March 5, 2020

R. Clifton Schulte

March 5, 2020

Jon K. Waitukaitis

March 5, 2020

Adam S. Prest

February 21, 2020

2020 Anders Tax Pocket Guide

February 21, 2020

Cannabis Services

Understand the evolving laws and regulations of the cannabis business with our team of experienced advisors.

Download All Resources

July 22, 2019

Missouri Medical Marijuana License Applicants Must Include Plan for Accounting and Fiscal Controls

Voters passed Missouri Amendment 2 on November 6, 2018.  At that point in time, August 3, 2019, the date that Missouri’s Department of Health and Senior Services (DHSS) would begin accepting business license applications, seemed like a lifetime away. I think I can safely speak on behalf of our Missouri medical marijuana facility license applicant clients when I say that this time has flown by.

Our Cannabis Group regularly assists clients and their advisors on a variety of topics including understanding the business entity selection and structure process, selecting accounting systems, implementing internal controls, and navigating the complex tax rules of IRS Code Section 280E. With the August 3rd date looming for our Missouri applicants, we have been increasingly focused on assisting with drafting and refining various components of our client’s facility license applications.

Of the 68 questions that apply to “all applicants” the one that clients most frequently request our guidance with is Question 40 which states, “What is the plan for accounting, including but not limited to fiscal controls?”

How to Respond

As CPAs, we could, and often do, go into great detail when working with our clients on implementing their accounting processes and procedures, best practices, internal controls, etc.  But because DHSS specifically limits the answer to Question 40 to “up to 500 words”, we have worked to keep our guidance, for application purposes, as “high level” and concise as possible.  We have also developed a checklist of common questions for our clients to consider before responding to this question. A small sample of these questions include:

  • What is your process for selecting general ledger, point of sale, and inventory tracking systems?
  • What is your plan for implementing internal controls and other accounting best practices?
  • Have you hired an employee, or outside accountant, to maintain your books and records on a daily basis?
  • Have you engaged an outside provider to assist with reviewing the work of your in-house accountant?
  • What is your process for preparing monthly/quarterly/annual payroll, sales, and income tax filings?

The Anders Cannabis Group is here to help, whether it’s before filing your application or after. If you have questions about the Missouri medical marijuana facility license application, contact an Anders advisor.

All Insights

June 28, 2019

Missouri Releases Interactive Map of Pre-Filed Medical Marijuana Application Fees by County

With the passage of Amendment 2, the Missouri Department of Health and Senior Services intends to initially license 338 medical marijuana facilities by the end of 2019. These licenses will include 60 cultivation facilities, 86 manufacturing facilities, and 192 dispensaries.

Current Application Status

As of June 20, the state has received 543 pre-application deposits totaling $3.9 million, far exceeding the number of licenses that will be initially issued by the state. On June 27, the state published an interactive map breaking down the number of pre-filed medical marijuana facility license deposits by county and by facility type.

As expected, counties with the highest population densities tended to have the most pre-filed deposits. This included Jackson County (Kansas City) with 104 pre-filed deposits, St. Louis County with 85, Boone County (Columbia) with 34, Greene County (Springfield) with 30, St. Charles County with 20, and St. Louis City with 13.  These 6 counties represent 286 of the 543 of deposits on file. Interestingly, as of June 27, there are several counties scattered throughout the state that have not received any pre-filed medical marijuana application deposits.

It is important to note that the window for applying for a Missouri medical marijuana facility license does not open until August 3. Pre-filed application deposits are not required by the state and instead can be submitted with the application itself. As a result, it seems likely that the amount of actual facility license applicants will far exceed the 543 deposits that have been received as of June 20.

To learn more about the Missouri medical marijuana facility license application process or the Anders Cannabis Group, please contact an Anders advisor.

All Insights

April 12, 2019

Adam Prest Speaks on the Business of Cannabis in St. Louis Business Journal Table of Experts

Adam S. Prest, CPA, tax principal and leader of the Anders Cannabis Group, was featured in the St. Louis Business Journal’s Table of Experts on the Business of Cannabis. In the article, Adam discusses topics affecting the Missouri cannabis industry following the legalization of medical marijuana and offers expertise and insight around:

  • Biggest concerns from the Missouri cannabis industry
  • How Anders provides value for cannabis businesses
  • How taxes and accounting differ for this industry
  • How the SAFE Banking Act of 2019 could help the cannabis industry
  • What cannabis business owners should be concerned about
  • How this new business will affect Missouri economically

Anders has a team committed to staying on the forefront of evolving regulations, licensing procedures and accounting practices for cannabis businesses. Learn more about how Anders is focusing on the cannabis industry following Missouri legalization.

Read the full article in the St. Louis Business Journal’s Business of Cannabis Table of Experts.

All Insights

April 2, 2019

Anders Focuses on Cannabis Industry Following Missouri Legalization

Anders is expanding expertise and service offerings for businesses in the cannabis industry following the legalization of medical marijuana in Missouri. With a forward-thinking outlook, Anders is dedicating resources to get in on the ground-floor of this emerging industry in the state of Missouri. The firm 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, CPA, tax principal and leader of the Anders Cannabis Group.

The firm works with the entrepreneurs operating throughout the cannabis industry, including cultivators, extractors, manufacturers, dispensaries and investors. The Anders Cannabis Group has the tools to help cannabis businesses succeed and navigate regulations and complex tax challenges, including Section 280E. From helping 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, the Anders Cannabis Group has solutions for each stage in the cannabis lifecycle.

Learn more about the Anders Cannabis Group and read Adam’s insights in the St. Louis Business Journal Cannabis Table of Experts.

All Insights

Keep up with Anders

Want to keep up with all the latest insights from Anders? Subscribe and receive the information that matters to you.

  • This field is for validation purposes and should be left unchanged.