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Test Number : BEC
Test Name : CPA Business Environment and Concepts
Vendor Name : AICPA
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BEC test Format | BEC Course Contents | BEC Course Outline | BEC test Syllabus | BEC test Objectives

Business Environment and concept section is treated as one of the most challenging exams because of its extensive material and it deals with business and economic concepts. The CPA BEC section will help you to move one step further in business knowledge and help them apply the knowledge in real-world scenarios.

Business Environment and concepts covers:

Business environment in general, and its core concepts.
Foundational grounding in accounting and are exposed to underlying reasons for accounting implications Financial management information technology, and business strategies in addition to accounting concepts.
Economic concepts, financial management, information systems and communications, strategic planning and operations management. Testing to determine different business strategies with their knowledge in strategic planning and market risks.
Making financial decisions, forecasting trends in the market, and understanding internets implication in business.

Topic Percentage
Corporate Governance 16% 20%
Economic Concepts and Analysis 16% 20%
Financial Management 19% 23%
Information Systems and Communications 15% 19%
Strategic Planning 10% 14%
Operations Management 12% 16%

BEC1 Business Environment and Concepts (BEC)
BEC2 Section introduction
BEC6 Summary blueprint
BEC7 Area I Corporate Governance
BEC9 Area II Economic Concepts and Analysis
BEC11 Area III Financial Management
BEC13 Area IV Information Technology
BEC16 Area V Operations Management

The Business Environment and Concepts (BEC) section of the Uniform CPA Examination (the Exam) tests knowledge and skills that a newly licensed CPA must demonstrate when performing:
Audit, attest, accounting and review services
Financial reporting
Tax preparation
Other professional responsibilities in their role as certified public accountants
The content areas tested under the BEC section of the test encompass five diverse subject areas. These content areas are corporate governance, economic concepts and analysis, financial management, information technology and operations management. Reference materials relevant to the BEC section of the Exam are included under References at the conclusion of this introduction.
Content organization and tasks
The BEC section blueprint is organized by content AREA, content GROUP and content TOPIC. Each group or syllabu includes one or more representative TASKS that a newly licensed CPA may be expected to complete when performing audit, attest, accounting and review services, financial reporting, tax preparation or other professional responsibilities.
The tasks in the blueprint are representative. They are not intended to be (nor should they be viewed as) an all-inclusive list of tasks that may be tested in the BEC section of the Exam. Additionally, it should be noted that the number of tasks associated with a particular content group or syllabu is not indicative of the extent such content group, syllabu or related skill level will be assessed on the Exam. Similarly, examples provided within the task statements should not be viewed as all-inclusive.

