Tax and CFO Services for Cannabusiness
Tax and CFO Services for Cannabusiness with Jason Brown Founder and CEO of Foresight Financial CPA. Our next guest has over 20 years of experience in the accounting profession, specializing in providing customized tax, accounting, CFO, and consulting services and solutions for businesses, startups, venture-backed companies, estate and trusts, and high net-worth individuals. He has been serving the Cannabis Industry with Tax and CFO Services for Dispensaries, Growers, Technology, CBD, & PEO Companies across the US. Extensive knowledge in 280E. We understand the unique challenges in this industry. We talk about when he decided to take on clients in the sector and what led to the new direction. These factors create an enormous need for CPAs who are excited about entering a fast-growing and intricate niche, which consists of farming, chemical manufacturing, food production, and retail.
Equipped with a specialized skill set and sophisticated financial knowledge, CPAs have the opportunity to enter a burgeoning market—projected to reach an economic impact of $70 billion in the U.S. by 2021—where they can access a new realm of clients in dire need of their help, not to mention a substantial new source of revenue for their firms. Meanwhile, one company that doesn’t even deal with cannabis has profited handsomely at that time. KPMG, a “Big Four” accounting firm based in the Netherlands with nearly $30 billion in revenues last year, was awarded nearly $7 million in no-bid contracts to grade applications for new recreational pot licenses, according to records obtained by the Chicago Sun-Times. KPMG is getting nearly $4.2 million through a contract with the Illinois Department of Financial and Professional Regulation, which oversees dispensaries, and $2.5 million from the Illinois Department of Agriculture, which is tasked with regulating cultivation operations and other cannabis businesses.