Search Results for: Cannabis

AAFCPAs Expands Cannabis Practice

Kevin Michaelan

Westborough, Mass.-based AAFCPAs (FY18 net revenue of $33.5 million) has expanded its cannabis practice with the addition of Kevin Michaelan, who will lead the growing niche from the firm’s Boston office.

The firm advises businesses and investors throughout the business lifecycle, including start-ups, entities expanding into multi-state operations, and those planning to exit the business. Michaelan is known for his deep knowledge of trends impacting the industry, such as aggressive growth, rapidly changing regulations, cross-border restrictions, and mergers and acquisitions.

“He is deeply immersed in the cannabis space and well-known for his prolific tax and business strategies,” says co-MP Dave McManus.

“Cannabis companies are challenged by capital and taxes,” Michaelan says. “We have proven strategies to address both and I’m eager to turn these strategies into competitive advantages for AAFCPAs’ clients.”

Anders Focuses on Cannabis Industry Following Missouri Legalization

St. Louis-based Anders CPAs + Advisors (FY17 net revenue of $31.8 million) is expanding expertise and services for businesses in the cannabis industry following the legalization of medical marijuana in Missouri.

Anders says it has a team committed to staying on the forefront of evolving regulations, licensing procedures and accounting practices for the cannabis industry.

“This is a great opportunity for the firm to enter into a progressive industry and offer valuable insight and expertise to cannabis businesses, from seed to sale,” explains Adam S. Prest, tax principal and leader of the Anders cannabis team.

The firm works with cannabis entrepreneurs, including cultivators, extractors, manufacturers, dispensaries and investors. The team has the tools to help cannabis businesses succeed and navigate regulations and complex tax challenges, including Section 280E. Anders is offering services to help with entity selection and business plan development prior to the license and application process, to performing valuations to assist in the sale of a business.

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EisnerAmper Expands Cannabis Practice

New York-based EisnerAmper (FY18 net revenue of $360.7 million) anticipates rapid expansion of the hemp and cannabis industry at the federal, state and international levels and is therefore expanding its services.

EisnerAmper is adding to its accounting, tax and advisory services for hemp and cannabis companies, from startup to exit. The firm also helps entities prepare for and adapt to regulatory changes and offer compliance services designed to meet annual governmental reporting requirements.

“This is the fastest-growing and most quickly evolving industry I’ve seen in my 35 years in business advisory services,” says Rick Frimmer, EisnerAmper managing director and cannabis and hemp practice leader. “What sets us apart is our practical experience having performed many engagements in this one-of-a-kind sector on behalf of both public and private companies. We know the landscape. We know the participants. And our lengthy track record of accounting proficiency and a client-centric approach is widely known.”

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RoseRyan Launches Cannabis Company

RoseRyan of Newark, Calif., has launched a new company, Kukuza Associates LLC, that concentrates solely on the cannabis market.

The new company is a finance and accounting consulting firm that closely mirrors its parent, RoseRyan. Founded in 1993, RoseRyan has more than 100 professionals, delivers finance and accounting solutions.

Explains RoseRyan CEO Kathy Ryan, “It’s exciting to launch Kukuza Associates, a finance and accounting consulting firm powered and backed by RoseRyan. It deepens our investment in the cannabis market and is geared specifically to this dynamic, rapidly evolving marketplace.” RoseRyan entered the cannabis market in 2014.

Kukuza Associates works with startups and established companies in every segment of the cannabis market at every stage of the lifecycle.

Says Dave Roberson, CEO of Kukuza, “Designed for this unique marketplace, Kukuza’s finance and cannabis accounting solutions are vital for businesses that are growing, vertically integrating and eyeing deals. Our experienced team steps in, brings order to the chaos and navigates cannabis companies ahead by putting a solid finance foundation in place.”

He notes that Kukuza’s cannabis solutions address strategic finance as well as day-to-day accounting, emphasizing that both are prerequisites for sustainable success. The company’s name is drawn from the Swahili word meaning potential and growth.

Based on RoseRyan’s original offering for the cannabis industry, Kukuza offers a refined and expanded set of cannabis solutions: assessment, strategic finance, outsourced accounting, financial reporting and analysis, transaction support and internal controls.

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Janover LLC Launches Cannabis Industry Practice Group

Marsha P. Ellowitz

Garden City, N.Y.-based Janover LLC (FY17 net revenue of $30 million) announces that it has launched its cannabis industry practice group, headed by Marsha Ellowitz and Jason Hoffman, who have focused on this industry for over five years.

Janover works closely with their clients in the cannabis industry to properly structure business entities so that legal and tax advantages are optimized. The firm offers these clients a broad spectrum of traditional services, as well as, IRC Section 280E compliance and business valuation, which are critical for clients in the cannabis industry.

“We listened to our clients’ needs in the cannabis industry and determined that it was imperative to expand our offerings,” notes Mark Goodman, Janover’s MP.  “Our cannabis industry practice group builds value for our current clients, and will attract new clients within this evolving field.”

