aBIZinaBOX Inc. CACannabisChek Coming Soon!

aBIZinaBOX Inc. CACannabisChek Coming Soon! aBIZinaBOX Inc. Cannabis Practice Group is going to change your expectations about why the ONLY choice for your California commercial cannabis business for accounting, tax or regulatory compliance is a CPA licensed in California with an A endorsement. Find us at https://californiacannabischek.com The trademark application mentions “Software as a service … Continue reading “aBIZinaBOX Inc. CACannabisChek Coming Soon!”

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aBIZinaBOX Inc. CACannabisChek Coming Soon! aBIZinaBOX Inc. Cannabis Practice Group is going to change your expectations about why the ONLY choice for your California commercial cannabis business for accounting, tax or regulatory compliance is a CPA licensed in California with an A endorsement. Find us at https://californiacannabischek.com The trademark application mentions “Software as a service … Continue reading “aBIZinaBOX Inc. CACannabisChek Coming Soon!”

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Controls Over Cash – Commercial Cannabis Business

Controls Over Cash – Commercial Cannabis Business

Perhaps the most important operational issues we encounter as a California Cannabis – CPA are controls over cash – commercial cannabis business. The integrity and reliability of internal accounting controls over cash is the single most important factor in the ability of investors, regulatory agencies, and bankers ability to trust a California commercial cannabis industry business.

We have studied and evaluated the operational structures and controls over cash in numerous cash-intensive businesses. We have concluded that the model structure advocated by the Nevada Gaming Control Board is the “Gold Standard” for cash-intensive businesses.  The internal control procedures and reporting both by businesses and their independent accountants are readily adaptable by a California cannabis – CPA. However, in order for a business to be able to obtain the level of service from its outside accountants, they need to verify that the firm and the individual practitioner employed by the California Cannabis CPA firm they select is:

  • Licensed by the California Board of Accountancy – the verification and validation of CPA licensure are very simple either on CPAVerify or the license lookup on the California Board of Accountancy website.
  • Has the required experience to issue attest reports. The  ” A Experience Designation” on the CBA website indicates whether a California CPA has the verified experience to sign off on attest engagements such as financial statement audits, or reports on internal accounting controls [See more about this below].
  • Has a sufficient level of experience to have acquired the requisite perspective to properly evaluate the results of their audit procedures. We suggest ten years as a bright line of experience, and the profession seems to agree, based upon the length of time required to become a partner with Big 4 and most national firms.
  • Has a graduate degree in Taxation or Computer Science – while not an absolute requisite, the almost universal 150-hour requirement for CPA’s is best satisfied with a master’s degree. The presence of a graduate degree in taxation or computer science demonstrates that the CPA made a specific investment in technical skills that are most relevant and beneficial to commercial cannabis businesses. 

You can learn more about California regulatory requirements for cannabis businesses at:

The California Board of Accountancy discussion about “Experience Designation” appears below.

Controls over Cash - Commercial Cannabis Businesses California Cannabis CPA
California Board of Accountancy Experience Definition

The “key takeaway” from the definition is that a California cannabis – CPA should have the A Experience Designation, a sufficient level of experience, we suggest that ten years as a guideline for the time to develop the requisite judgment and experience.

Finally, if you are curious about how some of the other “so-called experts” stack up, we have done the homework on that for you as well take a look here. Oh and by all means look up California Cannabis – CPA – Derek Davis or New Era CPA’s – Paul Rutledge and ask them about the criteria we discuss in this post and tell them aBIZinBOX Cannabis Practice Group sent you. Our view is that the best way to distinguish verifiable expertise and experience from self-designation is best done by direct inquiry.

Illinois Adds Pain – Medical Cannabis Conditions

Illinois Adds Pain – Medical Cannabis Conditions

Judge orders Illinois Adds Pain – Medical Cannabis Conditions qualifying for a card.

A judge has ordered Illinois officials to add intractable pain as a qualifying condition for medical marijuana, a ruling that could greatly expand access to the drug.

The Illinois Department of Public Health had rejected intractable pain — defined as pain that’s resistant to treatment — but Cook County Judge Raymond Mitchell ordered the agency to add the condition.

A health department spokeswoman said Tuesday the agency will appeal the ruling. The change is expected to be put on hold while the appeal is pursued.

Illinois Adds Pain - Medical Cannabis Conditions
Illinois Adds Pain – Medical Cannabis Conditions

Ann Mednick, whose lawsuit resulted in the ruling, said she has taken opioid pills to cope with extreme pain caused by osteoarthritis but wants a treatment with fewer side effects that would allow her to be more functional. Rheumatoid arthritis is on the list of about 40 qualifying conditions for medical marijuana, but osteoarthritis is not, nor is general or chronic pain.

“Illinois is years behind the times,” the Rolling Meadows woman said. “The state needs to get (it) together.”

Mednick had previously petitioned the state to put intractable pain on the marijuana treatment access list, and the now-defunct Illinois Medical Cannabis Advisory Board agreed it should be on the list, voting 10-0 to recommend adding the condition.

But the health department’s director, Dr. Nirav Shah, denied the recommendation in January 2016, citing a “lack of high-quality data” from clinical trials to establish that the benefits outweighed the risks.

Mednick challenged the denial in court, and Shah agreed to review his decision. But last March, the director again rejected the petition.

