Navigating the Financial Maze of the Cannabis Industry with Angelita Green & Summer Thorn

In this episode of the Kaya Cast Podcast, we are joined by Summer Thorn and Angelita Green, two experts in the cannabis accounting field. They share their insights on how New York's recent decoupling from 280e allows cannabis business owners to take deductions on their state tax return, and the importance of having an industry-specific accountant to navigate the ever-changing regulations.Summer and Angelita emphasize the importance of working within the compliance of 280e and maintaining an ongoing conversation with your accountant. They also discuss the key components of the balance sheet and income statement that cannabis business owners need to pay attention to, stressing the importance of regular inventory counts and budget planning.Our guests also share their perspectives on the gross profit trends in the cannabis industry, the demand for legal products, and the challenges faced by social equity license holders in obtaining capital. Despite facing challenges that are unique to the cannabis industry, Summer and Angelita highlight the resilience and determination of cannabis business owners who continue to thrive in the face of adversity.Tune in to this episode to learn more about navigating the complexities of cannabis accounting and the bright future of the industry! Summer Thorn spent the first 11 years of her professional career in the United States Air Force where she served her country honorably both at home and abroad and in deployment to Iraq. Summer used her GI Bill and completed her bachelor’s degree at the Darla Moore School of Business and then went on to earn her Certified Public Accounting license and her Master’s in Business Administration. Summer first became interested in the cannabis space during her time in college, where she minored in criminal justice and learned of the racial injustice the punitive drug laws cause. While this information stuck with her, she wasn't exactly sure how her degree in accounting could help. She realized she could use her expertise to help the emerging cannabis industry with her knowledge of accounting and started her own accounting firm; Dope CPA. Angelita Green has over 20 years of experience in accounting and tax. She has been working with cannabis clients for 7 years, from seed to sale and is a continuous student of Cannabis Accounting. A member of the National Association of Cannabis and Tax Professionals, where she continues to receive cannabis training and network with other accountants in the industry. She is also VIP Member of DOPE CFO, Women's Cannabis Chamber of Cannabis, NORML, as well as Indigenous Cannabis Industry Association (ICIA). Find out more about Cannabis Accounting at:www.dopecpa.orgwww.newleafea.comhttps://www.linkedin.com/in/summernthorn/https://www.linkedin.com/company/dope-cpa/https://www.facebook.com/dopeCPAhttps://www.instagram.com/dope.cpa/https://www.linkedin.com/in/newleafea/https://www.linkedin.com/company/new-leaf-ea-corporation/