Hemp Accounting Services California

Hemp Accounting Services

Accounting for your hemp business doesn’t need to be complicated. Hemp is different from marijuana and comes with different accounting needs. Due to its early uses through history, hemp accounting methods are pretty straightforward. Federal laws state that your hemp business can adhere to agricultural accounting standards because of its agricultural uses.

Legalizing Hemp Production

States and local governments tirelessly worked to establish legal differentiation between hemp and marijuana. Hemp business owners caught a break with the 2018 Farm Bill that removed hemp from the list of Schedule 1 controlled substances.

Now that cannabis and hemp have been differentiated on a legal level, filing taxes for your hemp business has never been easier.

Hemp Accounting vs Marijuana Accounting

Tax codes can differ significantly between hemp cultivation and cannabis. Hemp businesses are at an advantage with fewer tax codes and regulations, but accounting methods can get confusing.

Hemp cultivation businesses must keep accurate records to confirm their products have less than 3% of THC. The government has established that anything above 3% would fall into a cannabis production category.

Dope Consultants can walk you through the differences between hemp and marijuana accounting to ensure you stay in compliance. Call us today, and we can get you started with the process.

Your Hemp Accounting Firm

At Dope Consultants, we’re more than just an accounting firm. We are your trusted California hemp CPA and also serve clients nationwide. With a broad range of cutting-edge financial consulting solutions specifically tailored to your hemp business, we’re your one-stop shop for all of your financial needs.

Whether you need help with hemp accounting or filing your tax returns, Dope Consultants offer the versatility and knowledge you need to handle your hemp and marijuana accounting needs.