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Should your company consider the cash-basis method of accounting?
/in CannaBlog /by Brigid GalvinIN THE NEWS…USDA OKs hemp plans for Louisiana, Ohio, New Jersey
/in CannaBlog /by Brigid GalvinRead more
/in Missouri /by Brigid GalvinExciting News for medical marijuana out of Missouri Missouri notifies winners of testing lab licenses At least 17 applicants want one of 10 licenses available. https://www.news-leader.com/story/news/local/ozarks/2019/12/19/medical-marijuana-missouri-notifies-winners-10-testing-lab-licenses/2698035001/
With More Than 5K Applications for Adult-Use Dispensary Licenses in Illinois, Will you be one of the 75 Lucky License Recipients?
/in CannaBlog, Illinois /by Brigid GalvinLast week I had a great trip to Illinois and was able to spend time with current and prospective operators, cannabis legal professionals and cannabis consultants. During my meetings, I heard a common theme: the state of Illinois is trying to be the leader in social justice in awarding adult-use cannabis licenses and in providing […]
Update on the Current State of the Hemp/CBD Industry in the Fall of 2019 – Part I
/in CannaBlog, Minnesota /by Brigid GalvinA Day with Jim Marty
/in CannaBlog, Colorado /by Brigid GalvinThis past summer, I was lucky to get a glimpse into the world of a cannabis accounting pioneer, Jim Marty, the CEO and Founder of Bridge West LLC. Bridge West is a CPA and consulting firm that has been entirely devoted to serving cannabis and hemp professionals since 2009. Jim began his practice with his […]
Cannabis & Tech Today: Building a Financial Plan for Your Cannabis Business? What You Need to Know
/in CannaBlog /by Brigid GalvinAll good business plans require a financial projection. Creating a financial projection is both an art and science. A financial projection will include projected sales, budgeted expenses, a balance sheet, cash flow, and sources and uses of funds. Also, a financial projection will help determine how much funding will be needed and the projected return […]
Cannabis Inventory and IFRS Biological Assets – Inventory Records
/in Alaska, California, CannaBlog, Colorado, Maryland, Massachusetts, Michigan, Nevada, Ohio, Oregon /by Brigid GalvinAs cannabis companies continue to move to the public markets in Canada, high quality inventory records become much more important. Not only is there greater disclosure and scrutiny of financial information, but International Accounting Standard 41: Agriculture (IAS 41) requires additional computations on biological assets (plants and all inventory derived from those plants) to bring […]
Forms 1099: The Who, What, Where and When … Plus an Interesting Twist for Cannabis Businesses
/in CannaBlog /by Brigid GalvinForm 1099 is an important tax document that all businesses must file when applicable. There are several variations of forms 1099 and one should be filed when a business pays over $600 for a service. Who Gets a Form 1099? It starts by obtaining a signed form W-9 whenever a new vendor is set-up in […]
Collecting Cash in the Cannabis Industry? Here’s What You Need to Know
/in CannaBlog /by Brigid GalvinI was recently speaking with a someone who entered into a Letter of Intent to sell their cultivation and processing license for tens of millions of dollars. The buyer’s due diligence team determined that the company had not been filing Form 8300. In total, the seller should have filed over 250 Forms 8300. The seller […]