Medical marijuana is being widely accepted in the US today. There are many states that have already legalized the use of marijuana and there are some which in the process of legalizing it soon. Taking a look at how this industry is growing and spreading, it doesn’t look like it will take it much time to become legalized acro ss the nation. But, marijuana is a highly regulated product and businesses that deal with the growing, selling and distribution of marijuana are required to sift through the regulatory maze of all the different aspects of running this kind of business. Dispensary accounting is a common problem that is often faced by medical marijuana businesses. Financial compliance has become a big issue and this is the reason financial experts such as accountants and CPAs are in huge demand in the industry today.
Medical marijuana undoubtedly is a controlled substance and under the federal law, dispensaries and businesses have to face special tax, banking and accounting issues that are specific to this industry. Due to the strict regulations that are in place, businesses are required to seek help from financial experts who have experience serving in this industry. Dispensary accounting is going to be tough for these financial experts, but for businesses, it remains a necessary evil.