading at some of their lowest market values this year. This downward trend can be attributed in part to more widespread inflation concerns but uncertainty surrounding attempts on Capitol Hill to federally legalize cannabis are also likely playing a role. The Senate […]
