Prana Partners’ Cannabis Accounting Practice: Direction through the regulatory maze

Though it’s not just about regulation, it’s about building the bridge between Cannabis and Corporate, it’s also about having a solid business model, clean books, and controls, and a collaborative accounting team with experience in multiple areas of Cannabis Accounting.  We help you see where you’ve been and where you can go.  At the same time we set internal controls, analytics and take an accurate picture of your business.  Our practice experience is focused on Cannabis Accounting in California, Washington State, Colorado, and Oregon.

Regulation

Legalization is new ground.  Federal, State, and Local regulatory agencies all have perspective on the hurdles that each Cannabis business needs to jump.  Our Cannabis Accountants bring experience to walk a company successfully through regulatory issues.  Our collaborative environment means we’re updated in present time as regulations are added or adjusted.  We keep our clients up to date and aware.

Industry Connections

Every Cannabis business comes up against seven main road blocks:

  1. Need of banking and merchant services
  2. Need of Cannabis-friendly real estate
  3. Need of expert legal services serving the Cannabis industry
  4. Need of expert tax services serving the Cannabis industry
  5. Need of Cannabis-friendly insurance services
  6. Workable software that answers business questions for both internal and external examiners
  7. Investment advisory and positioning

We connect our clients to Cannabis-experienced providers, partnering with them to manage and navigate the relationships.

Safeguarding Assets

Cash businesses need solid controls both internally and externally.   You want to work with controllers and CFOs who can set systems that are consistent, working internally for management and employees and externally to keep and transport cash securely.  Our team is experienced in transport and security, inventory controls, vendor payments and controls, and cash accounting.

Funding, M&A, Investor Consulting and Prep

At some point most businesses need funding – this can be obtained through sources such as debt/loans, mergers, private equity/investors.  The Prana team searches for and vets potential funding opportunity.  We make sure our clients understand each option and how that option affects the future of your business.  We prepare the financials, the analysis, and provide advice on the road most likely to take our clients where they want to be.

Audit Prep

We perform audit prep each time we touch your books, set a control, or advise you on your business.  Audit prep begins with solid GAAP compliant bookkeeping performed by experienced, educated Cannabis accountants.  You need accountants who understand the Cannabis industry but to survive an audit you need accountants who can work within the accepted rules of accounting.

Regulatory Consulting and Prep

Combining expertise, wide Cannabis industry reach, up to date knowledge on regulatory requirements, we are poised to assist our clients in setting up their businesses to be compliant, audit friendly and to assist in meeting filing deadlines.