Getting Started as a Cannabis Accountant

If you’ve been thinking about starting a bookkeeping or accounting business, you might be considering to niche into a specific industry.

One industry that has a lot of potential for accountants and bookkeepers is the cannabis industry.

Cannabis is one of the fastest-growing industries in the world and has tremendous opportunities for advancements in science, sustainability, wellness, advocacy, social change, career fulfillment, and wealth building.

Cannabis was my first industry as an entrepreneur and freelance accountant, and I definitely have learned my fair share of entrepreneurial and business lessons.

From doing due diligence on every customer, potential partner, and vendor to knowing how to set personal boundaries, the lessons I have learned (and continue to learn) have taught me more about myself and my leadership than I could have imagined.

If you are thinking about jumping into the cannabis industry as an accountant, here is a quick snapshot of how cannabis accounting is different than your traditional industry.

Cannabis is a highly regulated, cash-intensive, and nascent industry.
Businesses are accelerating at a rapid pace, from new product launches to mergers and acquisitions.
Cannabis business owners face punitive taxation and sometimes are taxed for cannabis at a local and state level (in addition to the federal tax
Cost Accounting is a pillar for cannabis cultivators and manufacturers
Cannabis businesses need good inventory management systems and practices
Cannabis businesses need good financial Controls
Cannabis businesses are required to track all cannabis on the seed to sale tracking systems