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Cannabis: An Industry on the Rise, and out of the Shadows

Accounting Spotlight

February 19, 2019
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Cannabis: An Industry on the Rise, and out of the Shadows

As seen in COMMERCE Magazine

COMMERCE Magazine put out its February 2019 issue, with an Accounting Industry spotlight, asking New Jersey cannabis industry leaders to provide their input on how they are preparing clients for the legalization of cannabis in New Jersey, and what financial challenges or hurdles will impact this new industry.

New Jersey Cannabis Advisory Services practice professional, Harry Carpenter, offered the following insight:

"New Jersey is quickly moving toward adult-use cannabis legalization. Many Citrin Cooperman clients are working in anticipation of drafting applications for the next round of State medical marijuana licenses, and adult-use licenses, upon adult-use legalization. Capitalizing on six years of experience, including other adult-use states, our Cannabis Advisory Services team handles the complex needs of our clients and potential clients as they look to navigate the nuances of a state-legal, yet Federally illegal business. We help clients get ready by educating and advising them on the various aspects of their business plan, including tax ramifications of company structuring, consulting on financial forecasting, inventory costing, IRS Section 280E compliance, ownership equity, and more.

With the goal of helping move the industry forward, we are also advising clients on how to deal with the various industry hurdles that they will likely encounter, which, among many other things, include dealing with state-imposed regulations."

If you have questions about the Cannabis industry, our dedicated team of Cannabis Advisory Services (CAS) practice professionals are happy to provide you with timely and accurate advise on how to navigate this rapidly-growing industry in New Jersey and throughout the U.S. business community.