DOPE CFO, a company that provides accounting and training services to legal marijuana companies and their accountants, said Monday it had expanded to 26 states in the United States.
The company, based in Bend, Oregon, focuses on training and expertise cannabis companies to help them avoid breaking the law or Internal Revenue Service tax penalties. States where DOPE CFO currently provides accounting, bookkeeping, and finance advice and training to students include California, Colorado, Massachusetts, Nevada, and Oregon.
A growing number of states and localities across the country have relaxed laws banning the use and sale of marijuana in recent years, legalizing it for medical purposes and in some states for recreational purposes, or at least by making it legal. decriminalizing it. However, since marijuana is still illegal under federal law, cannabis companies have struggled to meet their tax compliance obligations, even as states have benefited from the additional tax revenues. Many banks are also concerned about taking deposits and breaking money laundering laws.
DOPE CFO primarily provides information in the form of instructions, templates and document libraries on legal, tax, accounting and specific issues in the cannabis industry. Its products include a DIY Dope Dispensary box, which provides financial knowledge and skills applicable to those who want to start a cannabis dispensary.
DOPE’s CFO is led by two CPAs, Andrew Hunzicker and Naomi Granger, who launched the company in January. They want to provide advice to cannabis professionals looking to open new businesses and accountants who want to attract clients to the cannabis industry.
“We launched DOPE CFO to address critical cannabis issues by providing the industry with better trained financial professionals,” Granger said in a statement. âAny violation of cannabis taxes, accounting or bookkeeping can result in a shutdown or significant costs. We’ve found that many companies find out they’re breaking regulations before it’s too late – when audits are already complete – and this is exacerbated by the confusion that comes with each state with very different regulations. Reaching 26 states with our educational program is an important milestone that demonstrates the need for a program like ours.