Accounting Firm Leader Joins Cannabis Solutions

Christopher Taylor, who recently ran his own accounting firm, has been hired as the first finance chief for Promap Corp. of Colorado Springs, Colo., which will soon be called Advanced Cannabis Solutions Inc.

Taylor’s firm specialized in auditing the books of medical marijuana businesses in Colorado, though he says he isn’t an avid marijuana user himself, CFO Journal reported. The company won’t produce, sell or distribute marijuana, but plans to purchase properties where the drug is made or sold, and lease the facilities back to the owners. Taylor said he intends for Advanced Cannabis to be a fully reporting company by the time it files its quarterly report for the September period. “I get to design the internal controls,” he said. The combined companies will  soon implement a name, management and stock trading symbol change to reflect the new direction and business plan of the company.

Armanino Opens Denver Office

San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) announced that it has opened the doors of its new downtown Denver office, further expanding the firm’s footprint.

The Denver team works with experts across the firm’s 13 offices throughout California, Washington and Texas.

“Armanino works with many Denver- and Colorado-based businesses. With a steady increase in engagements in the region and a rapidly growing economy, we saw this market as a natural expansion,” says CEO Matt Armanino. “Denver has long been a gateway to the West, making it a key market for many of the firm’s industry specialties and a region with a strong talent pool to draw on.”

The distribution, manufacturing and technology sectors together make up nearly half the region’s GNP, while its cannabis industry is expected to grow 32% in the next four years. In addition, Colorado’s startup activity is ranked fifth in the nation, the firm reports.

Manufacturing, tech and distribution companies must deal with complex issues such as revenue recognition, ASC 606 compliance, valuation, state and international tax, and SOX compliance. Armanino offers a variety of solutions, including outsourced accounting and finance, corporate tax, audit and technology consulting.

Earlier this year, the firm launched its cannabis practice to provide help for common cannabis business IRS issues and financial checks needed by investors.

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IPA INSIDER: March 2019 News

Listed below are the Top 10 most-read stories on the INSIDE Public Accounting blog for the month of March.

  1. EisnerAmper Expands Cannabis Practice
  2. WSJ: Former Partner at KPMG Faces Trial in PCAOB Scandal
  3. Anchin Block & Anchin Announces New Partner, New Subsidiary
  4. IPA Vendor Spotlight On . . . Steve Templeton
  5. Whalen & Company Acquires Martinelli & Company
  6. Deltek and Grant Thornton Form Alliance
  7. Richey May Acquires Amata Solutions
  8. Frazier & Deeter Opens First International Office
  9. YHB Merges in Accounting Firm in Falls Church
  10. Armanino Opens New Office in Seattle

Frazier & Deeter Names Three New Partners

Andrew Case

Atlanta-based Frazier & Deeter (FY17 net revenue of $83.6 million) has announced that three members of the firm have been admitted to the partnership: Andrew Case, Matthew Foster and Jerry Johnson. Johnson has become a partner in the firm’s audit practice. Case and Foster are the newest partners in the tax practice.

MP Seth McDaniel says, “As Frazier & Deeter expands into new services and new geographic markets, the new generation of partners will play a critical role in our growth.”

Case has more than 10 years of public accounting experience. He works with middle market companies that are private equity backed, bringing his clients considerable expertise in tax planning for partnerships, S Corporations and high-net-worth individuals. He works across a variety of industries, including real estate, private equity, technology and manufacturing.

Jerry Johnson

Foster has more than 10 years of experience in public accounting. He plays a leadership role within the firm’s life sciences practice. He specializes in helping middle market companies that are privately held or backed by private equity. His expertise includes corporate structuring for tax strategies, mergers and acquisitions, joint ventures and ESOPs. His clients operate in a variety of industries including cannabis, manufacturing and distribution, technology, real estate and construction.

Johnson has more than 20 years of accounting experience and is a member of the firm’s Tampa, Fla., office. He has worked with a number of publicly traded companies, reviewing SEC filings, testing of internal controls over financial reporting, auditing merger and acquisition transactions, as well as performing, reviewing and supervising audits and other attestation engagements. He has also helped privately held companies prepare for initial public offerings. His industry expertise includes the areas of manufacturing and distribution companies, food and beverage companies and health care providers.

Reynoso Joins MGO As Partner

Cesar Reynoso

Cesar Reynoso

Los Angeles-based Macias Gini & O’Connell (FY17 net revenue of $53.6 million) announces that Cesar Reynoso has joined the firm as an assurance partner in the Newport Beach, Calif., office.

He serves SEC registrants and other companies, using his expertise in the real estate and cannabis industries to help clients planning to go public or already listed on public exchanges in the U.S. Canada.

“Cesar’s expertise leading all aspects of audit and related services to some of the largest and most complex multi-national public SEC registrant companies is a significant addition to MGO’s team,” says Kevin O’Connell, CEO and MP.

Prior to joining MGO, Reynoso worked with several large firms where he focused on providing assurance service to SEC accelerated filers, public cannabis companies, large multi-national companies, private corporations and real estate companies.