Grand Poobah – Cannabis
Grand Poobah – Cannabis – I trust that everyone that knows me is very well aware of my distaste when it comes to self-aggrandizement and self-designated experts. Well, I chuckled when we discovered that one of the principals in Canethics, Inc., Orange County firm that we have begun a collaborative relationship with, Ms. Crystal Relinski has the rather impressive title of Cannabis Financial Strategist & Counselor, and my immediate conclusion was…I need a new title, CPA works just fine for me personally, but in a market full of superlatives, it just doesn’t cut it. So, after much reflection and thought, I believe we have come up with something which appropriately recognizes my knowledge and statute without being pretentious. So…say hello to the Grand Poobah of Cannabis Regulation. If there ever were an exalted title that would be it, complete with distinctive ceremonial headgear.
We were quite pleased to see that the selection of the title occurred at roughly the same time that Direct Cannabis Network published an interview with yours truly…they called Interview with the Professional…little did they know that they could have called it Interview with the Poobah. Here is a small snippet from the interview:
DCN: What are some of the unique or challenging accounting or financial aspects that a CEO of CFO apart of a cannabis company should be prepared for?
Jordan S. Zoot: The real challenges aren’t fancy…they start off as the same challenges any small business faces:
- Setting up, maintaining and keeping complete and accurate accounting records that meet all of the requirements for both tax compliance and cannabis regulatory requirements.
- Paying people, and properly filing and maintaining payroll tax collections, payments, and reporting.
- Calculating, collecting, remitting and reporting cannabis cultivation and excise taxes and sales tax to CDTFA as well as local city and county tax agencies.
- Setting up and maintaining a proper system of internal accounting controls over cash.
The list may not seem all that fancy, or hyper-complex. However, the four items listed above, particularly the third point are going to be responsible for driving at least 75% of the touch the plant businesses California out of existence in the next eighteen months.
We encourage you to read the enitre interview, check out some of our other material, and if you are in the industry join Direct Cannabis Network.