Ep. 52: Legal Liabilities Run Deep in Cannabis (and What Every Cannabis Lawyer Secretly Wants Accountants to Know) w/Paula Collins

Even if your eyes glaze over when someone mentions legal matters, Cannabis legislation affects your daily life as a Cannabis accounting professional. Cannabis law is constantly changing and legal liabilities are commonplace in this niche, from trademark lawsuits to contesting tax penalties. By understanding the current court rulings and adjusting your accounting systems to reflect up-to-date legislation, you are able to keep your clients informed, compliant, and likely out of tax court.

Paula Collins, EA, MBA, JD, understands the ins-and-outs of the Cannabis industry’s legal and accounting complexities. An accountant, legal professional, educator, and business consultant, she has more than 10 years of experience helping a wide variety of clients with tax preparation, from small nonprofits to sprawling high-net worth entities. Cannabis piqued Paula’s interest when she worked with teenagers afflicted with autism who sought THC and CBD for therapeutic purposes. Now, she combines her nonprofit and education background with her legal and accounting expertise to teach Cannabis CEOs and companies to navigate the relatively uncharted waters of this booming industry.

Paula recently joined Andrew to discuss the role a lawyer plays in the Cannabis industry, what she and every Cannabis lawyer wish Cannabis accountants would consider when serving clients in the space, and how accountants would benefit from applying a holistic approach to their clients.

Key topics covered include: