As states continue to introduce and expand their legalization of cannabis programs, the industry has emerged into segregated markets providing very different opportunities and risks driven by state regulations which can vary drastically.
Cannabis cultivators, manufacturers, transporters and retailers continue to be challenged by effective tax rates which are higher than in any other industry given the federal illegal nature of the activity of trafficking in a Schedule I controlled substance. The pervasive intricacies of the industry result in a challenging cannabis accounting and taxation environment. In fact, lack of adequate planning will affect your cash flow.
How We Can Help
Our rich expertise in the cannabis industry spans over ten years of providing the services referenced herein to both plant and non-plant touching segments of cannabis business enterprises.
We are trusted business advisors with more than sixty-five team members nationwide who are trained to specifically service firms in the cannabis industry. We are well-suited to serve your ongoing needs regardless of your company’s size, development stage and plans.
Services for the Cannabis Industry
Cannabis Audit and Assurance Services
Cannabis Tax Services
- IRC § 280E Planning and Implementation
- Federal and State Income Tax Reporting
- Excise and Sales Tax Compliance – Municipal/State
- Cash Reporting Under IRS Guidelines
- Choice of Entity and Operational Structure
Cannabis Advisory Services
- Optimization of Inventory Costing Methods
- Outsourced Accounting and Reporting Solutions
- Transaction Advisory Services
- Technology and Accounting Systems Implementation
- Cybersecurity Assessment Testing
- Forensic and Valuation Services
- Transfer Pricing
- Cost Segregation Studies
- Investor Relations and Board Advisory Services
- Investor and SPAC Introductions
- Wealth Management
For more information or to discuss your business needs, contact Withum’s Cannabis Sector Services Team.
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