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It’s hard to operate a profitable cannabis business

Cannabis businesses pay more taxes, have strict regulations, and have limited access to banking.

 

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. 

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.

Approach cannabis accounting with more confidence, insight, and support

Unsure where to start? We got you covered.

  • 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

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

  • If you're in cannabis, you're in compliance. We make sure you've got the roadmap to compliance.

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

  • Feel prepared for operating in an all cash environment

  • Feel confident about the IRS requirements for cannabis businesses

  • Make accounting and compliance your competitive advantage

  • Tap into a proven track record of driving the growth of numerous businesses across multiple industries, finance, and money management expertise.

  • Save thousands of dollars and hundreds of hours spent on trying to learn it on your own or hiring the wrong person and get the mentorship, insight, and support to confidently build the business of your dreams.

Finance, Compliance, and Industry Expertise

+5 Years of Operating in Regulated Cannabis

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!

Cannabis Finance Bootcamp

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

  • 1

    Welcome and Getting Started

    • Before we begin...

    • Register for the Group Forum

    • The Cannabis Industry Needs you!

    • My Cannabis Story, and How I got involved

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

  • 2

    An accounting refresher

    • Different Methods of Accounting

    • Income Statement

    • The Balance Sheet

    • The relationship between inventory and Cost of Goods Sold

    • Fixed Assets & Depreciation

  • 3

    Inventory Costing

    • What is inventory?

    • Inventory Overhead Allocations + Section 471 of the IRS Code

    • Freight in and Freight Out

    • How the IRS Calculate COGS

    • Unit of Measure in Inventory

  • 4

    Cannabis Business 101

    • The impact of federally illegality

    • How the Cannabis Ecosystem Works

    • Understanding the Regulation + Download

    • Cannabis Regulation

    • The most common violations for cannabis businesses that impact accounting

    • Insurance Requirements + List of Insurance Providers

    • Record Requirements

    • State and Local Cannabis Taxes

    • Cannabis Startup and Operating Costs

  • 5

    The Federal Cannabis Tax - IRC 280E

    • IRC 280E

    • How 280E Applies to a cannabis business

    • 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)

    • 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

    • 280e Worksheets

  • 6

    280e Strategies

    • IRC 280E Strategies

    • Cost Allocations Case Example - Mary

    • Audit Proof your Allocations

    • 280e Allocations Download

    • Different Legal Entities

    • Owner Salary and IRC 280e

    • Multiple Legal Entities

  • 7

    Inventory Controls & Best Practices

    • Importance of Managing Inventory

    • Inventory Management Downloads

    • Seed to Sale Tracking Requirements

    • Inventory Counts and Procedures

    • Inventory Reconciliations

    • Receiving Inventory

    • Purchasing Policy

  • 8

    Cash Controls and Best Practices

    • 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

  • 9

    Other Accounting Considerations in Cannabis

    • Auditing the Ownership in a Cannabis Business

    • Auditing Employees and Independent Contractors

    • Best Practices when Reviewing Contracts

    • Implementing Best Practices in Record Retention

  • 10

    Getting Started as a Cannabis Accountant

    • Getting started as a Cannabis Accountant

    • Onboarding - DOWNLOAD

    • Reviewing the Company Chart of Accounts + COA DOWNLOAD

    • Monthly Period End Checklist DOWNLOAD

    • Paying Cannabis State Taxes

    • Before you go....

Unlock these templates and Checklists

Get up to speed with these workpapers, process control questions, and checklists

  • Period End Checklist

  • 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

Learning Features

Partner with us, and grow your expertise.

  • On demand

    Get On-demand and 24/7 access to essential Financial, Operational, and Compliance information.

  • Interactive

    Online courses are interactive and engaging which is proven to be more effective than classroom-based training methods.

  • Group Learning

    Get access to a private channel to get your questions asked and answered and MEET other cannabis professionals!

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

  • 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!

  • Improve Operations

    Learn new methods on how to evaluate the potential risks that are involved in your business. Improve the effectiveness of your operational management, control, and governance processes.

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.

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