Cannabis companies face unique accounting challenges, including IRS Section 280E, nonuniform state regulations, and a host of financial hurdles, from cash management to reluctant bankers and investors. Many growing cannabis companies lack the expertise to design and implement appropriate accounting and financial reporting systems, and many more lack the proper financial technology necessary in a dynamic and growing industry. Cannabis entrepreneurs need the support of an accounting firm knowledgeable of the regulations and expert in the financial practices critical to the survival and success of a cannabis business.
HBK Cannabis Solutions is a dedicated team of cannabis industry subject matter experts within HBK CPAs & Consultants. We were among the first accounting firms to specialize in the cannabis industry and have worked beside entrepreneurs in all industry segments—cultivators, processors, retailers—from single facility to multi-location and vertical operations. Our team counsels owners, management and investors in multiples states and countries, helping them with key financial activities: from planning start-ups to connecting operators with investment bankers to facilitating M&A; from pre-offering projections, state applications and licensing to management planning and compliance. In addition, we have experience in valuing both plant touching and ancillary businesses in the industry.
If you are in the cannabis industry, HBK Cannabis Industry Solutions should be your accounting resource:
- We are a team of subject matter experts, experienced professionals with a deep understanding of the cannabis industry.
- We are “all in.” You will work with people who understand the many and complex challenges this still-emerging industry presents.
- We understand the unique regulatory environment in different states and countries.
- We recognize the economic challenges and can help guide you to success.
- We have worked on transaction advisory services on both buy and sell sides supporting- operators and investors.
We do the traditional CPA firm work of performing audits, reviews, and tax planning and preparation. Additionally, our cannabis industry professionals have expertise and experience in a wide variety of services for the cannabis industry:
- Valuations of businesses, intellectual property and biological assets for a diverse range of purposes, such as M&A transactions and financial reporting;
- Litigation support services such as appeals for license denials, ownership disputes related to valuations, and owner divorces;
- Financial modeling;
- Attest and consulting engagements during the licensing process;
- Reconciliations from US GAAP to IFRS for cannabis businesses operating internationally;
- Consulting with cultivators, processors and retail establishments on standard operating procedures, best practices and internal controls;
- Developing cost accounting systems to maximize the decision usefulness of the underlying financial information.
We have developed a deep network of quality professionals in the industry, and can help you address a variety of challenges through our relationships, including banking, attorneys practicing in the industry, obtaining a license, raising capital, executing legal documents, restructuring and more.
Our Leadership Team
The HBK Cannabis Solutions team is led by a group of professionals with first-hand experience working with clients throughout the life cycle of the cannabis business, from the start-up stage to established operations to those thinking about their exit strategies. Our professionals are regarded as thought leaders and experts in the cannabis industry.
Christopher Marrie is a Principal in the Naples, Florida office of HBK CPAs & Consultants and has extensive experience working with clients in all facets of the cannabis industry. Mr. Marrie is a published author on topics involving the cannabis industry and is a frequent speaker at industry conferences and events.
Stacey Udell is a Principal in HBK Valuation LLC in the Cherry Hill, New Jersey office and Regional Director of HBK CPAs & Consultants’ Cannabis Solutions Group in the Mid-Atlantic Region. She has been involved in the various accounting related aspects of the cannabis industry since 2014. She has provided a wide range of services in the industry in multiple states including overseeing accounting functions and monitoring business’ financial condition in terms of their balance sheets, profit and loss statements, cash flow, and KPIs. Stacey has experience in setting up procedures for financial reporting and internal controls, including managing compliance with tax rules and regulations. She has valued cannabis-related entities for multiple purposes to help clients maximize the value of their firms. Ms. Udell is a frequent speaker at industry conferences and has written several articles on the subject of cannabis. She also co-authored the Cannabis Industry Accounting and Appraisal Guide.
HBK is a proud member of the leading associations supporting and advocating for the cannabis industry, including:
- National Cannabis Industry Association
- New Jersey Cannabis Business Association
- Florida Hemp Council
- Minorities for Medical Marijuana
- Cannabis LAB (Law, Accounting & Business)