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accounting

May 21 2021

Economic Impact of Cannabis is Expected to be 5X Greater in 2021

It is no secret that the cannabis industry is growing quickly and strengthening the economies of states and territories with legal adult-use and medical programs. After a banner year in 2020, when the cannabis industry pumped an estimated $17.5 billion into the US economy, an analysis from ...

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Filed Under: California, Taxes, Nevada, Accounting

May 11 2021

5 Ways Cannabis Companies Benefit From Enhanced Controls

The strong control environments utilized by public companies in the cannabis industry provide a powerful blueprint for best practices that private cannabis companies can learn from and build on. These controls can: provide greater accountability within the organization, lower the risk of...

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Filed Under: Compliance, Business, Accounting

May 05 2021

What Cannabis Businesses Can Learn from the Harborside Inc. Case vs. the IRS

In late April, a U.S. appeals court rejected an attempt to end Section 280E of the IRS tax code by California-based cannabis company Harborside Inc.

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Filed Under: News, Compliance, Accounting

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

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 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 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