Area II of the BEC section blueprint covers several subjects related to Economic Concepts and Analysis, including the following:
Knowledge of economic concepts and analysis that would demonstrate an understanding of the impact of business cycles on an entitys industry or business operation
Determining market influences on the business environment, such as globalization
Determining the business reasons for, and the underlying economic substance of, transactions and their accounting implications
Understanding financial risks and the methods for mitigating the impact of these risks
Area III of the BEC section blueprint covers several subjects related to Financial Management, including the following: Assessing the factors influencing a companys capital structure, such as risk, leverage, cost of capital, growth rate, profitability, asset structure and loan covenants
Calculating metrics associated with the components of working capital, such as current ratio, quick ratio, cash conversion cycle, turnover ratios
Determining the impact of business decisions on working capital
Understanding commonly used financial valuation and decision models and applying that knowledge to assess assumptions, calculate the value of assets and compare investment alternatives Area IV of the BEC section blueprint covers several subjects related to Information Technology (IT), including the following:
Understanding the role of IT and systems, including the use of data in supporting business decisions.
Identifying IT-related risks associated with an entitys information systems and processes, such as processing integrity, protection of information and system availability, including those risks introduced by the relationships with third-parties.
Identifying application and IT general control activities, whether manual, IT dependent or automated, that are responsive to IT-related risks, such as access and authorization controls, system implementation testing and incident response plans.
Area V of the BEC section blueprint covers several subjects related to Operations Management, including the following:
Understanding business operations and use of quality control initiatives and performance measures to Excellerate operations
Application of cost accounting concepts and use of variance analysis techniques
Utilizing budgeting and forecasting techniques to monitor progress and enhance accountability
The test focuses on testing higher order skills. Based on the nature of the task, each representative task in the BEC section blueprint is assigned a skill level.
BEC section considerations related to the skill levels are discussed below.
Remembering and Understanding is tested in all five areas of the BEC section.
Remembering and understanding tasks focus on the knowledge necessary to demonstrate an understanding of the general business environment and business concepts, such as those involving enterprise risk management.
Application is also tested in all five areas of the BEC section. Application tasks focus on general subjects such as those found in the subjects of economics and information technology, and the day-to-day financial management tasks that newly licensed CPAs perform, such as those involving calculations involving ratios, valuation and budgeting.
Analysis skills, tested in Areas II, III and V involve tasks that require a higher level of analysis and interpretation. These tasks, such as comparing investment alternatives using calculations of financial metrics, financial modeling, forecasting and projection, frequently require newly licensed CPAs to gather evidence to support inferences.
The representative tasks combine both the applicable content knowledge and the skills required in the context of the work that a newly licensed CPA would reasonably be expected to perform. The BEC section does not test any content at the Evaluation skill level as newly licensed CPAs are not expected to demonstrate that level of skill in regards to the BEC content.
References Business Environment and Concepts The Committee of Sponsoring Organizations of the Treadway Commission (COSO):
Internal Control Integrated Framework
Enterprise Risk Management Integrating with Strategy and Performance
COSO-issued application material, thought papers and guides related to the above frameworks
Sarbanes-Oxley Act of 2002:
Title III, Corporate Responsibility
Title IV, Enhanced Financial Disclosures
Title VIII, Corporate and Criminal Fraud Accountability
Title IX, White-Collar Crime Penalty Enhancements
Title XI, Corporate Fraud Accountability
Current business periodicals
Current textbooks on:
Accounting Information Systems
Budgeting and Measurement
Corporate Governance
Enterprise Risk Management
Management Information Systems
Managerial Accounting
Production Operations

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AICPA Question Bank

hashish and CPAs: The enterprise opportunities and risks | BEC test Braindumps and Practice Questions

hashish for medicinal or recreational use is a fast-transforming into company, and the advisory alternatives for accountants in the business are also becoming. together with these opportunities are rising concerns on the regulatory and possibility fronts. Ron Seigneur, CPA/ABV, the managing accomplice of Colorado enterprise Seigneur Gustafson LLP, shares more on the topic, including what to seek in proposed federal law. Seigneur is scheduled to talk in December on the AICPA and CIMA cannabis trade online conference.

What you’ll study from this episode:

  • an evidence of the change between cannabis, hemp, and marijuana.
  • greater on the hashish-selected assistance for accountants provided by the AICPA and the country wide association of State Boards of Accountancy.
  • The skilled risks to agree with earlier than adding valued clientele from cannabis-connected industries.
  • The COVID-19 pandemic’s impact on cannabis businesses.
  • Why legalization in some states doesn't mean these states turn into hashish epicenters.
  • How legislation could change the panorama for cannabis corporations.
  • Play the episode beneath or study the edited transcript:

    To comment on this episode or to suggest a concept for another episode, contact Neil Amato, a JofA senior editor, at


    (Editor’s note: This dialog changed into recorded in July and has been edited for readability)

    Neil Amato: Joined on the podcast through Ron Seigneur of Seigneur Gustafson LLP in Colorado, we’re speakme nowadays on the syllabu of cannabis, which is a growing to be probability for accountants. Ron, thanks for being on the podcast.

    Ron Seigneur: absolutely. happy to do it.

    Amato: Let’s first outline some terms, so we’re clear. what is cannabis? How is it diverse from marijuana or pot or hemp?

    Seigneur: That’s a great region to delivery, Neil. If a hashish plant has high THC content, it’s marijuana. If it has low THC content, it’s hemp. And there’s a lot of issues that have happened over the closing several years in terms of the 2014 and 2018 federal farm bills that have defined what agricultural-grade hemp is. so that they both come from the hashish plant. And there’s lots of confusion because when americans say hashish, lots of the time they’re considering of THC marijuana cannabis. so that they’re sort of used interchangeably.

    Amato: Gotcha, thanks for that. Spending on criminal hashish products within the U.S. in certain, what’s the style, so they can assist listeners gauge the probability that’s obtainable.

    Seigneur: awesome query. First, I’m going to name it hashish. until I say in any other case, I’m relating to felony, regulated marijuana, the THC hashish. And let’s simply might be, if you don’t intellect, THC is tetrahydrocannabinol, one of the crucial cannabinoids that’s in the hashish plant. It’s the one cannabinoid that has hallucinogenic homes.

