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Friday, June 9, 2023 Live Webcast

Accounting, Auditing, and Tax Considerations for the Cannabis Industry (E2306232)

8:45 AM - 12:15 PM EDT

Registration: 8:30 AM EDT


Vendor Platform

2 CPE Credits in AA
2 CPE Credits in TX


States have been passing legislation that legalizes cannabis for medicinal and recreational use, and the producers and retailers in this industry have been growing. Accounting and financial professionals are now tasked with navigating the often contrary state and federal laws. With cannabis being classified as a Schedule 1 controlled substance under the Federal Controlled Substances Act of 1970 and subject to federal prosecution, but allowed to be sold in an increasing number of states, what are the major accounting and tax issues (federal and state) that impact this industry? This course will provide the basic guidance that accounting professionals need to know to offer services in the cannabis industry.

This course features a live instructor and has been specifically designed for the NJCPA.


Any accounting or financial professional that works directly or indirectly in the cannabis industry or is interested in learning more about how this recent state legislation is impacting the accounting profession.


  • Recognize state reporting rules for a cannabis business
  • Recognize federal reporting rules for a cannabis business
  • Properly account for a cannabis business
  • Identify and implement appropriate internal controls for a cannabis business
  • Differentiate federal income tax issues between ordinary business and a cannabis business
  • Use knowledge of IRC Section 280E to determine what deductions are not allowed for a cannabis business
  • Identify and apply various state and local tax issues that apply to the sale of cannabis


  • Types of cannabis-related businesses
  • Risk considerations for services offered in the cannabis industry
  • Recognizing what costs are and are not considered cost of sales under IRC Section 280E
  • Recognize if the entity conducts a business separate from the cannabis sales that may allow some deductions aside from cost of sales
  • State and federal tax differences
  • Cash-based business audit considerations
  • Financial reporting considerations




Basic auditing, accounting, and tax experience




Kenneth Heaslip

Kenneth A. Heaslip, CPA, CGMA, M.B.A.


Cullari Carrico LLC

Kenn is a director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey. He also has extensive experience teaching all levels of accounting, auditing and other practice-related areas. Kenn has been a Professor of Accounting at several universities including Seton Hall, where he was the students’ choice as “Educator of the Year” two years in a row, as well as in the Executive Masters of Business Administration program at Rutgers University. In addition, he was the National Director of the Becker CPA Review. Kenn is an active member of the NJCPA, where he has served in positions, such as Vice President, Trustee Chapter President, Committee Chair and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee, the Federal and State Taxation interest groups, Governmental Accounting & Auditing Interest Groups and the Nonprofit Interest Group.


$189.00 - Member

$264.00 - Nonmember

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