I created a FREE to join Facebook group for accounting professionals who want to launch and grow there firm serving the cannabis niche.
In this group I share:
- Daily tips on what's working for me right now in my firm (I'm talking marketing strategies, pricing my services, industry trends, mindset principles, growth habits and more).
- Behind the scenes video lessons of what I'm learning in the industry everyday (lots of things I don't share publicly).
- Ways to collaborate, share resources, and also learn from other active members of the group who are actively working with cannabis clients.
I've been preparing to mentor a much bigger audience in 2023 and have A LOT of knowledge to share around launching and growing your cannabis accounting practice.
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Cannabis Licensing Bookkeeping Training: Navigating New York’s Evolving Cannabis Market
New York is reshaping the cannabis industry with a groundbreaking licensing structure, prioritizing social equity, financial compliance, and market stability. For accountants, bookkeepers, and cannabis business owners, mastering Cannabis Licensing Bookkeeping Training is essential to navigating compliance requirements, tax regulations, and financial management in this fast-changing landscape.
At the forefront of this transformation is Tabatha Robinson, Director of Economic Development at the New York State Office of Cannabis Management. In this Cannabis Licensing Bookkeeping Training session, she will provide a comprehensive overview of licensing rules, financial tracking requirements, and bookkeeping best practices to help you and your clients thrive in New York’s complex but rewarding market.
Why Cannabis Licensing Bookkeeping Training Matters
The cannabis industry operates under a strict financial and regulatory framework, making compliance, bookkeeping, and financial tracking critical for business success. This Cannabis Licensing Bookkeeping Training will equip accounting professionals and business owners with the knowledge to properly manage financial records, ensure tax compliance, and optimize bookkeeping strategies tailored to New York’s evolving cannabis laws.
Key Takeaways from This Training
1. The Social and Economic Equity (SEE) Plan: Redefining Cannabis Business Opportunities
New York’s Social and Economic Equity (SEE) Plan is central to the state’s cannabis licensing process, aimed at empowering individuals from historically disadvantaged communities. This session will explore:
- How SEE policies impact cannabis licensing bookkeeping and financial planning
- Bookkeeping strategies to help clients qualify for SEE benefits, tax breaks, and licensing resources
- Why accountants and bookkeepers must understand SEE financial compliance measures
2. Communities Disproportionately Impacted (CDIs): The Role of Financial Management in Market Success
A key aspect of New York’s cannabis licensing strategy is its focus on Communities Disproportionately Impacted (CDIs) by past drug policies. This session will cover:
- How to leverage proper bookkeeping to help clients qualify for CDI benefits
- Financial tracking strategies that maximize tax advantages for CDI cannabis operators
- The role of Cannabis Licensing Bookkeeping Training in securing licensing fee reductions and business incentives
3. Adult-Use License Types and Financial Compliance: A Comprehensive Overview
New York offers a diverse range of Adult-Use Cannabis Licenses, each with distinct financial and regulatory requirements. This Cannabis Licensing Bookkeeping Training will help you:
- Identify the best bookkeeping methods for each cannabis license type
- Understand tax implications and financial reporting for cultivators, manufacturers, and dispensaries
- Ensure clients maintain accurate financial records for state audits and compliance checks
4. True Party of Interest (TPI) and CAURD Compliance: Financial Strategies for Cannabis Businesses
New York’s True Party of Interest (TPI) framework imposes strict financial disclosure and ownership rules. This session will provide:
- Insights into TPI compliance bookkeeping and financial structuring for cannabis businesses
- Guidance on the Conditional Adult-Use Retail Dispensary (CAURD) program and its financial benefits
- Best practices for bookkeeping and compliance tracking that ensure audit-ready financial records
Mastering Cannabis Licensing Bookkeeping for Long-Term Success
By the end of this Cannabis Licensing Bookkeeping Training, you’ll have the expertise to help cannabis businesses maintain financial compliance, track tax obligations, and optimize bookkeeping processes in New York’s evolving market. Whether you’re an experienced cannabis accountant or new to cannabis bookkeeping, this session will provide actionable insights to position you as a trusted financial advisor in the cannabis sector.
This Event Has Passed – Watch the Replay
The replay of this exclusive training is now available inside our Members-Only Vault. Get access to this session and dozens of other exclusive cannabis accounting & tax trainings.
*First 30 days for $1, then $97/month. Cancel anytime.
TABATHA ROBINSON
DIRECTOR OF ECONOMIC DEVELOPMENT
Tabatha Robinson, the deputy director for Economic Development Policy and Research at the New York State Office of Cannabis Management, has big plans for cannabis sales in the Empire State.
Robinson laid out her vision in a lively discussion moderated by Richard J. Washington, the social equity and community reinvestment chair of the Cannabis Law Section, during the New York State Bar Association’s Annual Meeting.
“New York is amazing because we say that equity essentially equals economic development, small business development, and incubation,” said Robinson.
According to Robinson, about 70% of the 6,800 marijuana-license applications the Office of Cannabis Management received in the latest round were from social equity applicants – meaning that the applicants are minority and women-owned businesses, distressed farmers, service-disabled veterans, or individuals from communities disproportionately impacted by the enforcement of cannabis prohibition.
“We are very, very fortunate to have that number,” said Robinson. “Really just shows how much social equity is in the air.” She noted that the Marihuana Regulation and Taxation Act has a goal of awarding 50% of the adult-use licenses to social equity applicants.
To qualify as a social equity applicant, a business must be 51% owned by the qualifying individual and they must be actively involved in day-to-day operations and decisions made at the company. “That social and equity individual has to be at the table,” said Robinson. “If their name is on the license and they are the ones that actually qualify, then they have to be at the table with everyone else.”
The Office of Cannabis Management plans to offer a logo to social and equity businesses that will mark them as such. “They can use it in any marketing materials,” said Robinson. “They can have it on a storefront, they can put it on a business card, they can put it on packaging . . . Think about fair trade. Think about organic. When you see that, it signals something to you, and that increases consumer engagement.”
The law also requires the Office of Cannabis Management to set up incubator programs to support social equity licensees with marketing, financial planning, compliance, and small business coaching. Robinson said that her department is looking for physical locations for the incubator program.
The applications were equally split between upstate and downstate. Robinson noted that less populated areas are better suited for growing and refining marijuana, as opposed to retail stores.
“North Country has about 25% of the agricultural land in the state and 2% of the population,” said Robinson. “So we’re looking at that region and thinking what does that mean for a cultivation license . . . We’re looking at the Adirondacks – what does the dispensary license look like there? Especially during those high-traffic, high-tourist months.”
According to Robinson, the social equity applicants included all aspects of cannabis production and distribution, including growing, processing, delivery, and retail.
“New York is a brand,” said Robinson. “And so that means that companies coming out of New York will also be a brand. We still live in the world of federal prohibition, so interstate commerce isn’t permitted – as you all know. But we are preparing our businesses to succeed once the walls do come down.”
