What to Do When You Get a Cannabis Client

Learning Objectives

• To recognize the analysis required when meeting a client from the cannabis industry. 
• To familiarize themselves with the pitfalls that can occur when working in the cannabis industry. 
• To discuss that the cannabis client's needs differ from the CBD client's needs.
• To explore the implications on their professional career of working in the cannabis industry.

Course Description

As cannabis continues to make its way into the mainstream marketplace, state governments are increasingly legalizing and regulating it for medical or recreational use. The legal cannabis, or marijuana, marketplace represents a projected $21.7 billion industry in 2021, according to cannabis data analytics firm BDSA.

Despite its significant size, the industry poses many challenges. Most businesses are subject to various licensing, permit, and registration requirements. These are put in place for public safety, tax, or other reasons. Because the cannabis industry is heavily regulated, licensing for cannabis businesses is particularly complicated. Compliance requirements not only vary from state to state, but they can also change depending on your business category (cultivation vs. retail, for example) and which city or county you’re planning to operate in.

It's not a matter of "if" but "when" some client from the cannabis industry reaches out for full-service accounting, tax planning, or help with a business plan.

What do you do?

How can you prepare yourself for this multi-billion-dollar industry?

This course covers the following Major Topics: 

• Ancillary Businesses
• Questions to know right away
• Determine who your client is
• How much decision-making ability does your client have in the business?
• The Rules in Cannabis Constantly Change!
• Know the guiding information for accounting
• Know the guiding information on taxation
• The central tensions in cannabis
• Steps to Take When You Get Your Cannabis Client

This CPE course is designed to introduce bookkeepers, tax professionals, accountants, and attorneys to tools for analyzing how to begin the work with clients who are in the cannabis and ancillary industries.

To attend Sales & Use Tax Continuing Education Courses CLICK HERE. 

Overview

• Ancillary businesses

  4 mins
• Questions to know right away

  12 mins
• Determine who your client is

  15 mins
• The rules in Cannabis constantly change!

  23 mins
• Know the guiding information for accounting

  32 mins
• The central tensions in Cannabis

  47 mins