skip to main content
UHY US
UHY header-overlay
Cannabis

Cannabis

Professional Services for the Cannabis 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 differing levels of acceptance between federal and state governments require careful examination of cannabis accounting practices, certifications, licenses and federal, state and local tax 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 agile and flexible team moves as quickly as the cannabis industry providing updates on new regulations, compliance requirements, and new markets.

Specialized Cannabis Services

Cannabis accounting has distinct challenges over conventional businesses. In addition to our standard service suite, we are prepared to support your unique industry needs regarding:

  • Business formation and entity structuring
  • State and local taxes and incentives
  • Excise taxes
  • IRC 280E analysis
  • Assistance with state licensing requirements

Where We Can Help

UHY provides a wide range of audit and assurance services, including financial audits, forensic audits, compliance audits, reviews, compilations, agreed-upon procedures, and other attestations.

Whether it’s business or personal, UHY empowers clients to take control of their taxes with an array of strategic tax solutions to help minimize tax liability in a complicated tax environment.

Transactions are integral for the growth and strategy of businesses, so maximize your return on investment at any stage of your transaction with our dedicated team.

UHY provides a wide range of audit and assurance services, including financial audits, forensic audits, compliance audits, reviews, compilations, agreed-upon procedures, and other attestations.

Whether it’s business or personal, UHY empowers clients to take control of their taxes with an array of strategic tax solutions to help minimize tax liability in a complicated tax environment.

Transactions are integral for the growth and strategy of businesses, so maximize your return on investment at any stage of your transaction with our dedicated team.

Related Insights

Absent Final Federal Rule IRS Reaffirms that Cannabis Still Subject to Limitations of 280E

07/08/24

News from earlier this year that the Biden administration was poised to move forward with a Department of Health and Human Services recommendation…

Landmark Ruling: Cannabis Reclassification

05/01/24

The Biden administration appears poised to move forward with a recommendation from The Department of Health and Human Services (DHHS) to reclassify cannabis…

Potential Cannabis Reclass Could Propel Industry to New Heights and Present New Opportunities

10/12/23

Recreational adult-use cannabis is legal in 23 states and D.C., and medicinal use has been permitted in 38 states.

How to Navigate Maryland's Adult-Use Landscape

10/03/23

From the moment that Maryland’s voters approved the adult-use of marijuana in convincing fashion, attention turned to Annapolis, where state lawmakers were tasked…

Michigan Circuit Court Classifies Cannabis as Agriculture Operation

07/20/23

The Michigan cannabis industry has had its share of struggles recently, as oversupply wreaked havoc on profit margins, causing insolvency and forcing many…

Growing Pains Continue as Prices Remain Stubbornly Low

04/20/23

When recreational adult-use was authorized in Michigan in 2019, purveyors of cannabis and investors alike raced to seize the budding opportunity to enter…

The Current State of 401(k) Plans for Cannabis Workers

01/24/23

Retirement service providers want to offer 401(k) plans to the cannabis industry, but their hands are tied.

Michigan Cannabis Licensees Urged to Verify Accela Authorized Contacts

11/03/22

The Michigan Cannabis Regulatory Association has issued a bulletin announcing that it will begin releasing information on the new annual financial statement requirements…

Federal Cannabis Rescheduling Key Implications For Cpas

01/17/24

In December 2023, we published an article on the Department of Health and Human Services (DHHS) recommendation to the Drug Enforcement Administration to…

Cannabis Companies Under Magnifying Glass As State Hires Industry Auditors

02/10/23

The Connecticut Department of Revenue Services has hired five cannabis auditors as the state prepares to address cannabis taxation for the first year…

Effective Tax Rate On Cannabis Companies ‘Can Be Fatal’; Proposed Bill Would Offer Relief

02/06/23

One of the greatest challenges for states post-recreational cannabis legalization is striking a balance between taxation of these businesses and creating an inhospitable…

What The Future Holds For Adult Use Cannabis In New York State

05/31/23

In late April 2023, shortly after the opening of the first cannabis dispensary in the Capital Region, the Albany Business Review hosted a…

Cannabis Entrepreneurs Race to Prepare as License Application Period Approaches

01/19/22

Connecticut will open its cannabis retail license application period on February 3, but entrepreneurs in the state are struggling with uncertainty ahead of…

Jobs in Michigan Cannabis Industry Shoot Up 72%

02/25/22

Michigan is the third largest cannabis employer in the country according to a new report from Leafly.

MRA Releases Bulletin on Annual Financial Statement Requirements for 2022

01/06/22

The Michigan Marijuana Regulatory Agency (MRA) recently issued a bulletin to announce the annual financial statement (AFS) requirements for medical facilities and adult-use…

MRA Cracking Down on Financial Responsibility

01/27/22

The Michigan Marijuana Regulatory Agency (MRA) recently issued a statement regarding the Proof of Financial Responsibility Insurance Requirements for Medical Applicants and Licenses…

Northeast Cannabis Summit

02/09/22

Despite an ever-increasing number of states moving to legalize recreational cannabis, the rules surrounding these business entities are often in question as states…

Cannabis Webinar: An Economic Buzz

02/09/22

Partner Matt VanDerbeck joined the Rensselaer Chamber webinar “Cannabis: An Economic Buzz” on the opportunities presented by the cannabis industry and how to…

The Cannabis Business Is Booming – But For Entrepreneurs, Success Requires Diligence

03/31/22

As more and more states legalize cannabis for medical and recreational use, more and more entrepreneurs are looking to enter the market, but…

Taxes and Cannabis What You Need to Know to Minimize your Liability - P Traffic

01/02/23

The cannabis industry’s boom is showing no signs of slowing down.

How to Set Up a Cannabis Business for the Greatest Benefits

08/11/22

As of 2022, using marijuana for either recreational or medicinal purposes is legal in 39 states, and it has grown into a $61…

Michigan Cannabis Regulatory Association Leadership Vacancy Temporarily Filled

09/21/22

Governor Whitmer appointed Brian Hanna as the acting executive director of the Cannabis Regulatory Association (CRA), effective September 19, 2022.

Michigan Cannabis Supply and Demand Fluctuation Creates Potential Issue

10/21/22

The Cannabis Regulatory Agency (CRA) is seeking input on how to solve a potential surplus after the price of “flower” dropped 44% in…

Contact Us

Contactpattern

Join Our Mailing List

Sign Up Now
Uhy Logo

You are leaving UHY website to visit a site not hosted by UHY. Please review the third-party’s privacy policy, accessibility policy, and terms. UHY is not responsible for the content provided by third-party sites.