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Local accounting firm offers cannabis advisory service

March 22, 2019 11:30 PM

ROCHESTER, N.Y. (WHEC) -- New York is closer than ever before to legalizing marijuana and one local accounting firm wants to get a piece of the pie.

DeJoy, Knauf, and Blood have started a cannabis advisory service to help people get into and navigate the business.

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Mark Blood, partner at DeJoy, Knauf and Blood LLP, says the firm anticipates there will be a lot of people who want to get into the industry when it is legalized in New York. 

"Lots of economists, lots of financial people are projecting this is going to be, nationwide, a multi-billion dollar business," Blood said. "We help people be in compliance of what's in the law, we help them do it the right way, we help them build a business that is sustainable because they're following what the rules are."

Blood says the rules leave a lot of room for error and confusion. Senior manager Morgan Hopkins says the firm's goal is to help business owners navigate the industry.

"People are always nervous about following the law. It doesn't matter if it's a hemp business, or if it's an alcohol distributor or if it's a hair salon," Hopkins said. "Everyone wants to be in compliance."

If and when New York legalizes weed, it will likely remain illegal federally. This presents the potential for pitfalls when it comes to finances and taxes.

"Coming to a place like this where we have expertise, we have an understanding of the pain points of the industry we can alleviate some of that fear," Hopkins said.

Before you kick start a career in cannabis, lawmakers have to legalize it. The measure has been removed from the state budget, but Gov. Cuomo is still looking forward to getting it passed.

"After the budget, I'm hopeful in the legislative session it passes, post-budget before June," Cuomo said.

Credits

Kaci Jones

Copyright 2019 - WHEC-TV, LLC A Hubbard Broadcasting Company

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