Welcome and Introductions followed by Cannabis 101

Nov 8, 2021 8:00am ‐ Nov 8, 2021 9:25am

Identification: CAN2101

Kick off the AICPA & CIMA Cannabis Industry Conference with shared insights from three industry leaders; Zachary Gordon, Melissa Diaz, and Katye Maxson-Landis. This session will give accountants a starting point for providing services to the cannabis industry. Cannabis faces unique challenges resulting from its federal illegality; consider industry hurdles, operational challenges and regulatory requirements. Each presenter will consider the question, "If I knew then what I know now..." and share their cautionary tales as well as their wins.

• Identify the banking, legal and tax challenges present in cannabis
• Discuss strategies to address the unique difficulties of working with 280E businesses
• Outline which technology solutions are cannabis compliant
• Examine how to put theory and innovations into practice for tax preparation

Cost Accounting "101" for the Cannabis Niche

Nov 8, 2021 9:45am ‐ Nov 8, 2021 10:35am

Identification: CAN2102

We will cover:

Why Cannabis companies are prime targets for audits (and how you can help them prepare for the inevitable audits)

Cost Accounting primer for the niche, & why is it so important for these companies

Entity structures and why this is important

Tools and processes needed to serve the niche

Day-to-day and month end accounting processes

Issues related to Startups and Capital Raises

• Learn the basic of cost accounting for the various sub-niches (Farming, Chemical Processing, Product Manufacture, Retail)
• Learn key issues affecting startups and capital raises

Navigating the Challenges and Hurdles of 280E in the Cannabis Industry

Nov 8, 2021 10:40am ‐ Nov 8, 2021 11:30am

Identification: CAN2103

Finding solutions to the challenges of 280E to stay compliant and profitable within the Cannabis Industry.

• What is IRS code 280E
• What can be deducted under 280E - tax strategies/compliance
• How to plan and prepare your business for a tax based 280E audit
• How to avoid operational inefficiencies - limited funding sources

M&A

Nov 8, 2021 11:35am ‐ Nov 8, 2021 12:25pm

Identification: CAN2104

With consolidation of the industry occurring in real time, join us for a discussion of how to help your clients prepare for and navigate both buy and sell side M&A transactions. Our panel will consider valuation ranges and strategies to bridge gaps between buyer and seller, navigating regulatory requirements, utilizing tax efficient structures, best practices from both the seller’s and buyer’s perspective and common pitfalls to avoid.

• Participants will learn about the trends driving industry consolidation and whether those trends will continue in 2022
• Participants will learn practical tools and strategies to advise their clients on how to navigate the wave of consolidation impacting the industry

Fireside Chat

Nov 8, 2021 1:25pm ‐ Nov 8, 2021 2:15pm

Identification: CAN2105

Section 280E Disputes: When to Hold 'Em, When to Fold 'Em

Nov 8, 2021 2:40pm ‐ Nov 8, 2021 3:30pm

Identification: CAN2106

This presentation will provide an overview of tax litigation involving IRS audits of cannabis companies and the application of Section 280E. The discussion will include cases defining trafficking, cases discussing separate trade or business issues, cases resulting in double taxation, the application of penalties to underpayments caused by the improper reporting of Section 280E, cases addressing inventory accounting (including the application of Section 471 and 263A), and constitutional arguments. The speaker will share her experiences with IRS audits and litigation of Section 280E issues.

• • Gain basic understanding of tax litigation based on IRS challenges to the application of Section 280E on tax returns.
• • Identify strengths and weaknesses in various tax reporting by cannabis companies.

Social Equity

Nov 8, 2021 3:35pm ‐ Nov 8, 2021 4:25pm

Identification: CAN2107

A discussion of social equity initiatives that have been built in to the licensing requirements as the cannabis industry has matured.

• Participants will learn the motivations of social equity initiatives in cannabis legislation
• Participants will learn the requirements in some states for creating greater opportunities for historically marginalized communities in the cannabis industry.
• Participants will learn some common challenges and things to consider for practicing CPAs working with social equity cannabis license holders.

Keynote: Embracing the Future of Legal Cannabis

Nov 9, 2021 8:00am ‐ Nov 9, 2021 8:55am

Identification: CAN2108

Legal marijuana is one of the fastest-growing industries in the United States, despite operating under a patchwork of conflicting laws and ever-changing regulations. Now, with 19 states regulating adult-use sales and 36 states allowing medical marijuana sales, the cannabis industry is coming out of the shadows and beginning to be accepted and treated as a significant, professional sector. As state legalization laws pass at a rapid pace and a federal legalization bill is poised to be introduced in the United States Senate for the first time, a historic opportunity presents itself to participate in the creation of a new national marketplace rooted in fairness and equity.

• Understand the current status of legal and medical marijuana and hemp throughout the United States.
• Discover how current and developing state regulatory frameworks are building on previous lessons learned.
• Consider how potential federal laws are poised to rapidly change the cannabis industry.

Ethics and Practice Management/Risk Management in Cannabis

Nov 9, 2021 9:05am ‐ Nov 9, 2021 10:20am

Identification: CAN2109

Auditing

Nov 9, 2021 10:40am ‐ Nov 9, 2021 11:30am

Identification: CAN2110

Whether you are a service provider advising clients’ on having their cannabis operations audited,  have experience in providing audit services to the industry or are considering providing audit services, you will want to join this discussion regarding the unique issues and challenges of cannabis auditing and how to evolve audit procedures as your client and the industry matures.