Self-Study: Surgent's Marijuana: A Generalized Business Viewpoint

Overview

This course is available until April 30, 2025.

Each year, more states legalize cannabis (i.e., marijuana) for medical or recreational purposes. As legalization grows, so too does the cannabis industry. While some financial professionals have stayed away from this growing sector of the economy, others have embraced the opportunities the cannabis industry has to offer. The legalization of cannabis brings with it a complex regulatory landscape, which includes strict compliance with federal and state regulations. However, the complexity of this emerging market provides opportunities for accountants and other financial professionals. Behind the cannabis dispensaries are scores of related business sectors including food production, retail, farming, and chemical production, as well as facilities, design, and construction. Simply stated, the commercialization of marijuana offers financial professionals an opportunity to participate in an industry expected to reach $73 billion worldwide within six years.

Highlights

• An overview of current state and federal laws governing marijuana
• A review of state boards of accountancy regarding marijuana
• How some financial professionals are capitalizing on the marijuana industry
• Providing auditing and tax services within the marijuana industry
• How accountants and other financial professionals can manage risk within this industry
• IRC Section 280E's prohibition of deductions involving controlled substances
• A summary of various state taxation laws on marijuana
• Ethical issues for accountants who work in the marijuana industry
• Relevant banking regulations
• Growth projections

Prerequisites

General familiarity with the accounting and business principles

Designed For

Anyone in the accounting or financial services professions who seeks to gain a better understanding of the most relevant topics in the marijuana industry or who counsel individuals or businesses working within some part of the marijuana industry

Objectives

• Understand the legal framework that allows accounting and financial firms to operate and grow within the marijuana industry
• Be familiar with applicable Internal Revenue Code sections applicable to this industry
• Be well versed in the potential risks and rewards for financial professionals working in the marijuana industry
• Understand the issues unique to the production, delivery, and retail aspects of this market