Providing Services to Businesses in the Marijuana Industry 



Overview

Background

States that have legalized marijuanaStates across the country now allow marijuana to be sold for medicinal – and, in four states, recreational – purposes. As a result, new businesses in this industry are seeking the services of CPAs. However, marijuana is still classified as a Schedule 1 controlled substance under the federal Controlled Substances Act of 1970 and is subject to federal prosecution. As such, CPAs are looking to their state boards of accountancy to determine if providing services to businesses in the marijuana industry is permissible.


Related Resources

    • Current State Board Positions – As of May 2016, eight state boards (Arizona, Colorado, Connecticut, Florida, Maryland, Nevada, Oregon, and Washington) have issued official guidance for licensees in their state who wish to offer services to businesses in the marijuana industry.
    • Key Policy Suggestions – These suggestions, based upon existing policies, can help guide discussions with state boards of accountancy that are developing guidance for their licensees.
    • An Issue Brief on State Marijuana Laws and the CPA Profession – This white paper provides licensees with an overview of U.S. recreational and medicinal marijuana laws, relevant sections of the AICPA Code of Professional Conduct, and the current legislative/regulatory environment, as well as key issues to consider when deciding whether to provide services to businesses that operate in the marijuana industry.
    • Understanding the Impact of Legalized Marijuana on the CPA Profession – The webcast features panelists from the AICPA State Regulatory and Legislative Affairs, Audit and Attest Standards, Professional Ethics, and Tax Division teams, as well as Aon Insurance Services.


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