How they are different and what accountants need to know.
By Andrew Hunzicker
CPA Trendlines Cannabis
When you look at a cannabis plant and a hemp plant side by side, the plants themselves look identical to an untrained eye, making it a bit challenging to identify, as the real difference lies in the chemistry of the plants.
But to the accountant, the differences a critical.
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Issues include clients in many verticals – cultivation, chemical manufacture, product manufacturing, labs, and retail – cost accounting, consolidations, and multi-entity issues, banking, software, and cash management, to name just a few.
And the tax and compliance issues are actually more complex for Hemp/CBD products than for cannabis products.
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