Industry
Cannabis Ventures, Startup Best Practices, and Ways to Compete
Cannabis Business Executive (March 25, 2024) – Once relatively easy to break into, the cannabis industry now demands a leaner and more conservative approach to financial management along with precise forecasting and a great deal of patience. There are inherent risks, regulatory uncertainties, and financial challenges faced by new market entrants and established operators alike. […]
AAFCPAs Speaking at MJ Unpacked, Atlantic City
Janice O’Reilly, CPA, CGMA, Partner has been invited as a panelist on “Empowering Women: Navigating the Path to Capital” at MJ Unpacked, an event uniting cannabis retail and brand executives, license holders, and accredited investors who actively invest in the space. The event takes place April 9, 10, and 11, 2024 at the Hard Rock […]
Webinar: Cannabis ESOPs – The Industry Game Changer
While the cannabis industry is growing rapidly, cannabis business owners still face trade-specific challenges—from regulations to banking restrictions and from capital acquisition to mounting competition. These pressures have led many businesses to explore Employee Stock Ownership Plans (ESOPs) to enhance employee loyalty, reduce their tax obligation, raise capital, plan for eventual succession, and prioritize a […]
$270M in New Funding to Community Health Centers
AAFCPAs would like to make health center clients aware that the Consolidated Appropriations Act, 2024, was signed into law on March 9 and is slated to provide $270 million in new annual funding to community health centers. Backdated to the start of the current fiscal year, this funding brings the program’s total annual funding to […]
TerrAscend Corp. Joins Other Operators Changing 280E Tax Position
AAFCPAs would like to make cannabis clients aware that TerrAscend Corp., in its fourth-quarter earnings call, announced it would no longer be making tax payments under Section 280E of the Internal Revenue Code. The company’s Chief Financial Officer noted its legal basis in doing so comes from a legal interpretation based on a similar position […]
DEA Reconsiders Marijuana Restrictions Following Release of Scientific Review
AAFCPAs would like to make cannabis clients aware of a 250-page scientific review published online recently by Matthew Zorn, an attorney in Texas, after he sued Health and Human Services officials for its release. In this document, federal scientists conclude that marijuana should not be classified as a Schedule I drug. Researchers conclude that marijuana […]
AAFCPAs Invited to Speak at NECANN-Boston Convention
AAFCPAs’ Vassilis Kontoglis, Janice O’Reilly, and Dave McManus have been invited to speak in two separate sessions at NECANN’s 2024 Boston Convention being held at the Hynes Convention Center in Boston, Massachusetts. 2024 Key Cannabis Topics: Rescheduling, SAFER Banking, and M&A Speakers: Dave McManus, Ronald Lipof, Melissa Maranda, J.D., and Michael Ross When: Friday, March […]
Philip Deng to Keynote Nonprofit Seminar
AAFCPAs is pleased to announce that Philip Deng, recognized for his ability to leverage advanced technology in the nonprofit space, will be keynote speaker at its 2024 Virtual Nonprofit Educational Seminar on April 24th. Deng is a nonprofit veteran and CEO of Grantable, an AI-assisted grant writing solution. Unlocking the Power of AI with Philip […]
Guidance for Independent Schools on FASB’s New CECL Model
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) is effective for nonpublic businesses and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL is in effect during fiscal year 2024 for independent schools with June 30 year ends. AAFCPAs advises that independent […]