Helping You Get It Right!
Expertise. Experience. Exactly What You Need to Ensure Business Success.
We advise our clients on topics ranging from business structuring and business valuations, to tax planning and compliance. Our knowledge regarding the cannabis & hemp industry is vast. We work with clients in a variety of industry silos including retail, cultivation, distribution, processing, ancillary service providers, & more.
Of greatest value to our cannabis clients is our in-depth industry knowledge. With an industry that is still in its infancy, there is a great deal of uncertainty.
Although Hemp is legal at the federal level, there are still many open questions.
Can hemp derived products be put in food? Can you prove you have less than .3% THC in your products? How will the FDA regulate the hemp industry? Are you labeling your package correctly? Do you need a license to operate a business in the hemp industry? Can you sell CBD products across state lines? Are you planning for financial and tax regulations?
Being in the Cannabis Industry creates for business planning challenges.
Due to this, rules and regulations are heavily enforced. Businesses need to be in compliance 100% of the time, or risk being shut down without a minute’s notice. It is also a heavily audited industry. The IRS is very aggressive in making sure cannabis companies are in compliance. Planning for items such as 280E – expenditures in connection with the illegal sale of drugs – is critical. Just because your business is federally illegal, doesn’t mean it’s not taxable. Without understanding this section of the United States Tax Code you could risk being in the red for many years to come.
There are also many other operational concerns.
- What are the rules and regulations associated with e-commerce?
- What is your security protocol?
- Your training protocol?
- Do you have an airtight record keeping system?
- What is your cash management plan?
These are just a few questions that should be on the top of a cannabis business owner’s mind. The combination of our industry and technical knowledge, mitigates uncertainty, and puts business owners in a position to make well-informed, highly educated decisions. This decision making ability, will set you up to expertly manage a highly regulated industry landscape, and achieve business success for many years to come.
We get it right, to give you the peace of mind, to keep operating for years to come.