Marijuana and the Accounting Profession
Although marijuana is classified as a Schedule 1 controlled substance under the federal Controlled Substances Act of 1970, a significant number of states over the last decade have passed laws allowing it to be used as a medical treatment and for recreational use. The National Conference of State Legislatures (NCSL) maintains a list of jurisdictions that allow for medical use under individual state laws.
Because of the flurry of activity at the state level involved in implementing recreational and medical marijuana laws, there have been several Boards of Accountancy that have provided guidance on issues relating to CPAs providing services to marijuana-related business and individuals.
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