States 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.
The below issue brief gives an overview of U.S. recreational and medicinal marijuana laws, the current legislative/regulatory environment, and information for CPAs considering providing services to businesses that operate in these industries.
An Issue Brief on State Marijuana Laws and the CPA Profession