Yeo & Yeo Everyday Business Podcast - The Cannabis Industry, parts 1 & 2. (Yeo & Yeo)
Talent DevelopmentJune 22, 2022 - Yeo & Yeo
This is a 2-part thought leadership podcast from PrimeGlobal member firm Yeo & Yeo about the cannabis industry in Michigan.
This podcast offers an interesting insight into the cannabis industry in Michigan. You can hear about the legalization of cannabis in Michigan, industry regulations, the different types of licenses available, and the vetting process to obtaining a license.
The purpose of the podcast is to outline why having a trusted advisor is important, particularly in areas that can be complex and carry heavy penalties if you, or your clients, don't entirely understand the regulations around an industry.
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Whilst the cannabis industry can be legal in some US states, there are of course, federal regulations in many other states affecting the Michigan cannabis business.
The first part of the podcast discusses banking rules, and how to begin with, very few financial institutions would allow banking for cannabis related transactions, making cannabis a 'heavily cash intensive business'. Now, as rules are relaxed in certain states, banking is more available, however there are likely to be 'pretty steep fees' involved, and it is limited, with rules regarding cash deposits for licensees.
In the second part, we hear about the accounting aspects and what owners need to do before opening their doors, the entity structure, and what needs to be in place before starting a business. The discussion goes on to cover how to be successful moving forward and finding your process to remain compliant with regards to tax regulations. The end of the podcast covers Annual Financial Statement (AFS), filing, and helping your clients through the maze of regulatory issues.
Yeo & Yeo
Yeo & Yeo is a top 200 full-service assurance, tax and advisory firm with a reputation for personal service, commitment to clients and community support. Founded in 1923, Yeo & Yeo has grown to include more than 200 trusted professionals who have been successfully advising Michigan businesses. Through our four companies – Yeo & Yeo CPAs & Business Consultants, Yeo & Yeo Computer Consulting, Yeo & Yeo Medical Billing & Consulting and Yeo & Yeo Wealth Management – we have created a strong network of professionals with the expertise to solve complex problems in each industry we serve.Learn more