It’s no secret that the Cannabis industry is booming with revenue, yet businesses are heavily burdened with rules and regulations, making accounting professionals an invaluable asset to owners, operators, and investors in this niche.
Since everything, including the laws and guidelines, is new; technology, best practices, and guidelines haven’t caught up to the needs of the Cannabis industry; making it incredibly difficult for accounting professionals to properly serve these businesses.
280E prohibits Cannabis companies from being able to take deductions like ordinary businesses, creating a number of additional challenges that experienced accounting professionals must be prepared and be properly trained to support.
With the lack of resources and the complex rules and regulations, accountants don’t know where to start or how to help their current clients maintain compliance, support them through banking challenges, meet their ongoing licensing requirements, etc.
The reality is that the accounting needs for Cannabis businesses have dramatically increased over the years, creating an incredible amount of opportunity to do fun, meaningful work with companies that are growing to millions of dollars in a short period of time.
This will not be another discussion about 280e and 471. We’ll be having a practical discussion about the day-to-day accounting requirements of working with cannabis companies in 2022.
The National Association of Cannabis Accounting and Tax Professionals
Co-Founder and Owner
A former “Big 4” accounting professional, Naomi has over 12 years of experience in both public accounting and industry accounting. She has managed large global teams responsible for planning, performing and managing audits of financial statements and internal controls over financial reporting. Noaomi was featured in MJ Biz’s Jan 2019 issue in their "Women to Watch" section.