CannaBlog

A Day with Jim Marty

This 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

All 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

As 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

Form 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

I 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 […]

Observations and Insights from MJBizCon

I joined Bridge West last year, and recently attended my first MJBizConNEXT conference in New Orleans. It was a great opportunity to learn about industry updates and meet with other industry professionals in a fantastic setting. MJBizCons always attract a variety of enthusiastic cannabis and hemp industry professionals who provide a wide range of products and services. It is encouraging to see professionals eager to solve problems in the cannabis and hemp industries. It is also exciting to foresee the future of the industries, and help our clients grow and adapt to the changes.

The Importance of Proper Crop Insurance

Over the past year, Bridge West has been working closely with many hemp and CBD clients on setting up their businesses and financial projections. The demand for CBD has sky-rocketed and farmers and business owners are very interested in supplying that demand. Although there are notable differences, and each industry has unique challenges, our expertise […]

CBD in SOHO: Kevin Harrington’s CBD/Hemp Advisory Panel and CBD Pop-Up Event

Kevin Harrington and his “AsSeenOnTV.pro” Team realize the CBD/Hemp explosion is no fad and thankfully, is here to stay and growing exponentially stronger every day. In order to support this growing industry, they have formed a CBD/Hemp Advisory Panel comprised of a prestigious group of leading CBD/hemp experts and “movers and shakers” from a wide […]

Weather Risk Management 101 for Hemp Farmers, Processors and Investors

The hemp industry is experiencing a resurgence in the United States due to the signing of the 2018 Farm Bill. Hemp production across the country is on the rise and, seemingly, it is increasing on a daily basis. Hemp can be grown for fiber, seed, or flower (oil extracts) and hemp farmers should be concerned […]