Cannabis accounting is different & Cannabis compliance is expensive

Cannabis businesses have an uphill battle compared to other businesses And the cost of non-compliance is even higher

The average annual cost of compliance to operate a cannabis business is estimated to be $200,000. Cannabis businesses pay more taxes, have a strict regulation to follow, have limits to banking and insurance, and have limited federal protections. Unfortunately, many cannabis businesses don't understand how to implement the compliance measures effectively in their business and often times are non-compliant, facing fines and penalties.

Secrets, Templates, and Checklists delivered instantly to you

If you are a consultant or a cannabis business operator responsible for accounting and compliance, this course will teach you how to create a compliance program that increases efficiency, empowers employees, and can work with the changing rules and regulations.

  • 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.

  • Best Practices in Seed to Sale Tracking, Inventory Management, and Books and Records Provisions

  • Best Practices in Cash Management

  • IRS Requirements for operating in an all cash business

  • Tools to start a cannabis compliance program

  • Compliance Calendar and Compliance Templates

  • A deep overview of cannabis taxes and best practices to minimizing the tax burden

What You'll Learn

  • 1

    Welcome and Getting Started

    • Before we begin...

    • Thank you, The Cannabis Industry Needs you!

    • The legal Disclaimer

    • My Cannabis Story, and How I got involved

    • What is a cannabis accountant?

    • What can you expect in this course and my ask of you

    • Cannabis is Federally illegal, and it impacts accounting
  • 2

    Seed to Sale and Unit of Measure

    • Anti-Diversion & Seed to Sale Tracking

    • Example of Seed to Sale Tracking Records

    • Unit of Measure
  • 3

    State Cannabis Taxes

    • State and Local Cannabis Taxes

    • Understanding the Cannabis Excise Tax

    • Sales Tax

    • Paying State Taxes
  • 4

    The Federal Cannabis Tax - IRC 280E

    • Federal Taxes

    • IRC 280E

    • The History of IRC 280E- >Jeffery Edmundson

    • 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)

    • The Lesson of For Profit vs. Not for Profit -> Canna Care vs. Commissioner

    • Management Companies (Alternative Health Care Advocates versus Commissioner)

    • Section 471

    • Cannabis Excise Taxes

    • Tax Case Findings

    • How 280E Applies to your business

    • Let's Meet Mary - Case Example
  • 5

    280e Best Practices

    • IRC 280E Strategies

    • Diversify Baby...Multiple Revenue Streams

    • The Different Legal Entities and a 280E Ranking

    • Using the Chart of Accounts to Minimize 280E Tax
  • 6

    An accounting refresher

    • A quick Accounting Refresher

    • Different Methods of Accounting

    • The Relationship between the 3 Financial Statements

    • Fixed Assets & Depreciation

    • How the IRS Calculate COGS

    • Cost of Goods Sold Quiz

    • What are your cost of goods sold?
  • 7

    Inventory

    • What is inventory?

    • Inventory Costs

    • Freight in and Freight Out

    • Inventory Valuation

    • Overhead Allocations

    • What are Mary's Inventory Costs?
  • 8

    Employee versus Owner

    • Who is considered an employee?

    • 10-99 vs. Employees

    • Payroll and IRC 280e

    • Labor Exercise
  • 9

    Cannabis Regulation 101

    • Cannabis Regulation

    • How to Analyze Cannabis Regulation

    • Common Areas of Cannabis Regulation

    • Advertising and Marketing

    • Cannabis Security Requirements

    • Packaging and Labeling Regulation

    • Books and Records Requirements

    • Do you know the common violations for cannabis businesses?

    • Insurance Requirements
  • 10

    Cannabis Compliance

    • Make Compliance your Competitive Advantage

    • How to Perform a Cannabis Risk Assessment

    • Perform a Risk Assessment on your business

    • Key Controls for a Cannabis Business

    • Policies and Procedures

    • Creating Cannabis Policies and Procedures
  • 11

    Inventory Compliance and Best Practices

    • Importance of Managing Inventory

    • Purchase Orders

    • Receiving Inventory

    • Inventory Reconciliations

    • Inventory Counts and Procedures

    • Segregation of Duties in Inventory

    • Creating your Inventory Process
  • 12

    Cash Compliance and Best Practices

    • Best Practices for Operating in all Cash

    • Cash Transactions > $10,000 USD: Form 8300

    • Form 8300

    • Cash Custodians

    • Cash Counts and Cash Reconciliation

    • Segregation of Duties in Cash

    • Cash Logs

    • Restricted Access

    • Best Practices in Record Retention

    • Cash Flow is the Priority
  • 13

    Cannabis Banking and Payment Processing

    • Cannabis and Banking

    • Bank Secrecy Act, FINCEN, Suspicious Activity Reports

  • 14

    Ethics and Code of Conduct

    • Is accepting and depositing funds from legal cannabis considered money laundering?
  • 15

    Final Thoughts and Next Steps

    • Before you go....

    • Next Steps

The quickest path to moving forward

Feel empowered to build operational efficiency, productivity, and accountability within a cannabis business

  • Gain instant and Lifetime access to Videos, Checklists, and Templates

  • Get the mentorship and specific questions answered in our monthly office hours

  • Receive a Certification of Completion that qualifies for Professional Credit

  • Access to promote your services in our professional directory

Make Make Compliance your Competitive Advantage

Cannabis is one of the most regulated industries in the United States, and the annual cost of compliance to operate a cannabis business is estimated to be $200,000. Unfortunately, many cannabis businesses spends thousands of dollars on SOP books that are never used, and don't understand how to implement the compliance measures effectively in their business.

Get Started Now

Get the roadmap and mentorship you've been looking for to starting a successful accounting career in cannabis

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Bonus material

Include additional content to your course curriculum to provide further value to your students.

  • Learn how to do a Risk Assessment

    Evaluate the potential risks that are involved in your business. Improve the effectiveness of your operational management, control, and governance processes.

  • Tools and Templates

    Unlock more than 20 templates and checklists that will help you implement best practices in cannabis accounting and compliance!

  • Online Support

    Get access to our private learning group where you can ask questions and get your questions answered!

What are students are saying

I have a plan

Diana, CPA

”I came in basically clueless and left with a great plan! Since that day I've taught my team everything you advised and we have been trying to enforce a whole new inventory system at our LA location. And it has been great!

“It was very informative.”

Val, Head of HR

Great Bundle of Information

Micah, Operations Manager

The packet we took home was very helpful. The inventory and product section of the course was helpful.

Is this program for you?

  • Are you the finance or compliance responsible at a cannabis business? Or plan to be?

    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!

  • Are you getting stuck and need a roadmap?

    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.

  • Do you want a community of support and lifetime access?

    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.

  • Do you want professional credit?

    Once you've completed the Bootcamp, you will be issued a certification of completion that includes 4 hours of CPE credit.

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