CANNABIS

Cannabis: THC vs. CBD Critical Differences

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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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CPA Cathro Goes 90% Cannabiz in the Bay State

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Portrait of Charlotte Cathro
Cathro

“I am making the industry better at following the rules.”

By CPA Trendlines Research
CannaBizCPA.Pro

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.”

MORE CannaBizCPA.Pro: Cannabis CPA Readies for When Maine ‘Goes Recreational’ | New to Cannabis? Maybe a Joint Venture Is the Answer | Cannabiz Meets Intellectual Property Protection | Green Bits: Helping Cannabis Retailers Stay Compliant | Silver Leaf CBC: An ERP Platform for Cannabis Companies | CohnReznick Goes National on Cannabis | Minorities, Women & Cannabis
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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.

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Cannabis CPA Readies for When Maine ‘Goes Recreational’

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Portrait of Karla Brannen
Brannen

Karla Brannen spends a lot of time explaining §280E to cannabis clients.

By CPA Trendlines Research
cannabizcpa.pro

Maine, a.k.a. Vacationland, is gearing up to “go recreational,” and CPA Karla J. Brannen, senior tax manager at Albin, Randall & Bennet CPAs, is on the crest of the cannabis wave.

MORE at CannaBizCPA.pro: New to Cannabis? Maybe a Joint Venture Is the Answer | Zach Gordon CPA: “The level of guidance out there is just nonexistent.” | Why Jax Wheatley Shifted from LBGTQ to Cannabis Clients | Ron Seigneur Blazes New Trails in Cannabis |  More
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Nobody knows quite yet when the Pine Tree State will allow the sale of recreational marijuana. In 2016, the people of Maine approved a referendum to legalize the sale of recreational marijuana. The governor signed the recreational marijuana rules on June 20, 2019. On September 19, 2019, LD719, an Act to Amend the Adult Use Marijuana Law, went into effect. Final adoption of these rules will happen within the next 60 days.

Cannabis products have been legal in Maine for medicinal purposes for years. Licensed medical cardholders are allowed to purchase cannabis through a registered dispensary or through certified caregivers. Almost four years ago – even before the referendum – Brannen predicted a need for better accountancy in an industry that comes with its own set of complications. READ MORE →

New to Cannabis? Maybe a Joint Venture Is the Answer

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Portrait of John Repetti
Repetti

“If you’re not in the business now, you’re about 10 years behind.”

By Liz Gold
CannaBizCPA.Pro

If you’re a CPA who is thinking about getting into cannabis, get moving because you have a ton of catching up to do, said John Repetti, CPA.

MORE ON CANNABIZ: Zach Gordon CPA: “The level of guidance out there is just nonexistent.” | Integrity Wins in Cannabis Accounting | iComply Helping Cannabusinesses Stay Ahead of the Curve | Laura Durham Finds Her Niche | Strimo: New Tech for Managing Cannabis Business Performance | Cristina Garza: Keeping Cannabiz Clients in Compliance | Cannabis: Top Trends to Watch in 2019 | Cannabis CPA Carves Out Investment Research Niche
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“What that would require you to do is start getting educated,” he said, adding, “Or there’s another way around it. Connect with a CPA or a CPA firm that has a long history in the cannabis industry and cut a joint venture deal. Deal with them so that you have instant knowledge. If you are going out there on your own and you think you’re going to be an expert on day one, rest assured, you’re sorely mistaken.”
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