The judge in his Friday ruling found that Shah’s decision was “clearly erroneous,” noting that the director said the condition was not listed in the International Statistical Classification of Diseases and Related Health Problems, or ICD, by the World Health Organization, and was not recognized as a unique medical condition. – continue with link

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Source: Chicago Tribune, January 26, 2018

aBIZinaBOX Presents Testing Lab FAQ’s

aBIZinaBOX Presents Testing Laboratory FAQ’s aBIZinaBOX Presents Testing Laboratory FAQ’s under Bureau of Cannabis Control Emergency Regulations with transition provisions. What is covered by required testing by a Testing Laboratory? What are the operating requirements for a Testing Laboratory? What are the phase-in requirements for Testing Laboratories? What are the definitions applicable to Testing Laboratories? … Continue reading “aBIZinaBOX Presents Testing Lab FAQ’s”

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aBIZinaBOX Presents Testing Laboratory FAQ’s aBIZinaBOX Presents Testing Laboratory FAQ’s under Bureau of Cannabis Control Emergency Regulations with transition provisions. What is covered by required testing by a Testing Laboratory? What are the operating requirements for a Testing Laboratory? What are the phase-in requirements for Testing Laboratories? What are the definitions applicable to Testing Laboratories? … Continue reading “aBIZinaBOX Presents Testing Lab FAQ’s”

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aBIZinaBOX Cannabis Licensing FAQ’s

aBIZinaBOX Publishes Cannabis Licensing FAQ’s aBIZinaBOX Publishes Cannabis Licensing FAQ’s covering a substantial number of BCC issues. What are the definitions applicable to Cultivation? What are the requirements for Cultivation licenses? What are the fees and requirements for Cultivation licenses? What are Cultivation site requirements? What are the record-keeping and reporting requirements for Cultivation? What … Continue reading “aBIZinaBOX Cannabis Licensing FAQ’s”

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aBIZinaBOX Publishes Cannabis Licensing FAQ’s aBIZinaBOX Publishes Cannabis Licensing FAQ’s covering a substantial number of BCC issues. What are the definitions applicable to Cultivation? What are the requirements for Cultivation licenses? What are the fees and requirements for Cultivation licenses? What are Cultivation site requirements? What are the record-keeping and reporting requirements for Cultivation? What … Continue reading “aBIZinaBOX Cannabis Licensing FAQ’s”

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Tax Cuts and Jobs Act – Statutory Language

Tax Cuts and Jobs Act – Statutory Language We were able to obtain a Congressional Record copy of the actual statutory language of the Tax Cuts and Jobs Act – Statutory Language as passed by the House, and expected to be signed by the President. It is always preferable to read the statute and reach your … Continue reading “Tax Cuts and Jobs Act – Statutory Language”

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Tax Cuts and Jobs Act – Statutory Language We were able to obtain a Congressional Record copy of the actual statutory language of the Tax Cuts and Jobs Act – Statutory Language as passed by the House, and expected to be signed by the President. It is always preferable to read the statute and reach your … Continue reading “Tax Cuts and Jobs Act – Statutory Language”

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Internal Revenue Service [“IRS”] Social Media

Internal Revenue Service [“IRS”] Social Media Internal Revenue Service [“IRS”] Social Media …yep it did happen. This is what the announcement looked like. Internal Revenue Service [“IRS”] on Social Media   and you can read the actual details here. Facebook The IRS Return Preparer Facebook page posts useful information for tax professionals. Audio files for Podcasts Taxpayers … Continue reading “Internal Revenue Service [“IRS”] Social Media”

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Internal Revenue Service [“IRS”] Social Media Internal Revenue Service [“IRS”] Social Media …yep it did happen. This is what the announcement looked like. Internal Revenue Service [“IRS”] on Social Media   and you can read the actual details here. Facebook The IRS Return Preparer Facebook page posts useful information for tax professionals. Audio files for Podcasts Taxpayers … Continue reading “Internal Revenue Service [“IRS”] Social Media”

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Introducing Humboldt Delivers

Introducing Humboldt Delivers aBIZinaBOX Cannabis Management is committed to supporting our clients in the same way that that they support us. We are pleased to introduce one of our first California cannabis industry clients introducing Humboldt Delivers, LLC. Humboldt Delivers directly connects Humboldt County growers, manufacturers, and dispensaries. Humboldt Delivers provides quality products to its … Continue reading “Introducing Humboldt Delivers”

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Introducing Humboldt Delivers aBIZinaBOX Cannabis Management is committed to supporting our clients in the same way that that they support us. We are pleased to introduce one of our first California cannabis industry clients introducing Humboldt Delivers, LLC. Humboldt Delivers directly connects Humboldt County growers, manufacturers, and dispensaries. Humboldt Delivers provides quality products to its … Continue reading “Introducing Humboldt Delivers”

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aBIZinaBOX made Page 1 Google Search – CPA California Cannabis

aBIZinaBOX made Page 1 Google Search – CPA California Cannabis Well, we just stunned ourselves, aBIZinaBOX made Page 1 Google Search – CPA California  ” CPA with California cannabis expertise”.OK, we are at the bottom of the page, but we only started promoting the practice in October. It proves a couple of points. The first is that YES … Continue reading “aBIZinaBOX made Page 1 Google Search – CPA California Cannabis”

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aBIZinaBOX made Page 1 Google Search – CPA California Cannabis Well, we just stunned ourselves, aBIZinaBOX made Page 1 Google Search – CPA California  ” CPA with California cannabis expertise”.OK, we are at the bottom of the page, but we only started promoting the practice in October. It proves a couple of points. The first is that YES … Continue reading “aBIZinaBOX made Page 1 Google Search – CPA California Cannabis”

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