Get important updates on the adult-use cannabis industry and must-know information for CPAs looking to serve cannabis clients in any part of the supply chain.
DESIGNED FOR
CPAs and professionals who are interested serving businesses in the legal cannabis industry.
BENEFITS
Gain a full-spectrum awareness of the status of cannabis legalization and issues your clients may face whether they are in the early/start-up stages or multi-state operators. This dynamic industry is full of uncertainty that CPAs seeking to service clients in the space should be aware of.
HIGHLIGHTS
8-9:15 a.m.
State-Specific Breakout Sessions (Choose One)
All of these breakout sessions will be available to conference attendees for on-demand viewing after the conference. CPE credit is not available for on-demand sessions.
1A. New Jersey Cannabis Update (1.5 SK)
Moderator: Ron Mondello, Esq., Municipal Cannabis Attorney
Michael McQueeny, Counsel - Foley Hoag
Hasaan Austin, President - MTN Media Biz Development
This session will provide an update on the cannabis industry in New Jersey, including:
- Updates from New Jersey Cannabis Regulatory Commission Vice Chair, Sam Delgado
- 280E legislation update
- Helping clients started as a cannabis business
- Working with municipalities
- Social equity considerations
1B. Connecticut Cannabis Update
Megan Budd, CPA - Withum
Brian Silva - Withum
Cannabis entrepreneurs and cultivators launching their businesses in Connecticut hopefully can avoid some common pitfalls. Over the last ten years, we have witnessed cannabis businesses make enough mistakes to write a book! Join Withum’s Steven Monacelli, Partner and Cannabis Team Lead, and Megan Budd, Principal – Cannabis Leader, for a timely presentation on the top five cannabis industry mistakes to avoid.
1C. Massachusetts Cannabis Update
Tracy Lemaire, CPA, M.B.A. - Evolve CPA Consulting, LLC
This session will include:
- An update on the market almost four years after the first adult use cannabis sales began in Massachusetts
- A Massachusetts cannabis legislative update
- Factors you should be aware of regarding advisory considerations for CPAs serving clients with operations in Massachusetts
1D. Virginia Cannabis Update
Dylan D. Bishop - Kaplan, Voekler, Cunningham & Frank, PLC
This session will provide an update on the status of Virginia’s regulated cannabis industries, recent statutory and regulatory developments, and what’s likely to come in the 2023 General Assembly session.
9:15-9:25 a.m.
Break
9:25-10:40 a.m.
Breakouts by Experience Level (Choose One)
All of these breakout sessions will be available to conference attendees for on-demand viewing after the conference. CPE credit is not available for on-demand sessions.
2A. 101: Getting Started (1.5 SK)
Moderator: Alex E. Krasnomowitz, CPA
Stacey Udell, CPA/ABV/CFF, CVA - HBK CPAs & Consultants
Todd Polyniak, CPA - SAX LLP
Steven Monacelli, CPA/PFS, MST - Withum
As the adult-use cannabis market moves ahead in New Jersey, these business owners will need the guidance and support of CPAs. Find out what you need to know to properly advise cannabis clients, given certain limitations the industry has to comply with.
2B. 201: Accounting Implications (1.5 AA)
Mitzi Keating, Partner, Cannabis Advisory Services Practice Co-Leader - Citrin Cooperman
Understand the accounting and tax implications of the cannabis industry based upon business structure, 471 costing elements, and the intersection between accounting and tax which uniquely impacts this industry. Learn about cash flow challenges that bridge the gap between book and tax.
2C. 301: Income Tax Provisions in Cannabis (1.5 TX)
Tiffany Richardson, CPA, Partner - Crowe LLP
This session will discuss IRC Sec. 280E and its impact on income tax provisions, income tax accounting for acquisitions in cannabis and differences between GAAP and IFRS.
10:40-10:50 a.m.
Break
10:50 a.m.-12:05 p.m.
Business Valuation and Investor Relations (1.5 SK)
Stacey Udell, CPA/ABV/CFF, CVA - HBK CPAs & Consultants
David Cunic, CEO - UCS Advisors
When performing business valuations, CPAs consider the fair market value, fair value, investment value, and strategic value standards and utilize asset, income, and market approaches. Hear about the investor’s side – How is value determined? How does the business owner convince investors to invest?
12:05-12:35 p.m.
Lunch Break
12:35-2:15 p.m.
Section 280E – What it is and How to Help Your Clients Survive (2.0 TX)
Nick Richards, Partner - Greenspoon Marder LLP
Section 280E creates phantom income and tax for cannabis businesses that can be very difficult to pay. Nick Richards, former IRS Attorney and current Partner and Co-Chair of the cannabis practice at Greenspoon Marder, will discuss the basics and current developments regarding Section 280E. His presentation will include the essentials of entity planning and 280E, the current state of the law, and the fundamentals of managing federal (and state) tax debt for cannabis companies. These topics involve complex tax rules that are unique in their application to the cannabis industry and essential for CPAs to understand in advising their cannabis industry clients.
2:15-2:25 p.m.
Break
2:25-3:40 p.m.
Looking Beyond Cannabis: Alternative Products and Emerging Therapies (1.5 SK)
Moderator: Morgan Davis, Industry Liason - CBD Association
Lisa Gora, Esq. - Epstein Becker & Green
Gaetano "Guy" Lardieri, CEO - G-Nexus
With cannabis being legalized in so many states, new alternative products and therapies are coming to the forefront. This session will discuss trends and risk considerations for the following:
- CBD
- New cannabis “intoxicating” derivatives (Delta-8, Delta 9 below 0.3% THC, THC0)
- Psychedelics
- MDMA, ketamine, kanna and other up-and-coming industries
COURSE LEVEL
Basic