The Cannabis Accounting Podcast

Clean books are critical to any business staying compliant with the IRS and federal and state regulations. Cannabis business owners struggle to keep their books organized because of the complex rules and regulation involved with that industry. Plus, due to its schedule 1 status, Cannabis is cash-based, making it even more difficult for general accountants and CEOs to maintain clean and compliant b...

When you first start out in the Cannabis accounting industry, reaching out to potential clients can seem intimidating. Add trying to wow them and land them as paying clients -- and that can seem almost impossible, at first. Valeria Cruz Sandino, CPA, joined us recently for an interview and shared with us the process she used to land big Cannabis clients with a compelling phone call and offer -- an...

Cannabis legalization has received plenty of attention these past few elections, taking the plant from being recognized as just another commodity (in just a handful of states) to an economic game-changer nationwide. Even with the coronavirus pandemic, Cannabis companies have been deemed essential in some states, while many others issued stay-at-home orders that required countless businesses to sca...

Many accountants receive the advice to find a niche and become an expert in that industry. But countless accounting professionals also feel anxious and a lack of confidence starting out in a new market. Leanna Miller started her journey towards developing a Cannabis accounting practice in a similar frame of mind: she felt a little in over her head learning niche-specific regulations and rules and...

What do rock climbing and accounting have in common? Quite a bit, it appears. We recently sat down with motivational speaker,mental coach for the French National Climbing Team, and rock climber, Christophe Bichet, to talk about how it is possible to strap on your crampons and climb towards world-class proficiency and success in everything you do, whether you’re scaling the French Alps, learning a...

Tammy L., a Cannabis accountant from North Carolina, joined us recently to talk about her experiences transitioning from a full-time job to a remote practice. She told the story of the hard work she has put into developing this next chapter in her career, and offered advice to others looking to make the same career move. Key topics she discusses include: What it’s like for an average accounting pr...

Insurance is an imperative part of any and every business, especially for Cannabis with its federally illegal status and strict regulations. The caveat is that most average carriers won’t touch the Cannabis industry. Join us for Episode 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies as we interview Brenda Bader, accounting professional and insuranc...

The Cannabis industry is growing at a blindingly rapid pace -- so much that we refer to it as the “Green Rush.” Medical Cannabis is now legal in 33 states and recreational Cannabis has become legal in 11 states. That is a $20 billion dollar-market -- and it’s likely only going to increase with pending federal legislation taking steps to legitimize the $70 billion “illegal” market. Imagine...all th...

Cannabis is largely a cash-based industry. Banking barriers make it risky and difficult for your clients to stay compliant and safe, despite how badly they try to be legit. How do you help your clients optimize tax benefits when operating mostly in cash? How do you manage your own banking when you work in a federally ‘illegal” industry so you aren’t accused of money laundering? This podcast covers...

Accounting for Cannabis entity structures can be confusing… if not set up properly. This podcast episode features our guest Reece B. Morrel, JD, MBA, CPA, from   https://www.morrellawpllc.com to provide you with some basic information on selecting the best entity type (C Corp vs Flow-Thru entities) for your client and some advice on setting up a multi-entity structure for Cannabis businesses....

CBD/hemp is one of the fastest-growing industries in the world right now. This podcast episode will provide you with some basic information so that you can consider CBD/hemp as your accounting niche. If you were hesitating on entering the Cannabis niche ( crazy idea btw ) then the CBD industry may be the perfect gateway client for you… And since CBD/hemp is technically legal here in the US, the ac...

Accounting for dispensaries is unique for a number of reasons. If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing. Here are just a few of the challenges with retail cannabis inventory that we share on this episode: Software not syncing and bad POS systems Incorrect data in software Using the wrong tax code...

In this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger, MBA, CPA and Andrew Hunzicker, CPA interview Damon Mayer, ChFC, LTC, EA and Oregon Licensed Tax Consultant who specializes in the Cannabis industry. Damon brings a wealth of knowledge from his experience of transitioning into the Cannabis industry in the State of Oregon.  His clientele consists of growers, dispensarie...

Cannabis is a complex industry that is riddled with accounting issues: ✅ banking, ✅ cash, ✅ accounting, ✅ software, ✅ merchant service, ✅ compliance/legal issues, ✅ insurance... ...just to name a few. Join us as we share our thoughts on viable Cannabis accounting software solutions. ======================== Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit ht...

On this episode of The DOPE CFO Cannabis Accounting Podcast , Naomi Granger discusses the cannabis industry in Oklahoma with Rose Taylor of Redbud Advisors.  Rose loves working with Cannabis business owners; getting a glimpse into their companies, sharing business strategies, and learning what makes them passionate about what they do. Her background includes a BBA in Business Management as we...

Are you tired of going on endless coffee meetings, doing free work just to convince the prospect that you are great at what you do and then hope that you get them as a client? Do you visit the client’s location or keep answering never-ending questions and allow them to treat you like an employee? By doing free work, you portray that your time isn’t valuable and that you’re not the expert. Do attor...

Tiffani Higgins is a CPA and a mom of 5 kids…That’s right, five children. After passing her CPA exam, Tiffani worked for a small public accounting firm near her home in Kansas City, where she would regularly work 30 hours a week during the non-tax season and as much as 60 hours a week during tax season. Seeking a better work-life balance, Tiffani chose to leave her job to start her own virtual boo...

Most accountants are not familiar with the growing and production process of cannabis. This means, they are not doing proper cost accounting and may not have the right tools that they need to help their clients maximize their legally allowable deductions. In this episode, DOPE CFO Co-Founder, Andrew Hunzicker, CPA discusses the costs associated with growing a pound of cannabis and how important it...

Robert Eyler is a Certified Personal Trainer, Fitness Nutrition Specialist, Behavioral Change Specialist, Corrective Exercise Specialist, Registered Yoga Teacher, and a CPA. We offer lifestyle consulting, customized training programs, nutrition plans, and Corporate Health and Wellness topics. He also works for the 5th largest accounting and finance firm in the world lead the Firm in their Mindfuln...

Understanding the difference between CBD & THC, Hemp & Cannabis is vital if you’re entering into the realm of cannabis accounting. In our recent podcast , we talked with Summer Wilkinson, co-founder of Leap Books, about the differences and how she got into the industry. For Full Episode Notes, Visit: http://bit.ly/2oAHzYH

We’re accountants not marketers, right? So, how do we get ourselves out there and get more cannabis accounting clients? In this podcast we outline the 5 Do’s and 5 Don’ts to marketing your cannabis accounting services. For more information, visit DOPECFO.com

Accounting for dispensaries is unique for a number of reasons. If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing. Some of the key issues we will discuss: How to do proper GAAP/Cost Absorption accounting specifically for dispensaries 280E and 471, and what this means for dispensaries How to legally maximiz...

If you are an accountant or a bookkeeper, we highly recommend you to take a look at the opportunities opening every day for this profession in the Cannabis Industry. You indeed need specific training to serve this niche, but we assure you that getting Cannabis accounting expertise will allow you to have a successful career. 

 These are some of the major missteps that cannabis CEOs and accounting professionals make in their business design and operations: 1. Treating investors and employees badly. Everyone must follow the rules in order for a cannabis business to be compliant. From safety to how cash is handled, if everyone isn’t on the same page, it creates a recipe for disaster. And while it’s a newly legal...

Proper cannabis accounting tools make all of this much easier, as well. Cannabis-specific charts of accounts for various cannabis entities, a flower calendar for growers to properly calculate COGS at the various parts of the grow cycle and to maximize the deductions on those costs, and cost accounting workpapers and templates all will help keep the company organized and will save money and reduce...