GREEN IS THE NEW BLACK


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Oklahoma.1 Just a little more than a year after the passage of


A


State Question 788, Oklahoma is pacing close to the number one spot for patients among medical marijuana states, with 3.5% of the state population holding a medical marijuana card – that’s 140,000 people.2


Tese are the people Brian Walters,


CPA, ultimately hopes to help. Walters is a sole practitioner and


owner of Te 420 CFO in Oklahoma City, which serves the cannabis industry by providing customized solutions, including controller functions, consulting and tax preparation. “While the cannabis business is state legal, the compliance requirements are significant at both the state and federal level,” Walters said. “I see many cannabis businesses being shut down due to noncompliance, and the people who have


8 CPAFOCUS September/October 2019


ccording to the Oklahoma Medical Marijuana Authority (OMMA), there are almost 3,700 licensed cannabis growers in


borrowed a substantial amount of money to start the operation, or invested their life savings, losing it all.” But what tethers Walters to the cause and the


industry is more personal. “I have a very close friend who was diagnosed with cancer in 2018,” he said. His friend began using cannabis for pain relief during her treatment. “I was truly a skeptic in the beginning, but it’s hard to argue with evidence that is so close to home,” he said.


Tis personal experience coupled with the medical marijuana movement in Oklahoma made it difficult for


Walters to ignore. “My research for my vote concerning 788,


following my friend’s testimony, identified a need for a CPA to provide a high level of professional service to these businesses,” he said. Providing these services comes with its own set of unique challenges.


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