OAKLAND, Calif., Aug. 4, 2017 /PRNewswire-USNewswire/ -- What are the risks and opportunities for financial professionals serving cannabis industry clients?
The California Cannabis Industry Symposium will explore that question August 11 at the Radisson Oakland Airport as well as via webcast. Register for the conference at http://CalCPA.org/CAcannabis.
The symposium, conducted by the CalCPA Education Foundation, will cover such topics as the sales, use and income tax laws that apply to the cannabis industry, liability issues and the complications of working with an all-cash business, as major banks and credit card companies avoid marijuana businesses because of money laundering fears.
"The sale of marijuana for recreational use will be legal in California beginning in January," noted Greg Burke, CPA, symposium chair. "But federal law makes it difficult for cannabis businesses to operate in the same manner as other businesses. Our symposium will help those advising cannabis growers, distributors and sellers understand the complex legal and financial concerns."
Burke added that regardless of one's opinion of Proposition 64, which legalizes recreational use of marijuana in California, it is important for financial advisers to understand the legal ramifications and the differences between recreational and medical use.
Fiona Ma, CPA, member of the California Board of Equalization and of the California State Treasurer's Cannabis Banking Working Group, will address cannabis industry tax issues and the need for a banking solution during her keynote luncheon address.
"It is vital that we find a workable solution for this new industry," Ma said. "We need to figure out how we can open access to the banking system so that retail and medicinal cannabis business owners can effectively participate in commerce."
The symposium is designed for CPAs, attorneys, bankers and others who anticipate advising cannabis industry clients. It is available both live and via webcast at a cost of $325 for members of the California Society of CPAs and $425 for nonmembers. Continental breakfast and lunch on both days is included in the registration for the live presentation.
The symposium provides up to eight hours of continuing professional education for CPAs and as much as six hours of MCLE credit for attorneys.
About CalCPA Education Foundation
Headquartered in Burlingame, California, the CalCPA Education Foundation is the nation's largest CPE provider associated with a state CPA society and offers more than 1,400 live courses, conferences, webcasts and on-demand self-study courses annually. Visit http://www.CalCPA.org for more information.
SOURCE CalCPA Education Foundation