Feel Confident about THC accounting
Get up to speed on what you need to know in cannabis accounting
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Cannabis accounting is different and nuanced.
The cost of not knowing the state and federal taxes, cannabis compliance, and best practices in handling an all-cash business could lead to fines, penalties, and cash flow issues down the road.
Cannabis businesses must have a solid accounting strategy and need to focus on managing cash flow, inventory, all while staying competitive in a highly regulated market.
Get the tools to level up your cannabis expertise and confidently get up to speed on the nuances of working in cannabis and how to navigate cannabis accounting, regulation, and compliance.
A deep overview of cannabis taxes and best practices to minimizing the tax burden
Best Practices in Financial Procedures for a Cannabis Business
Feel prepared for operating in an all cash environment
Feel confident about the IRS requirements for cannabis businesses
Inventory Controls and Best Practices
Best practices in onboarding cannabis clients
+5 Years of Operating in Regulated Cannabis
There's a lot to learn when it comes to navigating the industry, we're here to help you get started.
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An on-demand, online course to help you upskill your cannabis accounting and compliance expertise
Before we begin...
Course Downloads
The Cannabis Industry Needs you!
List Your Services in the Accounting Directory
Check out the Community Forum
Profit and Loss Finance Terms
Different Methods of Accounting
What is inventory?
Freight in and Freight Out
How the IRS Calculates COGS
Section 471 of the IRS Code
Unit of Measure in Inventory + Cheat Sheet
The impact of federally illegality
How the Cannabis Ecosystem Works
Cannabis Startup and Operating Costs
Cannabis Regulation
Insurance Requirements
Record Requirements
State and Local Cannabis Taxes
Cannabis Violations and It's impact on Accounting
IRC 280E
How 280E Applies to a cannabis business
The History of IRC 280E- >Jeffery Edmundson
Tax Case Findings Summary
The Case for COGS Deductions and Separate Trades or Businesses -> Californians Helping to Alleviate Medical Problems (CHAMP)
The importance of Receipts and 75.6% COGS --> Olive vs. Commissioner
Cannabis Losses (Beck vs. Commissioner)
Management Companies (Alternative Health Care Advocates versus Commissioner)
The Lesson of For Profit vs. Not for Profit -> Canna Care vs. Commissioner
Cannabis Excise Taxes
Section 471 vs. Section 263A
Different Legal Entities
Owner Salary and IRC 280e
IRC 280E Strategies
Cost Allocations Case Example - Mary
280e Allocations Download
Employees and Independent Contractors
Audit Proof your Allocations
Importance of Managing Inventory
Inventory Management Downloads
Seed to Sale Tracking Requirements
Inventory Counts and Procedures
Inventory Reconciliations
Receiving Inventory
Purchasing Policy
Cash Management
Cash Management Downloads
Bank Secrecy Act and FINCEN
Cannabis and Banking...
Cash Transactions - IRS Compliance
Cash Logs and Accounts
Restricted Access of Cash
Designate a Cash Custodian
Segregation of Duties in Cash
Perform Cash Counts
Implementing Budgeting Controls to Manage Cash
Accounting Systems
How to Create a Strategic Chart of Accounts
Cannabis Business Chart of Accounts
Paying Cannabis State Taxes
Ownership & Equity
Defining your role as a Cannabis Accountant
Before you go....
Get up to speed with these workpapers, process control questions, and checklists
IRC 280e Calculation Tools and Checklists
Cash Control Checklist
Inventory Control Checklist
Onboarding a New Cannabis Business Checklist
Questions to ask when assessing the purchases process in the business
Questions to ask when assessing the accounting process in the business
Questions to ask when assessing the inventory process in the business
Questions to ask when assessing the cash process in the business
Period End Checklist
If you're thinking about being an accountant in cannabis, check out this guide.
This program is for you if you will be responsible for cannabis or hemp accounting and compliance. If you're a bookkeeper, accountant, compliance consultant, or employee in operations and accounting, it's time to take action!
Imagine having a finance and compliance roadmap, templates, and checklists, delivered directly to you. You’ll have access to hundreds of hours spent consulting business owners, creating business solutions for businesses in cannabis, manufacturing, agriculture, and retail delivered directly to you.
When you enroll in the training, you will have instant and LIFETIME access to the training and course modules. You'll have access to participate in our online community group and ask questions on our group forum.