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INDUSTRIES

CANNABIS

Our dedicated team of seasoned professionals will help you navigate the ins and outs of a dynamic, evolving industry.

How to Set Up a Cannabis Business for the Greatest Benefits

As of 2022, using marijuana for either recreational or medicinal purposes is legal in 39 states, and it has grown into a $61 billion business. But marijuana is still considered a Schedule 1 controlled substance by the federal government, and even legal states have several legal hoops to jump through to get into the industry.

Perhaps the biggest hurdle is a portion of the Internal Revenue Code (IRC) which dictates how businesses can deduct expenses. But a cannabis business, structured properly, can maximize its tax savings. That requires, however, some knowledge of the applicable IRS rules.

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CAPABILITIES

Navigating a dynamic, heavily-regulated industry

The legalization of cannabis for medical and recreational use in many states presents a wealth of opportunities in a new market, but with an added layer of complexity. Taxation is much different in the cannabis industry than in a traditional business.

Heavy regulation and the different levels of acceptance between federal and state governments require careful examination of accounting practices, certifications, licenses and federal, state and local tax information.

Our dedicated team of cannabis accounting specialists is armed with the knowledge and understanding of best practices and compliance requirements in the individual markets we serve. As quickly as the cannabis industry moves with new regulations, requirements, and legalization in more states, the agility of our team is one of our key components.

We take the time to follow all cannabis industry trends on a national scale so that we are able to assist you with new opportunities in emerging markets and new compliance requirements that may impact your business.

With a proactive approach to client service, we are constantly communicating with your team to maintain a collaborative relationship as a trusted advisor to your business. Our team is constantly monitoring changes and updates pertaining to your business and we make it a priority to provide you with the latest information. 

As a top national accounting firm servicing the cannabis market,  we have assisted numerous clients in all stages of entering and exiting the cannabis market to position our clients as  leaders in the industry.

OUR PROFESSIONALS

DANIEL ENSOR

Principal, UHY LLP
Salisbury, Maryland

DANIEL ENSOR

Principal, UHY LLP

LUCY LIU

Principal, UHY LLP
Orange County, California

LUCY LIU

Principal, UHY LLP

ALI BAYDOUN

Principal, UHY Advisors
Farmington Hills, Michigan

ALI BAYDOUN

Principal, UHY Advisors

ROBERT LICKWAR

Partner, UHY LLP
Managing Director, UHY Advisors
Farmington, Connecticut

ROBERT LICKWAR

Partner, UHY LLP
Managing Director, UHY Advisors

MATTHEW VANDERBECK

Partner, UHY LLP
Managing Director, UHY Advisors
Hudson, New York

MATTHEW VANDERBECK

Partner, UHY LLP
Managing Director, UHY Advisors

BRADLEY CUMMINGS

Partner, UHY LLP
Managing Director, UHY Advisors
Catskill, New York

BRADLEY CUMMINGS

Partner, UHY LLP
Managing Director, UHY Advisors

TODD TIGGES

Partner, UHY LLP
Managing Director, UHY Advisors
Farmington Hills, Michigan

TODD TIGGES

Partner, UHY LLP
Managing Director, UHY Advisors

MARC LICHTMAN

Director of SEC and PCAOB Matters, UHY LLP
Farmington Hills, Michigan

MARC LICHTMAN

Director of SEC and PCAOB Matters, UHY LLP

COREY MASSELLA

Partner, UHY LLP
Managing Director, UHY Advisors
New York, New York

COREY MASSELLA

Partner, UHY LLP
Managing Director, UHY Advisors

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