AAFCPAs Featured at VT Cannabis Convention

Posted on April 27, 2023April 27, 2023

AAFCPAs Cannabis Practice Leaders have been invited to speak at The Vermont Cannabis and Hemp Convention hosted by the New England Cannabis Convention (NECANN) on Saturday, May 6, 2023 at the Champlain Valley Expo in Burlington, Vermont.

WHAT NEW OPERATORS NEED TO KNOW THAT THOSE IN MATURE MARKETS HAD TO FIGURE OUT THE HARD WAY!

Saturday, May 6, 2023 | 12:00 PM – 12:50 PM

New markets are at an advantage because they can learn from the trials and growing pains experienced by operators in mature markets like Massachusetts, legal since 2012. In this session, David McManus, David Gravel, and Brendon Robidoux will provide operators with what they need to know to bypass regular market entry hurdles.

Objectives:

Learn the financial and operational need-to-knows to effectively navigate the complexities of recreational cannabis markets.
Understand items to consider when selecting the best entity structure.
Learn how to effectively maximize deductions while remaining compliant with 280E and state and local taxation.
Start from the beginning with an understanding of what’s needed and what to expect to support an IRS or other external audit.

Learn more about The Vermont Cannabis & Hemp Convention. >>

ABOUT AAFCPAS’ CANNABIS PRACTICE

AAFCPAs is an industry pioneer and, since 2012, has been deeply immersed in advising cannabis operators in tax, structuring, compliance, accounting, and transactions. With national recognition, our multi-disciplinary team of advisors includes CPAs, CFOs, estate planning and tax attorneys, wealth advisors, as well as business process, data analytics, IT, and cyber security professionals.

About the Authors

David McManus, CPA, CGMA

Dave leads AAFCPAs’ Cannabis Business Practice, providing highly coveted tax, entity structure, and business advisory solutions. Dave has been deeply immersed in understanding the complex financial and operational nuances of the cannabis industry since 2012. He advises multi-state operators, recreational and medical retailers, cultivators, product manufacturers, and investors. He proactively advises clients on risks, opportunities, and tax implications related to market entry, accounting methods, capital structure, debt financing, R&D, M&A, and goodwill impairment. He has led industry training sessions on interpreting and implementing new federal and state marijuana statutes, including compliance with 280E. Dave maintains a strong network of cannabis industry investors, attorneys, bankers, employee compensation and benefits providers, realtors, risk managers, and insurance agents, and he leverages these resources as appropriate to help clients achieve success.

Brendon Robidoux, MSA

Brendon is a member of AAFCPAs’ Managed Accounting Solutions practice, providing cloud-based outsourced accounting & finance services for privately-held companies. He serves diverse privately-held businesses, including cannabis dispensaries and cultivation facilities, construction contractors, restaurant groups, and emerging technology companies. Brendon provides infrastructure set-up and process automation as well as knowledgeable financial leadership and accounting oversight. He creates systems and processes for analyzing and reporting financial information, ensures clients follow legal and regulatory requirements, and recommends improvements for business procedures. Brendon also assists leadership in preparing annual budgets and tracking financial data.

David J. Gravel, CPA, MPAc

Dave is a leader in AAFCPAs’ cannabis practice. He provides tax and consulting solutions to multi-state operators, recreational and medical retailers, cultivators, product manufacturers, and investors. He has extensive experience advising cannabis operators and license applicants on optimal entity structure, maximizing deductions in accordance with IRC Section 280E, and multi-year tax planning to ensure preferred tax results, with a focus on preserving cash and maximizing lender/investor value. He also provides guidance on avoiding pitfalls associated with 280E and state and local tax compliance. He helps clients understand the critical role of cost accounting in the cannabis space, and what is scrutinized by those evaluating your statements. He provides insight on documentation needed and what to expect to support an IRS or other external audit.