    And so I think we’re speakme about variety of what’s the style on spending for cannabis that has THC in it. It’s starting to be. The social acceptance of cannabis is growing, no longer simply in the U.S. but everywhere. There are experiences that are executed. Arcview is a really smartly-recognized statistics analytics company within the hashish area. and they’re projecting that criminal, regulated cannabis might be a couple of $10 billion business for the medical segment — this is within the home U.S. — in 2022.

    And the recreational or adult use, type of used interchangeably, may be about $10 billion, probably about $11 billion. however the illicit market is projected to be $28 billion. So whereas felony, regulated cannabis, both in scientific and grownup use, is starting to be, partly because of the extra states that are coming online, the illicit market is additionally continuing to grow. So ordinary hashish is a transforming into segment, both the prison, regulated side and the illicit aspect.

    Amato: And we’ll talk just a bit more about variety of the vogue, and perhaps how there are some pandemic-particular trends happening. however first, may you sum up the highlights of assistance, so far as it relates to accountants and from state boards of accountancy. for instance, I bet in January 2019, 14 state boards had issued selected information. How has that modified, if any, during the last 18 months or so?

    Seigneur: In anticipation of that query, i used to be out searching around the ultimate few days to look if I could locate any further states which have issued some type of position observation or suggestions. probably the most exact thing I might locate is the paper that’s produced by using the AICPA and NASBA, the national association of State Boards of Accountancy, a January 2019 paper titled offering functions to organizations in the Marijuana industry.

    And it lists the entire states the place state boards of accountancy have issued some form of a position on licensed CPAs in that selected jurisdiction working with cannabis clients. and that i’m a licensed CPA in Colorado. Colorado issued a place remark, I feel in November of 2015, that I suppose is fairly per most of the different state boards that in fact says we're good enough with licensed CPAs in their jurisdiction working with felony, regulated hashish companies so long as you observe all professional specifications, together with the code of conduct. that you still should use due care and ample supervision and satisfactory relevant proof and all of those tenets that form of [are under] the umbrella over being a CPA in public practice. but it also is fairly clear that it doesn’t provide us a get-out-of-penal complex-free card if the feds come knocking at some aspect.

    so that’s still the elephant that americans deserve to take into account has to be up on the table if they’re given that working on the cannabis space, that it’s nonetheless deemed illegal below the controlled supplies Act, which turned into passed all over the Nixon administration in the Seventies. And in the managed materials Act, marijuana is a agenda 1 substance, corresponding to heroin and LSD.

    And when you are thinking in that, you may also be accused of aiding and abetting. So legal professionals, accountants, advisers still have the specter of the controlled supplies Act sort of elevating its head at some element. at this time I suppose there’s a fairly low chance. but that’s the rub that’s out there that people need to be privy to.

    Amato: You mentioned that AICPA and NASBA doc, and you touched on codes of habits. So, are the state boards — how a lot hashish specifics are they placing in these codes of habits, if any?

    Seigneur: and i should just use Colorado as my element of reference, because that’s the place I observe and that’s where I cling my license. but in talking with other colleagues in other jurisdictions, I don’t consider there’s a lot of attention being given to it. The secret is, it’s a becoming trade on the criminal side. It’s arguably the largest states’ rights problem in front of us today.

    I suggest, there’s immigration and all of the other things. but the conflict between states like Colorado, the place the voters mentioned they wish to enable access to hashish by vote of the residents, where it’s legal below state legislations and nevertheless illegal below federal legislation, has created, frankly, an area where some practitioners may additionally choose to say, “I’m not willing to head there yet, until the federal legislation is resolved.”

    I haven’t considered lots, apart from the place statements that each state has issued for CPAs practicing in their specific jurisdiction, I haven’t seen numerous other exercise.

    Amato: On the legislative aspect, either state-intelligent, federally, any circulation? What would you say is the state of things on the legislative side?

    Seigneur: There are two pieces of legislation on the federal degree that are very giant to be aware about. And essentially the most in demand is the protected [Secure and Fair Enforcement] Banking invoice that would permit federal approval of banking to the legal cannabis business that turned into held up within the methods and capacity Committee of the residence for a long length. finally went to the ground of the condominium of Representatives and handed last September, 421–103, by a bigger margin than anybody had expected.

