INTRODUCTION We’re hearing a lot about the critical importance of work/life “balance” lately, with many firms going so far as to taking on the challenge of changing policies, programs, employee benefits and the workplace culture to encourage & facilitate this shift in attitude. Employee mental health is growing as a corporate priority, and burn-out, family […]
Cannabis Accounting
The Cannabis Betting Window Remains Open
My hope and dream is some day before I head to the horserace in the sky, cannabis may become legal in some respect right here in Kansas-the “heart of America.” I often contemplate just what we know that most of the others don’t. At least we have sportsbook betting here!! The Reschedule “Pivot” Well, the […]
NEVER ABOVE YOU, NEVER BELOW YOU, ALWAYS BESIDE YOU: 280E FORMATTED FINANCIALS & MGT REPORTING WEAKNESS
PREMISE: 280E compliance demands, & the focus on minimizing the extraordinarily punitive financial impact have contributed to a priority focus/emphasis for cannabis firms on cost of goods sold (COGS). Which in turn has complicated the process of financial reporting to run the business. Vital to engage financial advisers, cannabis accounting professionals who prioritize the navigation […]
VETTING CANNABIS ACCOUNTING & CFO “EXPERTS”-AVOIDING THE PITFALLS OF HIRING A GENERALIST
As codified by Lieutenant Colonel Paul Marcy in 2013: “As an operator in Special Forces, SSgt Wayne was often entrusted with a great amount of responsibility and has always responded with aplomb. This past deployment, he was responsible for combat advising a platoon of Afghan Commandos in the highly kinetic Helmand River Valley of Afghanistan. […]
RESISTING TEMPTATION: CANNABIS ACCOUNTING 280E GAPS & AGGRESSIVE ACCTG RISKS
Premise: 280E compliance and the tremendous pressures on cannabis cash flow is but one of many risks when jumping into the cannabis industry, which in turn contributes to traditional capital sitting on the sidelines. It is so, so tempting to be “overly aggressive” with product costing elements to boost reported cost of goods sold above […]
Broken Trust Has Serious Consequences-Fiduciary Responsibilities Over Taxes Due, Fees Owed and Employee Earnings & Related Withholdings in The Cannabis Industry
True story….. I originally stumbled into the consulting business a couple decades, give or take, ago. Accepted a position as CFO of a specialty automotive after-market manufacturer/wholesaler. After accepting their offer, I continued working double-duty for a couple of months at the company I was leaving, as I helped my soon to be new employer […]