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Under the current federal drug laws codified in the Controlled Substances Act (CSA), it’s illegal to use, buy, or distribute cannabis in the United States. Although CSA prohibits the sale of marijuana, the internal revenue service (IRS) still requires CannaBusinesses operating under various state laws to report and pay income tax properly. Delay or failure… Continue reading IRS Cannabis Business Tax Guidance on IRC 280E, Cannabis CoGS, IRC 471-3, and IRC 471-11

Many cannabis companies in the U.S run as multi-state operators. However, each state has different rules for growing, packing, testing, and marketing cannabis products. Additionally, the laws and regulations governing cannabis companies are constantly changing, a challenge for MSO. Consequently, multi-state operators cannot standardize their ingredients, methods, and practices, which results in organization-wide inefficiencies and… Continue reading Five Challenges Facing Multi-State Operators That Are Overcome with an ERP

Cannabis legalization has been a long and rocky road. A major push in the right direction was the 2018 Farm Bill defining the difference between intoxicating marijuana used in the medical and recreational market vs. industrial hemp used for textile fibers and CBD products. 420 Accounting Services has helped many cannabis businesses understand vital regulations… Continue reading What does the 2018 Farm Bill mean for the status of CBD?

Big Opportunities for Accountants in the Cannabis Industry Accountants will always be needed in the cannabis world. The cannabis industry is constantly growing and more businesses are beginning to appear all around the country. Distributors and cultivators are continuously expanding and are in need of proper bookkeeping and compliance consulting. If you are considering a… Continue reading Medical Marijuana Accounting Opportunities

What Does a Cannabis Financial Consultant Do? A cannabis consultant is someone who plays an important role for those who are looking to start a cannabis business or those who are looking for cannabis license consulting assistance to keep their business running smoothly. Which Accounting Practices Do They Know About for Your Business? Cannabis consultants… Continue reading What is a Cannabiz Accountant and What Do They Do? | 420 Accounting Services

The whole business sector is still suffering from the pandemic. If decade-old firms are closing or facing bankruptcy, where does that leave newly established cannabis dispensaries and businesses? Cannabiz Accounting: Why is it important? Cannabis is a booming industry and a very lucrative one we might add. Today, medical cannabis is legal in more than… Continue reading 4 Reasons to Hire a Cannabis Accountant