    It’s now stuck on the desk of Mike Crapo, the senator from Idaho who is the chair of the Senate Banking Committee. And Idaho is among the 4 states that desires nothing to do with not handiest marijuana, but with hemp and CBD, and he controls when the secure Banking bill would get to the floor of the Senate.

    We were briefed by Rand Paul a couple of months in the past, a senator from Kentucky, who instructed a change neighborhood right here at the countrywide cannabis trade association, which is based mostly right here in Denver, and it’s arguably essentially the most well-revered nonprofit change group representing the career. And Sen. Paul turned into there for a fundraiser. And he pointed out that if the safe Banking bill bought to the flooring of the Senate, he estimated it might move additionally by means of a large margin. And he referred to the Trump administration has already signaled that they would signal it.

    So if that secure Banking bill gets to the floor of the Senate, it's going to pass and certainly be signed into legislation by using the White residence, would permit federal banking. and you would see Wells Fargo and Chase and Citibank being capable of get into cannabis banking. and i consider, as do lots of my colleagues that work during this area, that that itself would push the federal govt to get to the bottom of the leisure. If we’re going to let Wells Fargo bank cannabis, let’s fix the managed substances Act and work out no matter if it’s felony federally or not, as antagonistic to it’s type of a chess video game presently.

    The different piece of law is called the Strengthening the Tenth change via Entrusting States (STATES) Act. That’s a bit of law this is additionally stuck in committee in Washington.

    The STATES Act would allow states that have passed felony cannabis, like California and Washington State, Colorado and Illinois, if that could circulate, they might be out from beneath the managed substances Act. but states like South Dakota and Idaho and Nebraska that aren’t there yet would nonetheless be in a position to implement the controlled supplies Act.

    in order that’s a fascinating piece of federal legislation that's, more and more individuals are asserting, you know, might be once they get past the November election, there should be would becould very well be some flow on that. but that noted, I don’t believe we’re going to look anything else stream on either of those bills except they get previous November.

    Amato: How has the coronavirus pandemic affected hashish-connected organizations?

    Seigneur: extremely. The phrase that I keep seeing kicked round is cannabis has long gone from illicit to fundamental. In most each state that has access to marijuana, it’s been deemed an essential carrier and allowed to dwell open, with some changes in how they reside open. So it’s long gone from being deemed illicit to being deemed basic. And that’s been taken potential of.

    however what’s took place is, every jurisdiction, each state, and every municipality defined what access is, where which you can have a dispensary and what hours the dispensary may also be open. And most in the beginning referred to which you can’t go interior. So, the first thing that came about is they saw the introduction of curbside beginning of the basic service of cannabis.

    the entire dispensaries in Colorado had pressure-via lanes with the bud-tenders. those are the americans like a bank teller, the americans basically promote you the hashish and verify your identity. They were doing it at motor vehicle windows, beneath rules and protocols that had been prescribed through the local jurisdictions. That become very common in most other jurisdictions. but the factor that I suppose is captivating is domestic birth has taken off in some communities.

    Nevada, when the pandemic hit, they closed all the dispensaries, but they pointed out, we’re going to mean you can deliver 24 hours a day, seven days every week, home delivery. so you go onto the website, you order what you desire, and they pressure it out to your condominium or your lodge, and that they convey it like they'd a pizza. There’s a dispensary known as Planet 13 that’s based mostly in Las Vegas that has 100 start drivers in 30 vehicles and that they’re planning so as to add yet another 20 cars that are supplying hashish, you recognize, all day every day. And that wouldn’t have came about however for the pandemic implications.

    just as one other illustration, Neil, l. a. — California’s had prison access to cannabis longer than any other state, but handiest roughly 30% of the municipalities during the entire state have passed ordinances at the municipal degree to allow dispensaries to do enterprise. And one of the most locations that has had very confined entry to legal regulated hashish is the metropolis of la. And there’s a large concern going on with social fairness, and they are able to discuss that a little bit.

    however they’re in the process at the moment of awarding 60 what they call nonstorefront dispensary licenses, that means 60 new licenses in the L.A. enviornment that allows you to just be birth most effective. They don’t actually have a storefront where which you can go buy it. They’re simply licensed to do delivery of hashish — 60. I feel that’s fairly awesome in and of itself.

