Marijuana dispensary accounting is very much similar to accounting for other types of businesses and enterprises. However, there are few exceptions that business owners need to be aware of. A cultivation centre where marijuana is grown and harvested is much like a farm. If you are into a business which produces infused products and edibles, then your business operations are much similar to that of a manufacturing facility or a bakery.
On the other hand, if you own a dispensary business, then it is much like owning a retail business which specializes in the sales of products. The two main differences with owning a marijuana business is that first of all, you need to have increased security and secondly, you have to pay your employees in cash.
But when it comes to regulatory compliance, the laws for marijuana businesses tend to be a lot stricter. Marijuana dispensary accounting takes into consideration all the regulations that other types of businesses adhere to including some new regulations that are specific to this type of industry.
The 280E compliance is an interesting regulation that marijuana businesses must look into. Basically, marijuana businesses are not allowed to deduct some of their expenses from their taxes that normal businesses are allowed to do.