CANNABIS

For us, cannabis is personal.  We appreciate and value the plant, and are passionate when it comes to working with cannabis businesses and entrepreneurs, and those who support them. 

 

The cannabis industry has many facets and layers that have developed over time, and that have been an important part of our history, both economically and socially.  Operating a marijuana or hemp business can be challenging in today's regulated environment.  Accounting prioritization is a critical component of success. Our experience working with cannabis businesses encompasses a wide range of accounting, consulting, and advisory services.  LEACIF's founder has specialized in and supported Michigan's commercial industry since 2016, as well as supported the medical market and self-employed caregivers as early as 2011.  We are confident in our expertise and industry leading contributions in accounting, tax, advisory, and assurance matters.

 

The foundation of our firm's managed accounting services model has been designed with the strict regulatory requirements applied to the marijuana industry in mind.  Or in other words, our managed services processes are built to support cannabis, and used as the benchmark to apply to the other industries we work with.

 

While we recognize the many accounting, tax, and compliance challenges due to regulatory requirements and industry nuances, we also appreciate the value in increased transparency in business financial reporting as a whole.  We're here to help your business successfully, and strategically, manage these challenges and create value in doing so.

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With a further focus on compliance, internal control, and value added reporting, we also provide unique insights and innovative approaches to enterprise risk management, cybersecurity risk management, and systems control, including for supply chain.  Encompassing much more than § 280E and § 471 applicability, our full scope tax, accounting, and advisory services address other matters often common to the cannabis industry, including partnership accounting, multiple entity structuring, rentals and leases, startup needs, and expansion and exploration of digital asset creation and utility.

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We offer complete services for state regulated cultivation, processing, retail, secure transportation, and safety compliance businesses, as well as for self-employed individuals and entrepreneurs in compliance with the Michigan Medical Marihuana Act or the 2018 Farm Bill. Our unique expertise can help guide your business in several ways, some of which are included below.  Check out our Accounting Services for Cannabis page for a more detailed listing of niche specific managed accounting services offered, along with our Cannabis Accounting Resources page for helpful templates.

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We can help with:

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• Managed accounting services, including fractional controller and CFO services, financial reporting and disclosures, records management, and resource advisory aligned with compliance and accounting best practices;

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• Tax advisory, including emerging issues, structuring, partnership accounting, planning, compliance, and reporting;

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• Inventory cost accounting and methodology;

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• Lease accounting and contract advisory;

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• Ancillary agreement contract advisory, including management services, consulting, leasing, and IP;

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• Enterprise risk management program advisory and strategy, including assistance with design and communication;

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• Cybersecurity risk management program advisory and controls;

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• SOC for supply chain description and control criteria;

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• Other value added reporting and communication, including environmental, social, and governance considerations;

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• Startup consulting, coaching, and entity formation;

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• Sales and excise tax reporting, including multi-state considerations;

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• AFS compliance and readiness;

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• Activity based cost accounting;

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• Digital asset considerations, including advisory related to transactional use, investments, and self-created tokens or initial coin offerings;

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• Entity reorganization or expansion, including adding partners or investors, intellectual property considerations, and partnership accounting needs;

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• Systems controls, policies, and procedures;

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• Change of accounting method compliance considerations;

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• Exit, merger, and acquisition advisory, including assistance with due diligence, risk assessment, and tax compliance;

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• And much more!  Like we mentioned, our processes were built and fine-tuned with compliance for cannabis entities in mind - let us know what your business needs or is struggling with, and we can likely help, or point you in the right direction!

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Additionally, check out our publications page for tax compliance insights into historical cannabis tax court cases, inventory accounting, and partnership matters.

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