Cannabis legalization: States continue to take the lead

Following November’s election, most states have legalized cannabis for either medicinal or personal adult use. Voters in four states — Arizona, Montana, New Jersey and South Dakota — approved ballot measures legalizing cannabis for personal use for adults at least 21 years old. Mississippi and South Dakota legalized cannabis for medicinal use, with South Dakota becoming the first state to legalize medicinal and recreational use cannabis in the same election.

Arizona

Proposition 207 regulates adult-use cannabis and imposes a 16% sales tax to fund community colleges, infrastructure, public safety and public health programs. It allows localities to prohibit cannabis businesses through zoning and bans smoking marijuana in public places.

Legalization: What’s ahead with cannabis accounting

Ballot initiatives relating to cannabis will be voted on in five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — this November. Topics being considered are presented in Marijuana on the ballot.

If you are a CPA working with clients in the cannabis industry, or if you think you might in the future, you’ll want a firm grasp of the issues regarding cannabis accounting.

Cannabis? Marijuana? THC? CBD? Hemp?

Like most industries, the cannabis industry has its own vocabulary.