As some of you know, I am currently working on a new book on Accounting for Cannabis Businesses (No, I haven’t finalized the title just yet) and how it affects them so here is a sneak peek.
“This is the only industry that the entire process can be seen in one place. You start with the grow facility. These are normally large greenhouses but can also be found outdoors in some areas. There are even a few that use both methods of cultivation to ensure year-round production. Once the product is harvested, you move to either the dispensary (retail) or to manufacturing. In manufacturing, the plant is extracted then processed into everything from tinctures to edibles. And some varieties of the plant like Industrial Hemp can also be used for making fuel, paper, concrete, plastic, ropes, medicine and even clothing. It is then transported to a retail location and from there the processed product is sold. Each of these processes has their own specialized accounting practices. On the internet, you can find several sources for how to grow it, the medical and industrial benefits of the plant, and even recipes how to make “special” brownies, and the legal ramifications for each state. Here, in this book we will only go through how to account for all this activity and keep the finances in line to allow you not only to be compliant for tax issues, but also to give up-to-date, complete and accurate information to your investors.”
Look for more excerpts as we get the book further along. You will also be able to pre-order the book around the middle of August. Do you have an idea for something that should be covered or you would like to see discussed in this book? Contact us and let us know. We might even mention your business and give you credit in the book when it is published.