Those who are running a cannabis company must always remember that at the end of the day they are still running a business and they need to treat it like one. In some cases, this is easier said than done. Even though banks can work with cannabis businesses legally, it can still be difficult to get an account with a bank. Many of them are still hesitant to work with marijuana companies due to cannabis still being illegal at the federal level.
However, you still need to keep your books properly and take care of your taxes from your business. One of the best things you should do for your cannabis business, or any business for that matter, is work with a reputable CPA. Because cannabis is still a relatively new industry, and because not everyone believes it should be legal, you will want to check with the CPA you are considering and make sure they do not have a problem with the type of business you run.
A CPA who understands the cannabis industry and who can make sure you are abiding by the law with your taxes is going to be of tremendous benefit. It should make your accounting far easier, and it can help to keep you from being audited. In the event of an audit, the CPA or tax professional you use can help walk you through the process. Hiring a CPA might be an added expense, but most find that it is well worth the cost.