Understanding the difference between CBD & THC, hemp and cannabis is vital if you’re entering into the realm of cannabis accounting.
In our recent podcast, we talked with Summer Wilkinson, co-founder of Leap Books, about the differences between them all, and how she got into the industry.
CBD can be extracted from the hemp or marijuana. Hemp plants are cannabis plants that contain less than 0.3 percent THC, while marijuana plants are cannabis plants that contain higher concentrations of THC.
THC is the primary psychoactive compound in marijuana that gives the high sensation. It can be consumed by smoking marijuana, or extracting the THC and putting it in some form of edible or topical delivery.
The plants themselves look identical to an untrained eye, making it a bit challenging to identify, as the real difference lies in the chemistry of the plants.
Under the 2018...
With the rise in popularity of legal cannabis products comes plenty of regulatory issues to keep up with, analyze, and implement as an accounting professional. Laws and regulations are changing almost daily, so staying in the know is of the utmost importance in keeping you and your clients out of trouble. Keeping up with THC and CBD regulations in the cannabis accounting space can be a daunting and seemingly hopeless task, but we’re here to help. Let’s take a look at some of the legislation that has affected the cannabis industry lately.
Congress passed the Agriculture Improvement Act of 2018 (aka the 2018 Farm Bill), which declassified hemp as a Schedule 1 controlled substance (among other things). Considering that hemp can be any part or derivative of a Cannabis sativa L. plant that contains less than 0.3% THC, CBD would come off of Schedule 1, as well (...