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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...

    • Thank you, 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

    • Cannabis is Federally illegal, and it impacts accounting

  • 2

    Cannabis Business 101

    • Intro to Cannabis Download

    • How the Cannabis Ecosystem Works

    • Cannabis Licenses

    • Assess, Apply, Launch, Renew

    • Common Areas in Cannabis Applications

    • Cannabis Startup Costs

    • Business Risks

  • 3

    Cannabis Regulation 101

    • Cannabis Regulation

    • How to Analyze Cannabis Regulation

    • Common Areas of Cannabis Regulation

    • Anti-Diversion & Seed to Sale Tracking

    • Example of Seed to Sale Tracking Records

    • 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

    • Cannabis Regulation and Compliance Worksheets

  • 4

    Cannabis Taxes

    • State and Local Cannabis Taxes

    • Sales Tax

    • Paying State Taxes

  • 5

    An accounting refresher

    • What is a cannabis accountant?

    • A quick Accounting Refresher

    • Different Methods of Accounting

  • 6

    Financial Statement Refresher

    • Income Statement/ Profit and Loss Statement

    • The Balance Sheet

    • Fixed Assets & Depreciation

    • The Relationship between the 3 Financial Statements

  • 7

    Cost of Goods Sold

    • How the IRS Calculate COGS

    • What are your cost of goods sold?

    • Cost of Goods Sold Quiz

  • 8

    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

    • 280e Worksheets

  • 9

    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

  • 10

    Inventory

    • What is inventory?

    • Unit of Measure

    • Inventory Costs

    • Freight in and Freight Out

    • Inventory Valuation

    • Overhead Allocations

    • What are Mary's Inventory Costs?

  • 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

    Cannabis Banking and Payment Processing

    • Cannabis and Banking

    • Bank Secrecy Act, FINCEN, Suspicious Activity Reports

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

  • 13

    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

    • Cash Templates and Worksheets

  • 14

    Payroll and Owner Payments

    • Who is considered an employee?

    • 10-99 vs. Employees

    • Payroll and IRC 280e

    • Labor Exercise

  • 15

    Final Thoughts and Next Steps

    • Before you go....

    • Next Steps

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.

  • Continued Professional Development

    Professional Development is key to your success as an entrepreneur and can help you grow your business. Cannabis Finance Bootcamp qualifies for CPE credit and hours.

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.

  • 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.

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