Ep. 51: 4 Ways to Jump into Cannabis Accounting and Maintain Your Professionalism

Cannabis is a rapidly growing industry, but many accounting professionals put on the brakes when approached by Cannabis companies who are interested in their services. Some accountants avoid Cannabis because of the complexities of tax codes and tight regulations, but most shy away from the industry because they’re worried the federally illegal status will damage their professional reputation.

But here’s the truth… if you understand all the intricacies of working in Cannabis accounting, you could help CEOs who truly need your accounting expertise in an industry that shows no signs of slowing down, all while maintaining your hard-earned reputation.

Our latest podcast with DOPE CFO founder Andrew Hunzicker, CPA delves into debunking the stigmas associated with Cannabis. You’ll learn how to leverage these common concerns to build a competitive edge in the niche once you understand the processes and requirements behind Cannabis accounting.

Key points that Andrew discusses include:

Dealing with IRC 280E: this tax code is simple by definition but complex by execution (we’ll break down 280E so you can see it’s not so scary once you understand COGS deductions in Cannabis versus the broader deductions you could take in hemp/CBD).

“Evil Drug” Stigma: many people still think of Cannabis as being some horrible gateway drug that will spawn generations of miscreants and ne'er do wells, but 60% of Americans think Cannabis should be legal and more than 224 million people use medicinal marijuana (facts that point to Cannabis’s increasing ability to help people cope with health issues like epilepsy and chronic pain, possibly decreasing reliance on pharmaceuticals for many medical problems).

Making It as a Professional: how to put yourself out there professionally as a Cannabis accountant and expert in the field (without you reputation and credibility taking a hit).

Landing New Clients: discover you can become a VIP in the Cannabis industry (and attract top clients who will pay you what you’re worth).

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches?  For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

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