Surgent's Marijuana: A Generalized Business Viewpoint

Overview

Each year, more states legalize cannabis (i.e., marijuana) for medical or recreational purposes. As legalization grows, so too does the cannabis industry. While some financial professionals have stayed away from this growing sector of the economy, others have embraced the opportunities the cannabis industry has to offer. The legalization of cannabis brings with it a complex regulatory landscape, which includes strict compliance with federal and state regulations. However, the complexity of this emerging market provides opportunities for accountants and other financial professionals. Behind the cannabis dispensaries are scores of related business sectors including food production, retail, farming, and chemical production, as well as facilities, design, and construction. Simply stated, the commercialization of marijuana offers financial professionals an opportunity to participate in an industry expected to reach $73 billion worldwide within six years.

Highlights

An overview of current state and federal laws governing marijuana
A review of state boards of accountancy regarding marijuana
How some financial professionals are capitalizing on the marijuana industry
Providing auditing and tax services within the marijuana industry
How accountants and other financial professionals can manage risk within this industry
IRC Section 280E’s prohibition of deductions involving controlled substances
A summary of various state taxation laws on marijuana
Ethical issues for accountants who work in the marijuana industry
Relevant banking regulations
Growth projections

Prerequisites

General familiarity with the accounting and business principles

Designed For

Anyone in the accounting or financial services professions who seeks to gain a better understanding of the most relevant topics in the marijuana industry or who counsel individuals or businesses working within some part of the marijuana industry

Objectives

Understand the legal framework that allows accounting and financial firms to operate and grow within the marijuana industry
Be familiar with applicable Internal Revenue Code sections applicable to this industry
Be well versed in the potential risks and rewards for financial professionals working in the marijuana industry
Understand the issues unique to the production, delivery, and retail aspects of this market

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.