Cannabis legalization is sweeping the nation with no signs of slowing down. The market is expected to grow from $9.2 billion to $47.3 billion in North America within the next ten years, making it one of the most lucrative and rapidly growing industries in the United States. The market creates an opportunity for a diverse range of industries; among those in high demand are accountants, bookkeepers, and compliance officers.
No matter the vertical you operate (grow, extract, food, products and retail), every company will need a qualified and trained Cannabis accountant to ensure complete compliance to IRS, state, OSHA, and federal rules. The perpetual changes in regulations inadvertently creates room for errors, misinformation, and mismanagement. Thus the need for an accountant with an expertise in cannabis regulations is imperative to the survival of a cannabis business.
For many start-ups and entrepreneurs transitioning from the black market to the legal market, one can face many financial issues that one is not prepared for. A common misunderstanding by CEOs related to tax code IRC Section 280E, is that it there are ways to “beat this code” using strategies of complex entity…