Get best practices in cannabis accounting
Get clear on cannabis taxes, accounting compliance and how to build a profitable business in cannabis
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 clear on the best practices to building a strong financial foundation
Cannabis accounting is different and nuanced. To be successful in cannabis accounting, a business must have a strong financial foundation, a clear understanding of the local, state, and federal taxes, and a cash flow strategy.
With strict regulations from state regulators and extra requirements from the IRS, it's important that business owners and the finance responsible embrace cannabis accounting and accounting best practices.
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
Best practices in onboarding cannabis clients
Get practices in inventory, cash management, fixed assets, and more!
An on-demand, online course to help you upskill your cannabis accounting and compliance expertise
The Cannabis Industry Needs you!
Course Outline + Course Downloads
Do you want to work with cannabis clients?
My Cannabis Story, and How I got involved
The Controlled Substance Act
Risks of Working in Cannabis
Adult Use vs. Medical Use
Plant Touching vs. Ancillary Providers
Cannabis Licenses (Plant Touching)
Cannabis Business can operate with a Bank Account
Cannabis Startup and Operating Costs
Common Areas of Regulation
Master your Regulation - Activity
Seed to Sale Tracking
Cannabis Violations and Its impact on Accounting
State and Local Cannabis Taxes
Sales and Use Tax
A deep dive into IRC 280e
Cannabis Federal Deductions
How 280E Applies to a cannabis business
Tax Case Findings Summary
The History of IRC 280E- >Jeffery Edmundson
The Case for COGS Deductions and Separate Trades or Businesses -> (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)
Cannabis Excise Tax Memo
Section 471 Memo
The Lesson of For Profit vs. Not for Profit -> Canna Care vs. Commissioner
Cash vs. Accrual Accounting
Inventory Costs for Cannabis Businesses
Freight in and Freight Out
How the IRS Calculates COGS
Section 471 of the IRS Code
Single Legal Entity
Multiple Legal Entities
Other Accounting Strategies
280e Allocations Template
Allocations Case Example - Mary
Allocations with Multiple Revenue Streams
Quarterly Tax Estimator
Journal Entry for Allocation
Audit Proof your Allocations
Year End Inventory (what's included/excluded)
Owner Distributions after Taxes
Cannabis Chart of Account Template
Create a Strategic Chart of Accounts for a Cannabis Business
Inventory Management Systems and Accounting Considerations
Setting up a Customer List
Setting up a Vendor List
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
Depending on your need for mentoring and support, we have two options available.
Online Course + Accounting Templates
3 coaching sessions + Bootcamp
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.
I've been working in regulated cannabis since 2015
If you're thinking about being an accountant in cannabis, check out this guide.