    Amato: That’s an excellent point. I examine a brand new York instances article. Oh, and that i’ll say that we’re recording in mid-July, but the contemporary to this recording long island times article talked in regards to the transforming into earnings of cannabis edibles in certain. And it changed into, as you observed, and that i’ll read a little bit from the article: “greater than a dozen states declared cannabis retailers and clinical marijuana dispensaries as essential businesses, alongside pharmacies and grocery shops.”

    So yeah, it is whatever it truly is, you be aware of, people are finding the way to get it, to convey it. Is the money or cashless trade affecting the company in any respect? I bear in mind, i may not be proper, that a lot of cannabis dispensaries are money best? Or had been?

    Seigneur: Most of them are money simplest. Colorado has banking for the most part for hashish via state-chartered credit unions and group banks which are backyard the huge federal banks. It’s costly, but it makes it possible for access. these banks and credit score unions have entry to stream funds during the Federal Reserve device, so you can deposit your marijuana proceeds and write exams and electronically publish your payroll.

    however you don’t have access to frequent loans such as you invariably would as a enterprise bank client. and also you don’t have access to credit score playing cards. The trade does not settle for credit score cards. and i’m no longer aware about wherever yet it really is accepting credit score cards. There’s some experimentation occurring with debit cards for marijuana purchases. but most every thing is cash.

    but even that’s changing. I store at Kroger, at King Soopers right here in Denver. however as of Sunday they now not, anywhere in the Kroger grocery chain, they don’t supply out exchange anymore. No trade is stored in the money registers at the grocery store. So if you pay for your groceries with cash and you get the bills again, however the exchange is put onto your Kroger card as a result of they don’t need the cashiers coping with change. and that i simply say that over right here as a result of I feel issues are changing as a result of the pandemic that are going to implicate how cannabis transactions are executed and vice versa.

    but for the most half it’s a money business. It’s staggering how tons cash is moved in the course of the hashish industry. Colorado, it’s a thousand million-greenback business, simply the regulated, prison aspect is one thousand million-dollar-a-year trade. And with money, I’m shocked there hasn’t been more violent crime chasing large bundles of cash that are moved around. There’s security capabilities like Brinks that are tailor-made to the hashish trade that come by and decide upon up the cash from the dispensary and take it to secure homes or they take it appropriate to the Federal Reserve and drop it off to are attempting to at least get the cash off the streets, so as to talk.

    Amato: The professional issues for these working in cannabis-related businesses absolutely are numerous. We’ve type of touched on a few of these. however may you go over what’s emerging on the possibility entrance besides the ones that we’ve already mentioned?

    Seigneur: Yeah, well, their company does tax compliance work for chosen hashish companies. And once more, I’m prison, regulated. They need to make certain that if they take a cannabis client that they're adequately licensed under the state. It’s known as the Marijuana Enforcement Division (MED), which is a part of the Colorado department of salary. It’s a model that has been emulated in different states, in other countries, as a be counted of reality. Uruguay legalized hashish all over the whole country, and they sent a hundred individuals to Colorado to examine the framework that’s used here to alter cannabis.

    There’s an entire gadget, it’s called METRC, which is an acronym for type of some extent-of-sale gadget that on every occasion you’re on the prison side, every transaction, even if you’re starting to be it, harvesting it, processing it, or retailing it, receives enter into METRC day by day and said to the MED. So there’s some in fact critical protocols to music the regulated earnings of hashish. So, you recognize, in case you’re working in an area, you are looking to be aware of what’s going on in your jurisdiction.

    You comprehend, and i’m using Colorado as an instance, but when you’re a CPA in Michigan or Massachusetts or Washington state, find out how it’s regulated. find out form of what the license necessities are. find out who you’re working with, because you wish to work with the people that are attempting to do it correct. beyond that, confer with your malpractice coverage carrier. They use CAMICO. And we’ve interacted with them, and they're, they’re decent with it. they have got a person there.

    We do loads of valuation- and damages-related work. That’s kind of what my emphasis is. but you understand, it’s, I mean, discuss with your different partners. be sure that you simply believe the affect on different shoppers, because there’s nonetheless a phase of the population that’s like, “I’m not good with hashish because it’s illegal federally, and it’s simply morally no longer appropriate to me.” so that you wish to be sure that you go into it along with your eyes open.

    however I’ll tell you, it’s a $20 billion-a-year trade on the regulated criminal facet. and that they want assist. You recognize, they’re paying loads of taxes. Some states, like Arizona and Michigan, require audited financials at least every year if you’re a license holder. so they need CPAs that may do attestation work.

