“I am making the industry better at following the rules.”
By CPA Trendlines Research
Massachusetts has always been at the forefront of social and legal progress. It’s where the Pilgrims signed their Compact. It’s where the first shots of the American Revolution were fired. In 1911, it became the first state to outlaw possession of “Indian hemp.”
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And 101 years later, it became one of the first to allow sales of cannabis for medical purposes.
In that auspicious year of 2012, Charlotte Cathro was a CPA with a regional firm in Holyoke, an hour and a half west of Boston. The firm started getting inquiries and referrals from attorneys. They had clients applying to open dispensaries of medicinal weed, but they weren’t quite sure how the tax, finance and business entity rules were going to work.
And no wonder. It was complicated – a new frontier in accountancy.