2020 Cannabis Industry Symposium

MEDIA ADVISORY

CalCPA Cannabis Industry Symposium to Focus on Impact of the Pandemic, Regulation and Economic Outlook on $3 Billion Cannabis Sector in California

COVID-19 has wreaked havoc on the California economy—and the cannabis sector has not been immune. Supply chains have been disrupted, revenues have taken a hit and labor has been impacted. California’s cannabis industry is feeling the pain and seeking a path to recovery through economic stimulus, innovation and new business models, and solid advice from key advisors like CPAs who guide them through complex tax, accounting and auditing matters.  

On Aug, 7, 2020, CalCPA will again bring together leading experts and thinkers at its annual Cannabis Industry Virtual Symposium, where attendees will learn about the latest tax, legal and accounting updates impacting cannabis industry businesses and the professionals who advise them. Speakers will provide insight into new, recently implemented policies; outcomes from the COVID-19 stimulus legislation; interpretation of tax law; review of banking rules; trends in federal legislative actions; how to handle bankruptcy and receivership; and valuation of cannabis businesses. 

BACKGROUND
California was the first state to legalize medical marijuana in 1996; in 2016, it was legalized for recreational use. According to Marijuana Business Daily, California is the largest legal cannabis market in the US, with more than $3 Billion in sales in 2019. 

Since the pandemic started, the cannabis industry in California has been generating relatively strong sales. The state of California declared that cannabis is an essential item. But smaller companies have been struggling to get financial assistance amid the crisis because the cannabis industry can't access the same federal loan programs that are being rolled out for other businesses (due to the classification of cannabis as Schedule I substance). 

Many of these smaller Cannabis companies are minority owned and employing workers from diverse backgrounds. As a result, at the end of April 2020, California cannabis regulators announced that the state would be providing $30 million in grant funding to assist cannabis entrepreneurs. 

Objectives of CalCPA’s Cannabis Industry Virtual Symposium:
  • Gain an understanding of new and recently implemented policies, practical insights to serving cannabis-industry clients and get takeaways from accounting experts, attorneys and business owners.

Major Subjects:

  • Impact of COVID-19 on the cannabis Industry
  • Relief Efforts directed to the cannabis industry
  • Taxation issues
  • Legal issues 
  • Bankruptcy, receivership and valuation
  • Accounting developments 
WHERE: Webcast—calcpa.org/cannabis

WHEN: Aug. 7, 2020 8 a.m.–5 p.m. PST
 
SPEAKERS INCLUDE: 
Find our more about the CalCPA Cannabis Industry Virtual Symposium, including the full agenda and registration details, online. 
 
About CalCPA
CalCPA traces its heritage to 1903 when the California State Society of Certified Public Accountants was organized. In 1909, it merged with two other state CPA associations to form CalCPA. CalCPA serves more than 43,000 members in public practice, private industry, academia and government, and has 14 chapters across California. CalCPA also offers more than 1,400 live courses, conferences, webcasts and on-demand self-study courses annually. More information is available online.        
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