Featured in

Grazia
CPATrendlines
LAWEEKLY
Entrepreneur
NPR

The cost of improper accounting can shut down a business

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. 

There's a lot of accounting considerations when building a business in cannabis

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. 

Approach cannabis accounting with the right framework

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!

Get introduced to how and why cannabis accounting is different

Get an overview of the ecosystem, regulations, and taxes impacting businesses in the industry.

Get clear on cannabis federal taxes (IRC 280e) and build an IRC 280e Strategy

Learn how to estimate 280e taxes, get comfortable about what you can and cannot deduct, learn how to perform an inventory allocation, and feel good about an IRS audit

Get Industry Specific Chart of Accounts

Unlock an industry-specific chart of accounts and guide that you can use for cultivators, manufacturers, distributors, or retailers.

Get Best in Class Accounting Procedures

Get cash management, inventory management, and key financial and operational best practices that you can start implementing today in a cannabis business.

Onboard your Clients with Ease

Get the tools and templates to onboard your cannabis clients with ease while making sure you have a solid understanding of the client's business.

Take the guesswork out of cannabis accounting, 280E, and accounting compliance

An on-demand, online course to help you upskill your cannabis accounting and compliance expertise

    1. The Cannabis Industry Needs you!

    2. Course Outline + Course Downloads

    3. Do you want to work with cannabis clients?

    4. My Cannabis Story, and How I got involved

    1. The Controlled Substance Act

    2. Risks of Working in Cannabis

    3. Adult Use vs. Medical Use

    4. Plant Touching vs. Ancillary Providers

    5. Cannabis Licenses (Plant Touching)

    6. Cannabis Business can operate with a Bank Account

    7. Cannabis Startup and Operating Costs

    1. Cannabis Regulation

    2. Common Areas of Regulation

    3. Master your Regulation - Activity

    4. Seed to Sale Tracking

    5. Insurance Requirements

    6. Record Requirements

    7. Cannabis Violations and Its impact on Accounting

    8. State and Local Cannabis Taxes

    9. Sales and Use Tax

    1. A deep dive into IRC 280e

    2. Cannabis Federal Deductions

    3. How 280E Applies to a cannabis business

    4. Tax Case Findings Summary

    5. The History of IRC 280E- >Jeffery Edmundson

    6. The Case for COGS Deductions and Separate Trades or Businesses -> (CHAMP)

    7. The importance of Receipts and 75.6% COGS --> Olive vs. Commissioner

    8. Cannabis Losses (Beck vs. Commissioner)

    9. Management Companies (Alternative Health Care Advocates versus Commissioner)

    10. Cannabis Excise Tax Memo

    11. Section 471 Memo

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

    13. Cash vs. Accrual Accounting

    14. Inventory Costs for Cannabis Businesses

    15. Freight in and Freight Out

    16. How the IRS Calculates COGS

    17. Section 471 of the IRS Code

    18. Single Legal Entity

    19. Multiple Legal Entities

    20. Other Accounting Strategies

    1. 280e Allocations Template

    2. Allocations Case Example - Mary

    3. Rent Allocations

    4. Labor Allocations

    5. Allocations with Multiple Revenue Streams

    6. Quarterly Tax Estimator

    7. Journal Entry for Allocation

    8. Audit Proof your Allocations

    9. Year End Inventory (what's included/excluded)

    10. Owner Distributions after Taxes

    1. Cannabis Chart of Account Template

    2. Create a Strategic Chart of Accounts for a Cannabis Business

    3. Accounting Systems

    4. Inventory Management Systems and Accounting Considerations

    5. Setting up a Customer List

    6. Setting up a Vendor List

    7. Product Listing

About this course

  • $249.00
  • 75 lessons
  • 4.5 hours of video content

Unlock these templates and Checklists

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

You'll also get these key features:

  • Instant Downloads

    You'll immediately unlock templates, tools, and training.

  • Interactive Training

    Get access to video training on tough areas of cannabis accounting.

  • Questions Asked & Answered

    Get your questions asked and answered

You can select two different routes for THC Bootcamp

Depending on your need for mentoring and support, we have two options available.

Is Cannabis Finance Bootcamp 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.

Hi, I'm Simone Cimiluca-Radzins, CPA

I've been working in regulated cannabis since 2015

Hi, I'm Simone Cimiluca-Radzins, CPA. I made the jump from corporate to cannabis in 2015. As a PwC alumnus, my experience with working in the agriculture, manufacturing, retail, entertainment, and technology industries has been beneficial in cannabis. My tenure in cannabis has led to winning competitive cannabis applications, successful capital raises for cannabis business owners, tax-saving strategies, and best in class business processes. I have experience lobbying on both a local, state and federal level. I'm a published author, speak on best practices in cannabis business around the world, and love talking about cannabis compliance and accounting!

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.

Unlock the tools and strategies to build a profitable and compliant cannabis business

Get started now

Still on the fence?

If you're thinking about being an accountant in cannabis, check out this guide.

Get the Accountants Guide to Working in Cannabis

    We won't send you spam. Unsubscribe at any time.