The Ultimate Guide To Hiring Cannabis Accountants Near Maryland
Finding cannabis accountants near Maryland can prepare you for the oncoming legalization on July 1st. When you pick a qualified professional accountant specific to the cannabis industry, you can have financial success. As you look to hire a cannabis accountant, they need to be professionally qualified, have experience in the cannabis industry, and know the […]
Bookkeeping For Dispensaries: Basics of Managing Your Money
It’s important for any business to carefully manage its financial records, but it’s even more vital for cannabis dispensaries. Bookkeeping for dispensaries can be more complex than in many other industries because they deal almost exclusively in cash. Cannabis dispensaries also have very strict guidelines about what they can deduct on their taxes. Bookkeeping for […]
Can A Cannabis Business Have A 401k?
As cannabis companies grow and develop their business successfully, they are met with regulations. Due to strict regulations, it may leave some wondering whether they can incorporate 401k for their employees. Cannabis businesses can have a 401k for their business that isn’t directly put it under the 280e Tax code and COGS. However, the IRS […]
Cannabis Dispensary Cost Of Goods Sold – What You Need To Know About
Cannabis dispensaries are taxed differently than companies in almost every other industry. According to the tax code, businesses that sell Schedule I drugs (like cannabis) cannot benefit from many tax deductions that other businesses use to reduce their taxable income. One of the only things that cannabis dispensaries can deduct is their Cost of Goods […]
Maryland Cannabis Accountants: Choosing the Right Professionals For Your Business
In Maryland, the need for specialized cannabis accountants has grown significantly due to the expanding and emerging market. Hiring a specialized cannabis accountant in Maryland requires you to consider various factors such as experience, industry knowledge, communication skills, additional services, and more (we’ll discuss below). By conducting thorough research and considering these factors, you can […]
Cannabis Accounting Software: Top Points to Evaluate Before Making a Decision
In the realm of cannabis businesses, there is an abundance of software tools designed to automate various tasks, freeing you from dealing with minor details. When properly utilized, accounting software can significantly simplify your life and streamline your operations. There are things you should know about using accounting software before incorporating it into your everyday […]
Accounting For Dispensaries – Expert Tips You Need To Know
Navigating the financial aspects of running a business can be overwhelming, particularly when it comes to operating a dispensary. Key aspects of dispensary accounting include tracking expenses, inventory management, preparing financial statements, monitoring cash flow, and staying compliant with tax regulations, such as the 280e tax code. By implementing effective accounting practices, you can gain […]
How To Open A Dispensary In Maryland
Ask any economic expert about the most thriving sectors in Maryland, and they’ll speak to the state’s prowess in manufacturing, energy/utilities, life sciences, and construction. However, Maryland is gaining more notoriety for another commodity that can earn a substantial amount of revenue; legalized adult-use cannabis. Many Maryland residents might hear about adult-use cannabis legalization and […]
How Profitable Is Running A Dispensary?
We’ve come a long way from cannabis being a primary target of the misguided War On Drugs. The first revolutionary step came back in 1992 when the first medical cannabis dispensary, The San Francisco Cannabis Buyers Club, opened itself to the public to serve patients. Soon after, both Cannabis Buyers Club founders co-authored Proposition 215 […]
CPA’s Tips on Building a Solid Foundation for Your Dispensary
The cannabis industry has experienced exponential growth as adult use has become legalized in many states over the last few years. If you’re considering opening a cannabis dispensary, you need a strong financial foundation. It’s best to start with a robust and detailed business plan, which is the first step to state licensing. This plan […]
