Ep. 66: Navigating New York's New Cannabis Legislation as an Accountant with Rick LaNeve

New York is one of two states that passed recreational marijuana laws in the last month. With this new legislation comes new opportunities, and new challenges, for accountants who are interested in representing this emerging clientele.

On this episode of DOPE CFO, founder Andrew Hunzicker, CPA chats with Rick LaNeve, New York-based CFO and a member of the New York State CPA Cannabis Committee, about his growth as a Cannabis accountant, New York’s political climate, and Cannabis market expectations. He also shares his experiences and answers questions about what it takes for other accountants who are looking to break into serving this new demographic in New York and beyond.

Tune in as Rick and Andrew discuss:

Updates on the legalization landscape in New York: in the wake of the freshly legalized recreational market, we talk about how the NY State CPA Cannabis Committee is already analyzing the legislation (and requests they are making to the state on behalf of accounting, tax, and social equity viewpoints)

Particular challenges innate to new legalization: although NY residents won’t be able to sell or buy marijuana for a year or two, accountants and MJ advocates are already anticipating potential challenges (one of which is high taxation, pressing the question of whether or not the new legalization will strengthen the black market)

What to expect with serving new clients when you first get into Cannabis accounting: whether you have your sights set on helping future NY clients or Cannabis clients in your own state, learn from Rick’s experiences landing his first clients (and you’ll learn which red flags to look for and which strategy to employ to be successful)

As new Cannabis legislation continues to spread across the nation, having a comprehensive understanding of the industry’s unique needs will give accountants a head start in serving this growing segment of America’s business landscape.

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches?  For more info on the DOPE CFO program, visit our website at dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

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