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January 24 2019

What to Expect in a Tax Audit

Tax audits are relatively common in the cannabis industry – here's how to prepare for one at your business. 

  • Make sure your sales, inventory, employee, and tax records are detailed and thorough. 
  • Be prepared with historical financial records, receipts, tax returns, and anything else you...
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Filed Under: Compliance, Taxes, Finance

December 19 2018

The IFRS Audit: What to Expect When Going Public in Canada

To enter the Canadian Stock Exchange, American cannabis operators must go through an audit in accordance with Canadian regulations. 

  • The audit requires that you prepare four key documents  as part of your IFRS financial statements.
  • You must also provide a summary of your accounting...
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Filed Under: News, Finance, Canada

October 16 2018

Four Tips to Help You Navigate Cannabis Business Banking

The traditional banking industry is largely closed to cannabis operators, but there are still ways you can get a bank account. 

  • Keep your business name professional to avoid raising any red flags when you apply for a bank account. 
  • Maintain two accounts, one for cash payments and the other...
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Filed Under: Finance

October 10 2018

How to Vet a CFO for Your Cannabis Company

The CFO is potentially the most important leadership role in your cannabis business – make sure the person you hire is equipped to work in this industry. 

  • CFO is the point-person for all financial reporting, including reports to your board of directors, as well as to outside parties...
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Filed Under: Finance

September 28 2018

Cannabis Banking 101: The Agencies and Policies Responsible for why Banks won’t take your Cannabis Money

Learn the background of the Cole Memorandum and why cannabis operators are subject to 280E restrictions.

  • The Cole Memorandum indicates that prosecutors and law enforcement should focus federal funds on those cannabis businesses and operators in conflict with state law.
  • Jeff Sessions made a...
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Filed Under: Business, Finance