Dispensaries

Cannabis CPA understands the complex financial situation faced by dispensaries. From the proper registrations and licenses to the collection of excise and cannabis taxes, we have the knowledge and experience to guide you through the maze of regulations that affect your business.

Cannabis CPA helps our clients:

• Structure their businesses to suit their needs
• Obtain the proper state and local retail licenses
• Charge, collect and report the cannabis sales tax
• Charge, collect, report and pay the cannabis excise tax
• Set up bookkeeping and accounting systems
• Understand what can and cannot be deducted
• File federal and state income tax returns
• File sales and use tax returns
• Pay their cannabis taxes in cash
• Establish secure cashflow protocols
• Develop an effective inventory control system

Dispensaries face a number of unique challenges when managing their finances and filing taxes. For instance, the Internal Revenue Code Section 280E prohibits deductions or credits for businesses “trafficking in controlled substances.” This puts a significant restriction on companies operating within the cannabis industry. Our dispensary tax and financial services are tailored to help our clients understand their limitations under the current tax structure and optimize their filings to avoid unexpected complications.

On top of this, cannabis businesses often find it difficult to obtain the capital they need to establish or grow their operations. This is because many financial institutions have strict rules prohibiting underwriting or investing in the industry. This also means most banks will not accept money earned through the production or sale of cannabis products, making it challenging for these companies to manage their finances the way other industries can. However, our strategic business consulting for dispensaries gives these businesses the knowledge and wherewithal they need to understand their options and find the path forward that will be most effective and appropriate for them. With our help, clients can prevent many of the financial issues that prevent them from reaching their desired level of success. Our experts know what it takes to navigate these concerns as successfully and completely as possible.

Running a compliant and successful cannabis retail business does not mean you have to hire a dispensary CPA, a dispensary tax lawyer, a dispensary bookkeeper or any other specialist. When you hire Cannabis CPA, we assume the role of cannabis accountant, financial guru, tax expert, compliance manager, business consultant and many other functions. Contact us to learn the benefits of making us the single source for all your dispensary’s business compliance and financial needs.