Armanino LLP, one of the top 25 largest accounting and business consulting firms in the U.S., today announced the launch of its Cannabis Practice Group to reflect its growing roster of cannabis industry clients. The accounting profession has been hesitant to engage with clients in the cannabis industry because of the complex challenges of navigating the conflicts between federal law and various state regulations. Armanino is one of only a few California-based firms to enter the market and provide services to clients from all sectors of the industry.
“We see a great opportunity to fill a gap in the market with specialized expertise for this emerging industry. Establishing the Cannabis Practice Group reflects the firm’s commitment to building teams who can address the unique challenges and potential of specific industries,” said Matt Armanino, CEO at Armanino LLP. “We saw opportunity to bring value to the cannabis industry through a variety of compliance, technology and strategy offerings to optimize operations and mitigate certain risks for cannabis companies.”
Armanino’s expertise in serving cannabis cultivators, manufacturers and distributors enables it to help with common cannabis business problems, such as disallowance of expenses under IRS Section 280E. The firm is also skilled at introducing the financial checks needed by investors, such as third-party review of the cash management process, validation of controls and budgeting and forecasting models.
To meet these unique challenges, Armanino’s Cannabis Practice Group offers a full suite of custom-tailored solutions for core accounting and general ledger, financial planning, budgeting and forecasting, financial close automation, AP and AR automation and more. The firm can also deploy systems integrations to work cohesively with cannabis-specific technologies, such as CannaBusiness, MJ Freeway and Strimo.
The firm offers end-to-end tax services including tax compliance, state and local tax, sales and use tax, tax provision, R&D tax and tax strategy to help cannabis companies maximize tax efficiency through optimal structuring. Armanino’s Outsourced Finance and Accounting (OFA) services brings a veteran finance team to handle all needs from financial statements, HR and payroll to billing, accounts receivable and reconciliations.