Cannabis
As states continue to introduce and expand their legalization of cannabis, the industry has emerged into segregated markets. With the recent news around the postponement of the hearing on rescheduling and the outcome of the election on certain markets, the landscape is becoming increasingly more complex.
With over a decade of cannabis experience, Withum is a national pioneer in cannabis accounting, tax and advisory. We can manage your growth and navigate business challenges.
Cannabis cultivators, manufacturers, and retailers must overcome unique hurdles; including effective tax rates that are higher than any other industry. Cannabis remains a Schedule I controlled substance, which creates a complex and demanding environment for cannabis accounting.
As the Drug Enforcement Administration (DEA) moves forward with rescheduling cannabis, we provide innovative tax planning strategies to mitigate IRS Section 280E tax burdens.
Who We Help
Serving Public and Private Companies:
- Cultivators
- Distributors
- Multi-State Operators (MSOs)
- Ancillary Non-Plant Touching
- Retailers
- Healthcare and Medical
How We Can Help
Withum’s cannabis advisors brings over twelve years of expertise in accounting for cannabis, addressing the most pressing industry challenges. We serve both plant-touching and non-plant-touching segments, including medical marijuana, THC, CBD and hemp. Our cannabis business consultants offer tailored, compliant financial strategies for businesses of all sizes. Our nationwide cannabis accountants are equipped to support firms through every stage of growth with audit procedures that meet industry standards.
Partner with Withum to navigate the cannabis industry’s complexities, optimize financial performance and achieve success. Contact us today.
We are trusted cannabis business consultants with team members nationwide who are explicitly trained to service firms in the cannabis sector. Whether you are a startup or a well-established enterprise, our cannabis accountants are well-suited to meet your ongoing needs, regardless of your company’s size, development stage or plans. Our audit procedures comply with all legal, regulatory and accounting standards affecting the industry. We strive to help our clients achieve their desired goals.
Our cannabis team is dedicated to helping businesses like yours navigate the industry’s complexities, optimize their financial performance, and achieve long-term success. Partner with Withum for expert guidance and support.
Services for the Cannabis Industry
Cannabis Audit and Assurance Services
- Assessment of Internal Controls and Compliance Reporting
- Cash Flow Projection Modeling and Analysis
- Financial Statement Audit, Review and Compilation Services
Cannabis Tax Services
- IRC § 280E Planning and Implementation
- Cash Reporting Under IRS (internal Revenue Service) Guidelines
- Choice of Entity and Operational Structure
- Cost Segregation Studies
- Excise and Sales Tax Compliance - Municipal/State
- Federal and State Income Tax Planning, Projections and Tax Preparation
- Tax Controversy
Cannabis Advisory Services
- Accounting Compliance Consulting
- Cybersecurity Assessment and Testing
- ESOP (Employee Stock Ownership Plan) Planning
- Forensic and Valuation Services
- Inventory Valuation and Cost Accounting
- Investor and SPAC Introductions
- Outsourced Accounting and Reporting Solutions
- Technology and ERP Systems Implementation
- Transaction Advisory Services
- Transfer Pricing
- Wealth Management
Cannabis Events and Webinars
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
Client Testimonials
The team at Withum has been more than just our "accountants" from the start. They have been true business partners, valuable resources, and trusted advisors since our humble beginnings. Their skill set and knowledge when it comes to the cannabis industry and its specific regulations and tax complexities is unique and unmatched by any of the other top CPA firms. The services provided by their team are vast and they have stepped up throughout the years to provide dependable results. I would strongly recommend this team and their expertise to any business; their partnership has proven to be imperative to ours throughout the years.
Thomas Davis, CFO | INSA
When I took a financial controller position at a cannabis company, without prior cannabis experience, I knew I needed an experienced team that could help me navigate the nuanced and ever-changing landscape of cannabis accounting. Withum has exceeded expectations from the start. They are knowledgeable, personable and there whenever you need them. I look forward to our interactions and never feel unsupported, which has made a new job in a new industry a seamless transition I did not expect.
Katie Bell, Financial Controller | Root & Bloom
In an evolving industry with countless challenges, Withum has helped work with us to ensure accurate financials and support us through a complicated tax environment. There are a number of individuals I could call out by name, but I consider Brian Silva and Paul Myers two valuable resources that I could call on in a heartbeat to answer any question I have.
Michael Bates, CFO | Temescal Wellness
Withum's expertise in accounting and tax services has been invaluable to our business, helping us navigate complex financial and tax matters with ease. The team is highly knowledgeable and experienced and they always conduct their work with the utmost professionalism and attention to detail. Their team is always willing to go the extra mile to ensure our company's success.
Tim Caraboolad, CEO | Native Sun Cannabis
Leadership
Insights
Navigating IRS Form 8275: Key Takeaways from Fact Sheet 2024-32 on IRC Section 280E Disclosure Standards
On Thursday, December 12, 2024, the Internal Revenue Service (“IRS”) released a fact sheet addressing Form 8275 and the disclosure of tax positions related to IRC section 280E. Form 8275 […]
Case Study: A Fast and Transformative Transition from QuickBooks to Sage Intacct in the Cannabis Industry
How a Growing Cannabis Organization Streamlined Financial Reporting with Intacct Case Brief A rapidly growing company in the cannabis industry needed to scale its financial management capabilities beyond QuickBooks’s limitations. […]
Another Disappointment for the Cannabis Industry as Rescheduling Delayed
The cannabis industry has waited with bated breath for the December 2nd hearing, where many anticipated that final testimony in favor of rescheduling would be heard by the Drug Enforcement […]