While marijuana is now legal to one degree or another in 28 U.S. states, the substance is still federally illegal – and that means that CPAs and others who want to serve this potentially lucrative niche face questions of professional conduct that are not easily answered.
Having made the plant-based drug legal for certain medicinal uses in 2014 under the Compassionate Care Act, New York is one of those states in which marijuana can be legally distributed in some way, and recently, the New York State Society of CPAs hosted a symposium on the marijuana business. In a conversation before the day’s events began, society president F. Michael Zovistoski intimated that he is excited about the medical benefits cannabis can offer patients of all kinds. His opening remarks noted that the society prides itself on remaining ahead of the curve in all things that affect the accounting profession, and the opening up of marijuana laws should be no different.
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