2024 AICPA & CIMA Cannabis Industry Conference

This session will delve into the multifaceted implications of the potential reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act and its effects on various sectors of the industry. Led by renowned industry experts, attendees will gain insights into the shifting landscape of capital markets, taxation policies, and legislative developments. From understanding the market dynamics to anticipating legislative changes and exploring the challenges and opportunities ahead, this session offers a comprehensive analysis of the rescheduling's ramifications.

What are the issues cannabis businesses and their accountants should consider during an exam that could end up in litigation? What are the statute of limitations considerations relevant during exams and when filing refund claims? What are the hot button issues on the horizon that are ripe for litigation or anticipated to be litigated? What are possible considerations that impact the government’s view on litigating 280E issues or any cannabis tax issue? Panelists include experts who have dealt with these issues for businesses and the government. The presentation will include fundamentals on the roadmap to court and statute of limitations for refund claims, including protective refunds, and assessments, as well as a lively discussion addressing the questions above.

Learn about the high transformation and growth happening in the accounting profession and ways the Cannabis industry can blaze a trail to help our profession move forward.

Get ready for an exclusive insider's perspective on the cannabis industry! We are thrilled to welcome Brian York, Head of Operations at Elevate Cannabis, and Ryan Minette, CEO of Robhots Edibles. In this exciting session, we'll embark on a deep dive into the crucial Key Performance Indicators (KPIs) that drive success for cannabis companies. Discover why these metrics are essential for running a thriving operation and gain invaluable insights from two of the industry's top leaders. Don't miss this opportunity to learn what truly matters to cannabis operators and how you can apply these strategies to elevate your business!

This session will provide an in-depth examination of litigation and forensic accounting issues within the cannabis industry. The presenters, a lawyer and a forensic accountant with specialized knowledge of the cannabis sector, will address the financial and legal complexities unique to this industry. Topics will include navigating disputes related to regulatory issues, mergers and acquisitions (M&A), breach of contract cases, and other civil litigation matters. The session will also explore methodologies for forensic accounting, focusing on the evaluation of financial data. Additionally, the legal discussion will highlight the intricacies of cannabis law, including the intersection of state and federal regulations, and strategies for managing legal risks.

With potential rescheduling/descheduling/more investor funding, the need for some form of auditing and reporting will be necessary. Join us as we look to the future and prepare for the upcoming audit season and review challenges from the previous season.

The session will explore current trends and challenges in cannabis industry appraisals. The continuing conflict between federal and state law, coupled with significant price volatility; state regulatory differences; the illicit cannabis market; and the aftermath of the COVID-19 pandemic pause have resulted in a perfect storm for an incredibly unique industry. Recreational marijuana is currently legal for adults in 24 states and Washington, DC, while medical marijuana is legal and available in 38 states and DC. At the same time, marijuana remains a Schedule 1 narcotic under federal law, pursuant to the 1970 Controlled Substances Act. Valuing ownership interests and license rights require access to specialized knowledge and knowing where to look for market data and resources.

In this session we will discuss advanced tax topics impacting the cannabis industry today and considerations for the future. Topics will include equity compensation and transactions, tax considerations post rescheduling, and other concepts for CPAs servicing this developing niche.

The talk will review the laws in Oregon and Colorado regarding their state-regulated psilocybin programs, including an overview of the status of each program, important regulations impacting business decisions, and any financial data available on the size and health of the sector. The talk will also cover possible new states where these programs will be replicated, including California, Massachusetts, and others. Finally, the panel will discuss ancillary psychedelic businesses, such as the unregulated world of decriminalized psychedelics including trip sitting, guiding, spiritual work, and coaching work. The talk will also cover related topics including civil liability risks, risks for licensed professionals working in this area, and tax implications of these emerging industries.

A discussion of how unique tax and legal rules present challenges in successfully restructuring cannabis companies as compared to other industries.

In the rapidly evolving cannabis industry, establishing and maintaining effective internal controls is not just about compliance; it's a strategic imperative. "Strengthening the Roots: Implementing Robust Internal Controls in the Cannabis Industry" is a comprehensive session designed for accounting professionals navigating the complex regulatory and financial landscapes of this unique sector. As the cannabis industry continues to grow and face increased scrutiny, businesses within this sector must prioritize the development of stringent internal control systems to mitigate risks, enhance operational efficiency, and ensure financial integrity. This session will provide attendees with the knowledge and tools necessary to design, implement, and manage effective internal controls tailored to the specific needs and challenges of cannabis businesses.

This session delves into the major economic issues facing state-regulated cannabis businesses and what to expect with potential future rescheduling and market expansion. Participants will gain insights from recent national surveys on cannabis business conditions, learn about the major challenges cannabis companies face, and hear how new market expansion and potential cannabis rescheduling will provide a boost to sales revenue and tax savings in the coming years.

In this session, we’ll delve into the intricate world of cannabis, exploring the challenges and opportunities presented by the ever-evolving landscape. Our esteemed panelists will discuss critical aspects of potential changes in cannabis policy at the federal level, as well as potential regulatory evolution at the state level. Join us for a high-stakes conversation that promises valuable insights for professionals navigating this dynamic industry.

This panel discussion will cover a wide range of partnership tax issues relevant to the cannabis industry including the pros and cons of partnerships versus C corporations; the intricacies of operating agreements; the complexities of partner allocations and capital account maintenance; and the potential tax implications of converting from a partnership to a C corporation. The discussion will also delve into the nuances of 280E expense deductions, the impact of recent tax law changes, and strategies for navigating the unique challenges of cannabis taxation. Attendees will gain valuable insights and practical guidance to help them effectively advise their cannabis clients on partnership tax matters.

Join us for the culminating fireside chat, where our panel of planning committee members will address your unanswered questions. From regulatory challenges to financial best practices, our panelists will share insights and exchange perspectives. Don't miss this final opportunity to ignite meaningful conversations, gain valuable insights, and forge lasting connections at the forefront of cannabis accounting.