CBD is a relatively new product and if your business sells it, you need an accounting firm that understands the legalities and quirks behind it.
Accounting in the CBD Oil Industry
One of the more interesting developments over the last decade is the rise of CBD oils. Accounting standards and precedents are being established, as with any emerging market, but one of the interesting things about the CBD oil industry is that it is emerging from a substance that is considered illicit by many federal law and many state and local governments. But CBD is gaining traction because it provides the benefits of cannabis without the psychoactive impairment related to cannabis. Dope Consulting is a cannabis and CBD accountant that will handle your financials professionally with an eye to making sure your business is entirely legal and compliant.
What are CBD Oils?
Known as Cannabidiol, it is one of over 100 chemical compounds known as cannabinoids found in the cannabis or marijuana plant. CBD oil is made by extracting the substance from the cannabis plant and then diluting it with a carrier oil such as coconut oil or hemp seed oil.
What Are the Benefits?
Although it is a relatively new product CBD oils have been found to provide some interesting medical benefits including:
- Pain Relief – which includes chronic pain, sciatic nerve pain, and inflammation.
- Reduce Anxiety and Depression – as a natural approach.
- Alleviate Some Cancer-Related Symptoms – including nausea, vomiting, and pain.
- Increased Heart Health – including the ability to lower blood pressure.
- Treat Acne – because of CBD’s anti-inflammatory properties.
Some studies suggest that CBD oils can help with mental disorders, substance abuse treatment, diabetes prevention, and the prevention of tumors.
How Can Dope Help Your CBD Oil Business?
We specialize in providing comprehensive cannabis accounting services. We have the skill set and experience among our staff to deliver high-quality solutions that can help you navigate Section 280E and start your journey toward a more lucrative, stable financial future.
We firmly believe in the power of collaboration, regardless of the services you’re seeking when you start working with us. With a broad range of cutting-edge financial consulting solutions including tax services, accounting, payroll assistance, and more, we’re your one-stop shop for all of your financial needs.
If you are starting a CBD oil business or have already established a business and need help navigating the sometimes murky financial waters of your industry, contact us today. We can help your brick and mortar location or your online location or both. However you sell your products, your greatest asset is a knowledgeable, professional accountant. Reach out to us today!