Getting started in Cannabis accounting can be overwhelming for accounting professionals who have just started serving Cannabis clients or for those who are still considering the niche. It’s especially difficult when your state has just legalized marijuana and things are still a little bit like the W
Publish Date: Apr 27, 2021
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Getting started in Cannabis accounting can be overwhelming for accounting professionals who have just started serving Cannabis clients or for those who are still considering the niche. It’s especially difficult when your state has just legalized marijuana and things are still a little bit like the Wild West.
Matt Mann, with experience as an internal auditor and corporate controller, was a part of this new frontier when he started serving Oklahoma Cannabis companies soon after the state passed legalization. He ran into some challenges as the state ironed out its regulations, but also found an advantage to getting started early. For this episode, he sat down and talked with DOPE CFO founder Andrew Hunzicker, CPA about getting started and how to utilize your past skills and quickly build new ones to be successful from the beginning.
Key points Matt and Andrew discuss include:
How to dive in as soon as your state legalizes Cannabis: accountants may be the most successful if they jump into the niche without much hesitation; confidence is key, as well as having a strong referral process already in place with your current clients (we’ll talk about how to level-up quickly so you can hit the ground running).
Challenges of doing Cannabis accounting in Oklahoma: although the lessons of Matt getting started in Oklahoma can apply to any state, we specifically dig into the challenges of serving in Oklahoma, given that it’s one of the most flourishing markets (and we’ll talk about ways you can learn from Matt’s early obstacles to optimize your success).
Ways to serve clients outside of your home state: if you’re interested in serving Cannabis clients but your state hasn’t legalized it yet or if you just want more clients from other states, one thing to watch for is how investors may be trying to get the most out of the market before it becomes more limited (you’ll want to look for residency requirements and state board regulations before sending your offer letter).
It may be a Wild West scenario out there as new legalization markets crop up, but there are rife opportunities for you if you commit to quickly learning how to serve clients in this niche. Listen in today for tips on paving your way.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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