The cannabis industry needs CPAs. Why? It’s a rapidly growing industry, with an economic impact that’s projected to react $70 billion by 2021. However, it’s also one of the most tightly regulated industries in the country, since cannabis is a Schedule I controlled substance, making it illegal under federal law, even though it has various levels of legality in over 30 states.
Cannabis companies need qualified, experienced CPAs to manage their taxes and accounting, as well as their business structuring and inventory management, in the face of strict federal and state regulations. Without professional accounting services, cannabis businesses have trouble staying afloat, since the IRS often targets their finances and bookkeeping to find ways to fine or penalize them, or even shut them down.
If using your accounting skills in the cannabis industry sounds like an exciting challenge to you, here’s what you should do to become a California cannabis CPA: