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Blog

February 08 2021

Cannabis Financial Services | Accounting, Tax Prep, Banking, & Financial Reporting

Financial Operations

With our team of CPAs and financial experts that specialize in the cannabis industry, GreenGrowth CPAs is here to ensure that your business is set up for success. We create feedback loops for consistent optimization and compliance for your cannabis company. Maintaining...

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Filed Under: California, Michigan, Washington, Taxes, Oregon, Accounting

February 04 2021

Tax Return Preparation Services | Cannabis Tax Return Specialists

Do you really need a CPA for tax preparation and filing your tax returns?

The simple answer is yes, you do need a trained and experienced cannabis CPA for tax preparation and filing your cannabis business’ state and federal tax returns. No, there is no law or regulation that requires this,...

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January 19 2021

Outsource CFO Services

Managing a cannabis company’s finances is unlike managing those of any other business we have seen before. Since marijuana is federally illegal with no government funding, it is up to the individual company and the state to take the necessary measures to ensure that these businesses are...

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Filed Under: Accounting

September 14 2020

IRS Guidance on Cannabis Businesses

The IRS has clarified guidance for the cannabis industry.

  • 280E applies to all cannabis businesses no matter if the business is legal or illicit
  • Form 8300 must be filed with every transaction that is $10,000+
  • Cannabis businesses should calculate CoGS based on Internal Revenue Code 471
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Filed Under: Taxes, Finance

September 08 2020

Cannabis CPA vs Local General CPA

As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns.Over the past 45 days, our team has been increasingly getting on calls with cannabis operators that chose to go with a local, generalist CPA firm...

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Filed Under: Compliance, Taxes, Accounting

July 31 2020

SPACs in the Cannabis Industry

Special Purpose Acquisition Companies are one way to take your cannabis business public – here's how they work.

  • The SPAC pools money from investors – known as a blind pool – into the public company. 
  • The SPAC goes public, and then makes acquisitions or investments based on a...
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Filed Under: Finance, Investing

July 22 2020

How to Take Money Out of Your Cannabis Business

Here's how to draw a salary from your cannabis business – and how it impacts your business and personal taxes. 

  • How you draw a salary – and the taxes – depends on the type of entity you've set up.
  • A C-Corp cannabis venture pays taxes on any income, meaning the entity itself is...
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Filed Under: Finance, Accounting

July 02 2020

Understanding Bad Debts for Cannabis Companies

Learn some strategies for writing off bad debt, as well as how to avoid the risk to begin with. 
  • Bad debt gets recognized as a business expense when an account receivable is no longer collectible.
  • In the cannabis industry, you should never extend credit – it's simply too risky.
  • If you do...
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Filed Under: Finance, Accounting

June 18 2020

Analyze and Optimize Cannabis Cultivation Cost Per Pound

An accurate cost per pound is the basis for setting up a sustainable, profitable cannabis cultivation business. 

  • Improve the value of your cultivation business by keeping detailed SOPs for each employee's job description. 
  • Implement strong tracking systems to see the trajectory of...
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Filed Under: Finance, Accounting