Cannabis Taxation with Sharon Grimes of Accounting4Buds

Sharon Grimes of Accounting4Buds speaks with Joyce and Amie from her home in Vermont, Amie’s happy place. Sharon learned about the cannabis industry from its numbers, literally. After working for almost ten years in the non-profit sector she pivoted into manufacturing where she really learned about accounting. In 2015 she stumbled into cannabis because CPA’s are required to keep learning. The continuing education credits she pursued allowed her to invest her time and intelligence in learning about the specificity of taxation in the cannabis industry, and we are glad she did. Today’s conversation explains the complications of 280E, how to allocate cost of goods sold, and why CPA’s are still not that interested in cannabis accounting.

Amie’s favorite thing this week are the beautiful smoking products by Stonedware Company.

Topics Discussed:

Welcome [1:25]

Guest Introduction [1:50]

Camp Tel-Noar [4:20]

Sharon’s Cannabis Journey [5:40]

280E Tax Penalty [6:40]

Section 471 and Cost Allocation [7:27]

280E History [8:00]

Cost Of Goods Sold [10:47]

Traditional vs. Cannabis Business Deductions [12:12]

Grower Deductions [13:30]

Hemp Business Issues [14:50]

Testing!!!! [15:15]

Credit Card Processing [18:00]

Xero, Quickbooks Alternative [18:40]

Be Upfront In Banking [19:40]

Leaflogix [20:15]

Cannabis CPA Networking Difficult [21:10]

Cannabis Employment Opportunities [22:50]

Sharon’s Daughter and Cannabis [23:20]

Cannabis Users Are Not Bad People [25:05]

Hiding The Smell of Cannabis [26:15]

Sharon’s Mom and Cannabis [26:40]

1980s War On Drugs [28:12]

MyJane [29:48]

Amie’s Favorite Thing: Stonedware Co. [32:28]

Bong Cleaning Tips [35:00]

The Importance Of The Poker [35:31]

Credit Card Processing [35:50]

Massachusetts Dispensary Rules [36:00]

The Cole Memo and Banking [37:00]

Same Risk Category as Sex Toys and On-Line Car Loans [37:40]

Holyoke, Massachusetts and Mayor Alex Morse [38:50]

Status of Cannabis in Vermont [39:44]

Power and Empathy [40:40]

Sharon’s Dream Cannabis Client [41:35]

Contact Sharon Grimes at Accounting4Buds

The Canna Mom Show wants to thank:

Josh Lamkin for writing and performing TCMS theme music

Kelly Dolan of Retail Results Inc

Lori Lennon of Thinkubator Media

Kim Kramer of McLane Middleton

Cannabis Creative Group

Pod617, The Boston Podcast Network