    I’ll simply point out earlier than I lose the concept, there’s an argument right now that’s rising. It’s interior salary Code part 471(c), that enables groups that are below $25 million in earnings to deduct all of their can charge of items sold and never retain any inventory.

    And that’s a well-known provision that got here with the Tax Cuts and Jobs Act that become passed into legislations on Jan. 1, 2018. Many americans are looking on the implications of that in cannabis, on account of the implications of what’s referred to as part 280E that limits definite deductions, and asserting that there’s a chance below this provision to increase some deductions in hashish area.

    and admittedly, they just had a huge name with a hashish law lawyer the previous day, attempting to variety out where they stand on that as a result of their hashish tax plans are variety of, they don’t are looking to leave out whatever thing for them after which be held accountable because they didn’t take competencies of them. but that’s just an instance of how things are moving round.

    Amato: right, and those are in reality respectable, precise examples. this is a large election 12 months. You’ve touched on elections and expertise effect. but depending on those consequences, how a good deal of an inflection point might this be for the cannabis trade?

    Seigneur: I feel it’s fitting a kind of areas the place, as they get into the debates and they get nearer to the genuine elections, more and more candidates are going to be requested, “the place do you stand on legal hashish?” a good deal like where do you stand on immigration and where do you stand on different issues. It’s a large problem. The framework that Joe Biden simply introduced, that accommodates what Bernie Sanders has, would legalize cannabis as considered one of their brought up aims.

    The existing White house has indicated that, under the relevant protocols, they’re inclined to legalize cannabis. So I suppose each parties are type of relocating in that path. and that i’m making an attempt to be totally apolitical. however it’s a controversy at the moment. It’s an argument. the place do you stand on this? and that i think more and more americans are looking on the — Gallup does a survey and the closing one I saw, which is probably a few 12 months ancient, 65% of american citizens say hashish is morally desirable. even if or no longer they use it, they say it’s ok if others do.

    and i’ll sum it up this way, Neil. I chaired a hashish legislation symposium for the Colorado Bar association. And their keynote changed into Jason Dunn, who’s the U.S. legal professional for Colorado, the executive federal legislations enforcement officer for the state beneath the federal govt. And he made an announcement, he mentioned, “seem, folks, they tried prohibition and that didn’t work so well.” And he noted with hashish, it’s not going away.

    I believe each person has the same opinion it’s going to be here, no matter if it’s the man on the corner, you understand, that you simply buy from on a Friday otherwise you go to a licensed dispensary. He observed if people are going to purchase it, they must tax it, test it, and handle entry to it. So he’s announcing, you be aware of, if people are going to be the usage of it, they have to make certain that they’re buying product that doesn’t have pesticides or fentanyl in it. They must tax it, like they do alcohol. And they need to manage access to it.

    and i believe that’s what’s occurring in lots of states. It’s unique to monitor. We’ve bought instances now in Nevada, Illinois, Virginia — a clinical challenge they did there. Massachusetts. watching the states kind of roll out their entry to hashish is variety of fascinating.

    Amato: can you clarify the hashish industry deliver chain and the different types of entities right through that chain, and what opportunities there are for accountants to work with the a lot of avid gamers inside that ecosystem?

    Seigneur: Yeah, absolutely. There are some higher entities that use the time period “seed to sale.” That they’re involved in seeds and clones and genetics of growing the distinct lines of hashish, cultivating it, harvesting it, processing it, and branding it and retailing it. those are sort of the sectors, if you will. and each one might use its own discussion. but there are groups which are basically first rate at being vertically integrated. They develop their own product from their personal strains and inventory, and they manner their product, and i’ll talk about processing in a minute.

    and they kit it and manufacturer it and sell it of their own dispensaries and sell it to other dispensaries. There are others which are announcing, “We’re simply really good growing it, and we’re simply going to be cultivators. And we’re going to promote it wholesale to others and let them do what they do.” There are others, peculiarly within the edibles, that are just saying, “We’re going to be in reality respectable at making the most efficient chocolate-infused hashish or tinctures or drinks.”

    And others that are only saying, “We’re just going to retail it. We’re going to purchase product from others, and they have a pretty good place, and we’re simply going to be retailers.” So it’s charming to see kind of the bifurcation that’s occurring, both when it comes to kind of asserting, “Let’s just cultivate,” “let’s just procedure,” “let’s just retail” and the ones which are asserting, “Let’s do all of it.” And we’re doing it so well in Colorado, there’s a few large-name brands right here which are increasing in different states.

