250 new clients in two years.
By CPA Trendlines
For a couple of years now, Guske & Co. PLLC, has been venturing into a vast new niche in the great Northwest where the people are nice, easy-going entrepreneurs with a pioneering spirit and a willingness to learn, follow rules, and take risks. His niche — the booming cannabis biz. Booming to the tune of 250 new clients in two years, an annual growth rate of 80 percent.
How one top CPA got into the cannabis business.
By CPA Trendlines
cannabizcpa.pro
When Dean Guske attends trade shows like the World Cannabis Congress & Business Expo, he isn’t proffering pipes, papers, pot, hydroponics, or paraphernalia. A CPA with over 250 clients in Washington and Oregon, Guske is pushing tax prep and accountancy.
More Cannabiz CPAs: America’s New Breed of Cannabis CPAs [VIDEO] | Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry | From Tech Boom to Cannabis Boom | Cannabis FAQ for Accountants | What’s a Cannabiz Worth? Ask a CPA.
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Guske & Company PLLC got into this vast niche by professional coincidence, a client who liked the firm’s work and asked for some tax help with a new business. He was growing marijuana. This was new to Guske, but it sounded interesting.
“I told him I’d have to do some research first,” Guske tells CPA Trendlines. “I wanted to get a good understanding of what was going on tax-wise and an understanding of the industry before I accepted a client in that industry.”
“The growth rate is phenomenal.”
The top 51 issues in handling valuations of marijuana businesses.
By CPA Trendlines Research
The growth of legal marijuana businesses, from growing to retailing, has opened a new niche—or really a bunch of niches—for CPAs.
Among them are bookkeeping, internal control, tax accounting and preparation, management, holding companies, and general business council. The opportunities are born of the complexities behind them.
RELATED: Billion-Dollar Questions: Cannabis FAQ for CPAs | How CPAs Find Opportunity in Cannabis Boom | America’s New Breed of Cannabis CPA [VIDEO]
One of the opportunities is the valuation of these brave, new businesses as aggressive investors flood the market with fresh cash. “You’ve heard of the Gold Rush of the 1800’s,” one industry insider tells CPA Trendlines. “Well, this is the ‘Green Rush.’”
Now comes a new study issued by Business Valuation Resources LLC, “Marijuana Dispensaries: A Budding Industry Brings Opportunities and Challenges for Business Appraisers,” which presents some ideas worth thinking about. Click here for a free preview of the new marijuana BV study.
“Legal marijuana is a very good business,” says Ron Seigneur, MBA, CPA/ABV, ASA, CVA, CFF, and a well-known advocate for CPAs in the art and science of business valuation. Seigneur, of Denver-based Seigneur Gustafson LLP, writes the introduction to the report. CPA Jim Marty of Bridge West CPAs, also Denver-based, authors much of the report. Marty has quickly emerged as one of a handful of nationally recognized accountants in the business.
Several factors contribute to the opportunities of valuation. And several other factors contribute to the complications. In all, CPA Trendlines finds dozens of points that shouldn’t go overlooked. Some are germane in any valuation engagement. Others are peculiar to the cannabis business. All require especially careful review in this fast-changing legal and regulatory environment.
Here they are: READ MORE →
18 Frequently Asked Questions on Taxes and Accounting for Cannabis Businesses.
Plus: Six Leading Sources for More Info.
By CPA Trendlines Research
With cannabis dispensaries and recreational stores pulling in about $3.1 billion in revenue this year, the U.S. marijuana industry is expected to pump an estimated $10 billion into state and local economies, making it a powerful source of industry, employment and taxes for cash-strapped states, according to the Marijuana Business Factbook. The same source projects a $29 billion industry in four years, rivaling today’s U.S. wine industry.
RELATED: See more marijuana-industry reports here
More than 60 tax, accounting and CPA firms in more than two dozen states are already advertising cannabis-related business issues as a specialty niche.
Naturally, accountants have questions. Here CPA Trendlines answers a few of the most frequently asked… READ MORE →
Growing business draws on high-level skills and special talents.
Plus: Professional resources and CPE.
By CPA Trendlines Research
cannabizcpa.pro
Attention CPAs: There’s a big new niche opening in your area soon, but are you up to speed on accounting for a legal business that sells an illegal product?
Dude, get with it. The United States – some of the states, anyway – is opening up the biggest niche this side of the Rio Grande. READ MORE →
‘An accountant’s dream.’