In July 2023, Michigan cannabis sales reached a record $276 million for adult recreational and medical use according to the Michigan Cannabis Regulatory Agency. Check in with other experts on the business, operational and accounting trends and challenges emerging in the industry.

Looking for extra flexibility? You can attend the program virtually, instead. Click here for details on the virtual option.

AGENDA

8:30 AM – 8:35 AM
Welcome & Opening Remarks

8:35 AM – 9:25 AM
Keynote Presentation: Navigating the Green Frontier: Michigan's Cannabis Legislative Update (1.0 Other)
Delving into the current state of the cannabis industry, focusing particularly on the legislative landscape in Michigan. Learn about the recent changes in cannabis laws, market trends, and regulatory updates shaping the industry in the state, providing a nuanced understanding of the opportunities and challenges for businesses.
Becky Bechler – Managing Partner, Public Affairs Associates, Inc., Lansing
Jeff Brownlee – Public Affairs Associates, Inc., Lansing
State Representative Graham Filler - State of Michigan House of Representatives

9:35 AM – 10:25 AM
Annual Financial Statements (1.0 Accounting & Auditing)
Following the enactment of recent legislation, the annual financial statement requirements for licensees in both medicinal and adult-use retail spaces have been consolidated into a single report. Review this change and others as well as current and upcoming legal, legislative and regulatory developments.
Kristie Jordan – Financial Compliance Manager, Department of Licensing and Regulatory Affairs (LARA), Detroit

10:35 AM – 11:25 AM
Building the Backend: Inventory & Cost Accounting for Growers and Processors (1.0 Accounting & Auditing)
Beyond point-of-sale, creating effective backend accounting features can help improve tracking and reporting for inventory costs and stock. Draw comparisons between other production industries to determine which practices can be applied to cannabis and make determinations on applicable 280E and Treasury compliance software solutions as well as capabilities that meet the requirements of financial institutions.
Greg Frazier, CPA.CITP – Owner, Greg Frazier, CPA, PLLC, Detroit

11:35 AM – 12:25 PM
Panel: Taking Cannabis All the Way to the Bank (1.0 Other)
Once a barren frontier, cannabis banking options in Michigan are increasing all the time. Bring your burning questions and discuss options for lending, credit card usage and upcoming products designed specifically for members of the cannabis industry.
Michael Kozak – VP, Director of Commercial Business Development, Union Bank, Portage
Matt Raison – AVP of Business Services, Community Choice Credit Union, Farmington
Moderator: Charlene D. Raikany, CPA – Booked and Balanced PLLC, Troy

12:25 PM – 1:15 PM
Group Luncheon

1:15 PM – 2:05 PM
Breaking Down Risk Financing Strategy (1.0 Other)
Too often, organizations of all sizes commoditize their approach to risk management and insurance purchasing strategy. This leads to a purchasing cycle trap that does not meet the organization's risk appetite and financial capabilities. We'll take a deep dive into concepts like total cost of risk and how it relates to a cannabis organization's insurance purchasing roadmap. CPAs will walk away with a more thorough understanding of how to position a productive risk financing strategy for their clients that will ultimately improve bottom-line performance.
Quintin Meek, CIC, CAWC, CWCC, RCIP – Cannabis Practice Lead, Assured Partners, Detroit

2:15 PM – 3:05 PM
All Things Tax & Treasury (1.0 Other)
From property tax to sales and use tax issues, discuss the most recent tax and revenue developments impacting cannabis clients. Review recent case law and recently released Revenue Administrative Bulletins relevant to tax issues impacting the Michigan cannabis industry.
Jackie Cook, JD – Partner, Novara, Troy

3:05 PM – 3:35 PM
Afternoon Reception & Meet with Partners

3:35 PM – 4:25 PM
Applying IRS Sec. 1.471-11 to Cannabis (1.0 Accounting & Auditing)
IRS Sec. 1.471-11 refers to the use of the full absorption method of inventory costing wherein production costs are allocated to only the good produced during the taxable year. Use real-world examples to determine best practices for full absorption cost accounting as applied to cannabis, including common pitfalls, tax accounting issues, client internal controls and more.
Kareyna Miller, CPA – Founder, LEACIF, Otter Lake

4:35 PM – 5:25 PM
On Trend in Cannabis: Business Transactions & CRA Reporting (1.0 Other)
Recent proposals introduced by the Michigan Cannabis Regulatory Agency (CRA) could impact your cannabis clients for better or worse. Review the evolution of licensed cannabusiness structures in Michigan and evaluate the potential impacts of current industry trends and pending changes on everything from taxes and borrowing to licensing and reporting.
Denise Pollicella, Esq. – Founder & Managing Partner, Cannabis Attorneys of Michigan, Howell

5:25 PM
Program Adjournment

PRICING DETAILS
Register early to take advantage of the best price! Please note, discounted pricing is already reflected in the online price. No promo code is needed.
Through November 14: $245 MICPA Members / $395 Non-Members
November 15 - November 28: $265 MICPA Members / $415 Non-Members
November 29 - December 12: $285 MICPA Members / $435 Non-Members

Thank You to Our Presenting Partners:

Thank You to Our Program Partners: