The booming $10 billion legal marijuana industry is creating a major opportunity for financial professionals to assist growers and retailers with income tax strategy and support, but there is much still to learn.

Robert Cohen, CPA and Partner at LGSH LLP who leads the firm’s Cannabis group, shared his expertise at this year's annual California Cannabis Industry Symposium. Held at the Sheraton Universal City, the symposium was a forum for professionals to learn about the latest tax, legal, and accounting developments surrounding the cannabis industry.

Robert was a panel participant along with two other CPAs where specific tax-related cases were discussed, along with many nuances and best practices to support clients working in the cannabis industry. Their discussion included relevant code sections, considerations and applications, updates on new court cases, as well as current bills in the state and federal legislative houses. Robert also spoke about the most efficient business structures from a tax perspective for businesses operating in the cannabis industry.

The symposium was well attended, with over 100 live attendees and an additional 150 participating via webcast. The symposium also featured representatives from the Franchise Tax Board who talked about the new excise tax imposed on the sale of cannabis products.

Other subjects covered during the symposium included:

  • Regulatory Updates
  • Track and Trace
  • Cannabis Banking and Compliance
  • How To Get and Keep a Cannabis Bank Account
  • Insurance and the Cannabis Industry
  • Risk Management/Complying and Treating the Industry Like a Real Company

Robert has established himself as an expert in the cannabis industry and represents broad entities in the product’s supply chain. He is a frequent speaker at California Society of CPA events and discussion groups.  He has also presented to several large local and regional law firms, who are either thinking about or have already, formed cannabis groups within their practice.

To learn more about this emerging industry and be a valued source of information for your clients in the cannabis industry, contact Robert at rcohen@lgshcpa.com.