    So, in case you’re a CPA working, it’s like, sort of be aware of those distinctive segments. And let’s just speak for a 2d in regards to the processing. because should you grow hashish, it grows, you understand, and you've got trim and flower. And within the historical days you trim the flower off and dry it out, and also you’d sell that. americans would take it. They’d smoke it in a pipe or roll it into joints. And the trim turned into variety of a byproduct that was processed into THC oil.

    And now the edibles have become so prevalent that there’s a movement against taking total vegetation and working them through an extraction manner, which in and of itself is captivating. because the technology of extraction is changing so immediately, and there are people moving into it as a result of they wish to be the most advantageous extractor and getting the full spectrum, full entourage, THC that has all the terpenes and primary oils as a result of that’s what individuals consider are the holistic health materials of it.

    So there’s simply a number of stuff happening in each of those distinct segments that I feel as a CPA you deserve to sort of take note, “ok, I’m going to be working with a cannabis client, and where are they in that average spectrum?” Plus, the entire ancillary features. all the aid features of, they now have a shopper that does nothing but produce the childproof caps and bags and stuff that you put the pot in when you promote it at a dispensary, that are based on native rules.

    You understand, that you would be able to’t sell it to somebody with out it being put in some sort of a childproof container, because it’s a drug. And so, all they do is promote the exceptionally designed bags and childproof cap-category stuff. So, just for instance. utility. I mean, there’s a whole bunch of changes occurring with the expertise of element of sale and that classification of stuff.

    Amato: For those in public accounting who are in the industry, within the cannabis trade, I imply, what are the most reliable or most commonplace routes to expansion of their carrier strains, or making it extra ecocnomic?

    Seigneur: smartly, if you’re already in it, I bet you first deserve to study type of the place are you in it. seem on the jurisdiction and no matter if it’s a relatively mature market versus one that’s just sort of kicking off. i'd say Colorado’s reasonably mature, you understand? And there’s lots of people right here which are basically decent at criminal concerns and bookkeeping considerations and the types of issues they do.

    Oklahoma, for example, has simply allowed scientific cannabis, and it fees $250 to get a license to grow medical hashish in Oklahoma. and that i examine that there are 2,500 license holders that are all starting to be small plots of cannabis. And lots of people are heading to Oklahoma because they wish to be cannabis farmers. however’s type of like, be cautious, because at some point, Oklahoma can’t aid 2,500 cannabis growers.

    So, simply be cautious. There’s a shakeout coming, too, and the consolidation is underway when it comes to the smaller operators having a hard time competing with the vertically integrated people that form of, you understand, have it down.

    Amato: That’s a pretty good aspect about Oklahoma. You’re right, probably, as a result of these products can’t go across state traces, that’s appropriate?

    Seigneur: Oh, I’m comfortable you made that element. as a result of if they see a change within the managed elements Act, maybe as a result of safe Banking being handed into legislation — at this time you’re appropriate that in case you produce hashish in Colorado or Nevada or California, which you could’t take it across state traces legally. but when these barriers came down and there become interstate commerce, it would have major implications on the trade.

    California has a neighborhood referred to as the Emerald Triangle, which is the three northernmost counties: Humboldt, Trinity, and Mendocino. They cover about 10,000 square miles. And there have definitely been tv series on the Emerald Triangle. homicide Mountain became one that became on Netflix. They’ve been transforming into pot there considering the ’50s and ’60s. And estimates are they grow about 12 to 14 million kilos of high-grade hashish a year in the Emerald Triangle, and eighty% of it leaves California illegally and is derived to different areas.

    So there’s now not most effective the specter of legal interstate commerce occurring, but there’s additionally the specter of the feds starting to crack down greater on these illegal grows. americans are amazed that there hasn’t been extra consideration given to southern Oregon and northern California, but the total financial system up there is stylish on it. You create kind of a social crisis if you put those unlawful growers out of company. And that’s a part of why there’s a $28 billion illegal trade carrying on with to thrive and develop.

    Amato: Ron, thanks. This has been surprising. anything else at once to claim in closing?

    Seigneur: Neil, i'm hoping this podcast is positive for folks. I recognize the chance to try this interview.

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