At RW Group we understand the intricacies of the tax code and audit needs of the cannabis industry. We're one of the few traditional accounting firms serving the industry. Everyone is talking about 280E, however, businesses in the cannabis industry need to be aware of so much more. RW Group can help with regulatory compliance, audits, reviews, compilations, tax assistance with Section 280E, operations consulting, internal control evaluations and projections and forecasts.
We are committed to helping new businesses in the cannabis industry better understand and master their accounting. We have worked with Cannabis Law, PA where attorney Judith Cassel offered that we are "well positioned to assist medical marijuana organizations in remaining compliant with their financial obligations, including working and navigating the infamous IRS Section 280E of the tax code".
We're one of the few traditional accounting firms serving the cannabis industry, and with over 30 years of combined experience, we're a small firm with a large presence. You'll receive the support and expertise you would expect from a large firm, but at a small firm price. A firm our size is capable of making quick, effective decisions and our partners are readily available when you need them.
In addition, RW Group is a member of the AICPA: the American Institute of CPAs, PICPA: the Pennsylvania Institute of Certified Public Accountants, and IR Global: the largest professional services network providing legal, accounting and financial advice.
With years of business accounting experience, RW Group is well-positioned to assist cannabis industry organizations in remaining compliant with their financial obligations, including working and navigating the infamous IRS Section 280E of the tax code. RW Group’s services include auditing, review, and compilation of financial statements and tax returns of cannabis industry organizations.Judith Cassel, Attorney, Cannabis Law PA
Watch RW Group founder, Richard Wortman, talk about the intricacies of accounting in the cannabis industry, and why RW Group is better suited to tackle these issues.
Rich Wortmann, managing partner of RW Group, discusses his experience, the firm, and work done in the cannabis industry in this interview on Men in Business.
Did you miss us at MJBizConNext Direct? No worries! Reach out to us directly with all your Cannabis and Hemp related questions. We’re always here to help!
Do you know what you need to do before submitting an application in the Cannabis industry? There are so many things to consider. Each state has its own rules, regulations and licensing requirements.
Confused about how to start the process? We can help. #MJBizCon
Getting a new Cannabis facility up and running can be an expensive undertaking. There are so many factors to consider.
First, every state is different. Not only is the process different from state to state but so is the application costs. Add to this the fact that some states require proof of funds along with the application.
Second, each grow facility’s cost of operation is different. Are you planning on growing inside or outside? Are you planning on opening a dispensary? Have you considered all the many different needs for each of these facilities?
Third, there are many ways to secure the necessary financing. Which one do you anticipate using?
Need help? RW Group can walk you through this. #MJBizCon
Are you asking yourself, “So what are my banking options?” Banking can vary from state to state. Currently there are around 500 banks and around 140 credit unions in the U.S. serving marijuana related businesses. However, finding a bank is still one of the biggest challenges for this industry. We recommend having strong recordkeeping controls and maintain accurate financial records. The banks working in this industry are more willing to work with businesses that optimize their internal controls, financial recordkeeping and external reporting. Also, going with a small state chartered bank rather than a federally chartered institution is recommended. But be aware, steep fees due to the risk the bank is taking are to be expected.
Have more questions about your banking options? Reach out to us. #MJBizCon
Location, location, location. As with any business, location can be key. This is especially true in the Cannabis Industry. Before picking a location, familiarize yourself with the state and local laws regarding the cannabis industry.
Some localities do not permit marijuana business to operate in their area or have a cap on the number of businesses they will allow. Many localities may restrict the marijuana businesses by requiring them to be at least 1,000 feet from schools, public parks and hospitals.
If you are planning on renting, be aware that some landlords are not cannabis friendly. So make sure to be upfront about the type of business you are looking to set up.
Lastly, for those opening a dispensary, be mindful of visibility and parking – if clients can’t find you or can’t park, they probably won’t shop at your store.
Do you still have questions? Reach out to our accountants. #MJBizCon
How do you know if you need an audit, a review or a compilation? Some states require cannabis companies to provide audited financial statements either annually or for application purposes. Some investors or firms may want an audit done or may only require a review or compilation. It is essentially up to the investors and/or owners of the company to determine the level of assurance that they need.
Want more detail? Contact us. #MJBizCon
Did you miss us at MJBizConNext Direct? No worries!
Reach out to us directly with all your Cannabis and Hemp related questions. We’re always here to help!
Contact us at 610-713-8208.
We'd love to meet you and hear more about your business, so reach out today to schedule a call with us!
400 Old Forge Lane, Suite 401
Kennett Square, PA 19348-1914