• Cannabis

Cory M. Parnell, CPA
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Accounting, Tax and Advisory Services for the Cannabis Industry

BGM provides services to the cannabis industry through its subsidiary Bridge West

Bridge West CPAs and Consultants LLC is one of the first accounting firms in the world to focus solely on the cannabis industry. Jim Marty, CEO, founded Bridge West in 2012, after working with small businesses for more than 30 years in his public accounting practice. Jim is a nationally recognized speaker on cannabis tax, accounting, and banking issues, and he has been featured on Fox Business News, CNBC, and numerous other print and radio media outlets. Cory Parnell, COO of Bridge West, provides consulting services in areas of inventory costing for tax and accounting, entity structure, and other complex areas.

Since 2009, Bridge West has expanded it’s practice to more than 200 cannabis clients throughout the U.S. Our CPAs and advisors have guided hundreds of U.S. and international cannabis businesses through a very challenging business and regulatory environment. From minimizing the effects of IRS 280E, to inventory management, and preparing audited financial statements, our services address the industry’s most unique and ever-evolving issues. Our cannabis tax professionals have assisted in over two dozen cannabis IRS, state and city audits. Our team of more than 100 advisors provides our valued clients the full support they need.

Bridge West works with all types of organizations that provide legal recreational cannabis, medical marijuana, low-THC and high-CBD products, hemp farming, and ancillary services. We also regularly partner with law firms and tax attorneys to defend our clients against taxing authorities. Our professionals are often retained as expert witnesses in tax and legal matters, and as advisors in mergers and acquisitions. In addition, we actively lobby for legal recreational use of cannabis nationwide.

Making the right decisions at the right time is critical for any business. For cannabis businesses, the importance of timing increases tenfold because the legalized marijuana marketplace is ever evolving. Legislation is constantly changing and operational challenges can arise when least expected.

Accounting Systems

From preparing your books to implementing internal controls, we can help manage — and protect —cash-intensive businesses.

  • Outsourced controllership and bookkeeping
  • Cash management
  • Internal controls
  • Inventory controls and costing

Auditing and Financial Statements

Investors and regulatory agencies often require financial statements.

  • Audited financial statements
  • Reviewed financial statements
  • Compiled financial statements

Tax

We assist in cannabis business compliance with federal and state regulations.

  • Entity selection
  • Tax planning that addresses IRS 280E
  • Individual and business tax returns (federal and state)
  • State and local sales and use tax consulting
  • IRS and state audit representation

Consulting

We provide a wide range of consulting services from point-of-sale strategies to minimizing the effects of IRS 280E.

  • Point-of-sale strategies
  • IRS Code 280E mitigation consulting
  • Cash controls and processing procedures
  • Accounting software implementation
  • Inventory costing methods
  • Inventory management to maximize profits

We offer a complimentary initial consultation for cannabis industry professionals. Contact Cory Parnell, Principal and Chief Executive Officer of BGM, at 651-227-9431 or cparnell@bgm-cpa.com to schedule a mutually convenient time to meet.  You can also download the Accounting, Tax and Advisory Services for the Cannabis Industry Fact Sheet.