Everything You Wanted to Know About Cannabis Accounting but were Afraid to Ask

Because Cannabis production involves four verticals: farming, chemical manufacturing, food production, and retails the accounting for business owners can become very complex without an experienced accountant knowledgeable in this unique industry - who is not only up to date on the day-to-day bookkeeping needs but also keeps up with the local, state and federal financial regulations which can often appear to contradict or at least confound each other.

The most recent issue of CPAFocus published by Oklahoma Society of CPAs, featured Dope CFO’s Andrew Hunzicker and asked him some of the most common questions asked by accountants entering the Cannabis Industry.

If you want to learn what it takes to be an expert in cannabis accounting, feel free to reach out! We’re happy to help.

Read More HERE

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There’s Too Much Marijuana in Oregon

business oregon politics Aug 31, 2018

Marijuana prices are reaching historic-lows in Oregon.

The average price of a gram of marijuana has dropped 50%  in Oregon, going from $14 in 2015 to only $7 in 2017-2018.  Oregon’s U.S. Attorney Billy Williams voiced his frustration over the matter in a recent statement he released.

“In my view, and frankly in the view of those in the industry that I’ve heard from, it’s a failing of the state for not stepping back and taking a look at where this industry is at following legalization,” said Williams in an interview with the AP.

“What is often lost in this discussion is the link between marijuana and serious, interstate criminal activity,” Williams added. “Overproduction is rampant and the illegal transport of product out of state — a violation of both state and federal law — continues unchecked. My ask continues to be for transparency, responsible regulation, adequate funding, and a...

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COGS and Navigating 280E for Cannabis and Their Various Entities

tax accounting webinars Aug 24, 2018

We get a number of inquiries from accountants and cannabis CEOs alike who are unsure and unaware of how to navigate their accounting challenges.

 280E dictates what cannabis companies (or any company that sells… what are classified as drugs), can and cannot deduct as expenses. While many are aware of 280E few are familiar with cannabis COGS and the various rules for different entities.

In this webinar we touch on 280E and 471 and how these different tax codes affect  dispensaries, grows, and extracts.

In terms of COGS, we preview some of the tools that we use to determine the cost of growing different strands over time for our clients.

 ...and more!

 Catch the replay HERE

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3 Financial Mistakes Your Cannabis Business Can't Afford to Make

The industry is largely void of qualified financial professionals such as CPAs and bookkeepers, who can help Cannabis companies adhere to stringent regulations while mitigating the high risk of fines and penalties. In this article from Green Entrepreneur, Andrew Hunzicker mentions a few of the common financial mistakes cannabis businesses really can’t afford to make.

If your business or your clients are making these mistakes in their business and need help, feel free to reach out! We’re happy to help.

Read More HERE

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Is It Legal to Provide Accounting Services for Cannabis Businesses?

There is a thriving need for complex and accurate accounting in the cannabis industry.

While it is already legal to sell in 30 states, cannabis is still considered a Schedule I Controlled Substance under federal law. Despite how someone may personally feel on the subject, legal cannabis is a booming business segment that has a sizable need for proper accounting practices.

But is it legal? Would the risk that comes with the territory be worth putting your business at risk?

Let’s look at some interesting statistics first:

  • Cannabis sales are growing at an incredibly fast rate, expecting to generate over $10.8 billion in sales in 2019, an incredible increase from the $2.7 billion from 2014. (Source: ArcView Market Research)
  • If Cannabis is Federally legalized by 2020, revenues are expected to reach $35 billion - three times more than the National Football League (Source: Greenwave Advisors)
  • The largest group of cannabis buyers in the world will be in North America, estimated to go...
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Know a Good Accountant? Cannabis Companies Are Looking | Green Entrepreneur

As the cannabis space matures, it's becoming increasingly populated with service providers from a diverse range of ancillary industries. Among them, accountants and bookkeepers have become some of the most sought-after specialists in the field. Running a cannabis business are entirely distinct from any other sector, and most cannabis CEOs lack the skill set to circumvent the countless risks involved. For this reason, a majority of cannabis companies require guidance from experienced and knowledgeable professionals to implement standard operating procedures and bring their books up to par.

For the most part, larger accounting firms are avoiding the space altogether -- ultimately leading to a growing demand for those willing to become involved with cannabis businesses. With a striking gap in the space for qualified professionals equipped to support business owners in maneuvering the risky regulatory landscape, accountants and bookkeepers are finding major opportunities to open up shop...

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The CPA's Guide to Getting Started in Cannabis Accounting | Accounting Today.

With most big accounting firms still avoiding the cannabis industry, small accounting firms are undoubtedly in the right place at the right time.

Equipped with a specialized skill set and sophisticated financial knowledge, CPA’s and other accounting professionals have the opportunity to enter a burgeoning market—projected to reach an economic impact of $70 billion in the U.S. by 2021.

In this article, Andrew shares a few key steps that you can take right away to get your foot in the door.

Read More HERE

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Grow Your Accounting Business by Choosing the Right Niche

After spending 10's of thousands of dollars on coaching and eduction to grow my business, the one nugget that actually helped me grow most, was finding my niche.

By doing so, I was able to:
- Double down on more focused marketing efforts
- Position myself as an expert
- Charge more for my services
- Streamline, and provide more specialized services to my clients

…and so much more.

It may seem like you will miss out on business if you only work within a niche; however, the benefits outweigh the struggle.

If you’re ready to pick a niche, check out our webinar on where we discuss the impact that our niche has had on our business, and how you too can find a profitable and sustainable niche where you can excel.

 

Check out the replay by CLICKING HERE.

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Dope CFO Levels Up Its Offerings | CPATrendlines.com

cpa trendlines press Jul 27, 2018

Naomi Granger, CPA, MBA, took a leap of faith and it paid off. And it’s still paying off.

With more than 12 years of public accounting experience, working her way up the ranks to senior management at PwC, Granger wanted more. She wanted flexibility and ownership of her time and schedule. So, she started researching how to start a remote accounting practice.

The key? Honing in on one niche. And not just any niche. An industry she could really sink her teeth into.

She considered working with professional athletes or in real estate, but eventually settled on cannabis. Then she found Andrew Hunzicker late last summer.

 

Read More HERE

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