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.
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
Finding solutions to the challenges of 280E to stay compliant and profitable within the Cannabis Industry.
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.
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.
A discussion of social equity initiatives that have been built in to the licensing requirements as the cannabis industry has matured.
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.
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.