The Growth Zone® Announces the Formation of the “Cannabis Law & Accounting Group” to Serve the Medicinal Cannabis and Hemp Industries
FOR IMMEDIATE RELEASE
Contact: Nancy A. Damato
President of Accountants Advisory Group and Leader of the Growth Zone®
Director of Marketing, MGI North America
nancy@accountantsadvisory.com 845-265-9046
The Growth Zone® Announces the Formation of the “Cannabis Law & Accounting Group” to Serve the Medicinal Cannabis and Hemp Industries
New York and London (May 10, 2019) – The Growth Zone®, Accountants Advisory Group’s marketing and lead generation program for the cannabis and hemp industries, is pleased to announce the formation of the “Cannabis Law & Accounting Group” to serve the medicinal cannabis and hemp industries. This collaboration is between Mackrell International (MI), a UK-based global network of private law firms, and MGI North America (MGI NA), a network of independent accounting, tax, and advisory firms. It is the first global law and U.S. accounting network to serve the medicinal cannabis and hemp industries. Nancy Damato, President of Accountants Advisory Group, Leader of the Growth Zone®, and Director of Marketing of MGI NA was instrumental in forming the Cannabis Law & Accounting Group. This network has a vast worldwide footprint and includes law and accounting professionals who have practiced in the medicinal cannabis and hemp industries since 2009.
Damato commented on the innovative new combination, “It is very exciting that MI and MGI North America have joined forces to combine their wide network of legal, accounting, tax, and advisory services. As a full-service global network of experienced industry professionals, the Cannabis Law & Accounting Group fulfills a growing need for cannabis and hemp businesses to partner with a global, experienced, and sophisticated team to provide comprehensive services. By providing collaborative services to new and established businesses in the cannabis sector, clients are well-served from every vantage point and have access to resources to assist them at every life stage of their business–from start-up to established businesses and including M&A, which continues to increase at a rapid rate. We realize the tremendous growth in this ever-changing industry, we are excited to be on the cutting-edge and are hopeful for the future.”
Touring the U.S. and Meeting with MI and MGI NA Members and Cannabis Clients
Damato had the opportunity to interview Robert Jappie, Head of Mackrell Turner Garrett’s Cannabis Law Department in London, and Chris Lane, Head of Business Development and Marketing, Mackrell Turner Garrett, regarding the Cannabis Law & Accounting Group. Jappie and Lane recently toured the United States to visit cannabis industry experts and clients within the MI and MGI NA network and to announce the Cannabis Law & Accounting Group. Jappie and Lane shared their experiences with Damato, including meeting with cannabis-industry pioneers: Jim Marty, CEO of Bridge West LLC, Evan J. Husney, a Partner with Foster Graham Milstein & Calisher, LLP, a law firm in Denver, CO, and Severin “Sev” A. Carlson, a Partner with Kaempfer Crowell, a law firm in Nevada. Jappie and Lane also toured several dispensaries and grow facilities, including Green Man Cannabis, and visited the Cannabition Cannabis Museum, an immersive cannabis art museum in Las Vegas.
Robert Jappie, the Head of Mackrell Turner Garrett’s Cannabis Law Department, visits the Green Man Cannabisdispensary and grow facility in Denver, CO.
Jappie commented, “It was an amazing trip, and we felt very fortunate meet so many industry leaders. We had wonderful hosts, including two MI member firms with significant cannabis expertise, Evan Husney and Sev Carlson. These two firms represent numerous clients in all phases of the cannabis and hemp industries and have deep expertise pertaining to the legal and business issues that face cannabis clients.”
Jappie continued, “We’ve developed a huge network of connections in these rapidly growing sectors. In addition to providing legal advice, we can make introductions to suppliers, importers, exporters, and anything that an entrepreneur of a new business needs. We’re not just providing the legal advice; we’re also helping to facilitate all business solutions that may be required.”
Husney said, “I really enjoyed spending time with Robert and Chris and touring various cannabis facilities in Colorado. Nearly ten years after the legalization of cannabis in Colorado, the market here is fairly mature and it was my pleasure to be able to share experiences in this nascent industry with them.” Carlson added, “New highly regulated industries, such as cannabis, benefit from collaborative efforts to ensure that new markets understand the importance of fair yet effective regulation.”
Jappie and Lane were delighted to meet Jim Marty, CEO of Bridge West, LLC, a firm specializing in providing accounting, tax, and advisory services to cannabis and hemp businesses across the U.S., and whose parent company, BGM, is a member of MGI. Jappie said, “Jim hosted a cannabis networking event in Denver, CO during our visit, and he foreshadowed the complexities and obstacles that lie ahead for the UK cannabis industry.” Marty said, “It was a pleasure meeting Robert and Chris and together with my Partner, Cory Parnell, COO of Bridge West, we look forward to continuing our conversations, visiting the UK, and meeting more MI member firms and clients.”
Lane added, “Our expansive trip was very successful and demonstrated the far-reach of the MGI and MI network. We had first-hand experience and guidance from lawyers and accountants who have been practicing in the sector for a number of years.”
Jappie and Lane look forward to planning another trip to the U.S. and to inviting U.S. firms to the UK. In the interim, they will keep a close eye on the industry developments, and ever-changing legislation on both ‘sides of the pond.’ They feel that the opportunities are tremendous, challenges are significant, and there is a long way for the industry to develop. Jappie commented, “The UK will face the same problems that we’ve seen in the U.S., to name the biggest issues – banking and taxes. Obtaining business banking services has been an issue, and several banks don’t have an appetite for this industry as it is considered a risk sector. That is something we’re working on and we want to find partners in that industry that are willing to enter the market and provide banking services for legitimate businesses in this area.”
The Cannabis Trades Association: the only cannabinoid centric trade association for the UK and Europe, working with all sectors of the hemp and cannabis industry to promote good practice, provide practical advice and ensure consumers of legal cannabis and hemp products have access to top quality information.
MI provides legal and advisory services to a number of UK companies that are successful in the CBD industry, and Mackrell Turner Garrett is an active member of the Cannabis Trades Association, the best-known trade body in the UK. Jappie explained, “Another issue is that businesses in the UK are subject to EU regulations, and the European agencies seem to change their position on CBD products quite regularly; this uncertainty is stressful for UK businesses. We hope to mount a challenge to the new changes in EU law to bring some stability and clarity to the industry.”
Lane continued, “We have developed quite a good relationship with the Cannabis Trades Association, and they were quite glad to meet us. We took a very sector-specific approach, and we have an established cannabis law department, rather than ‘tacking it on’ to the end of another department. In addition to referring their members to us when they need legal advice, they are also tapping into MI’s expertise to seek their own legal advice. As well as representing their members, we are also providing ‘best practices’ and strategic guidance to them.” Jappie added, “It has been a really interesting and exciting time for us and our clients.”
The Importance of Partnering with Experienced Cannabis Sector Professionals
Today, cannabis businesses need expert legal and accounting services and guidance more than ever before, and it is essential to partner with experienced and industry-savvy attorneys and accountants who specialize in the cannabis industry. Jappie commented, “Particularly in the UK and Europe, the industry is in its infancy and there is still a level of risk to be involved. Start-up businesses need to address many challenges, and even more in this space, such as banking, payment services, and tax advice. Having experienced lawyers and accountants on-board from the outset can give your business legitimacy, and a ‘reputational boost.’ It will mean that banks, service providers, and transaction providers are willing to work with you and invest their time and effort into your business.”
Lane explained, “By forming the Cannabis Law & Accounting Group, we are providing legal guidance and accounting and tax services and support to new and established businesses, so they know exactly what they can and cannot do. Our team and resources are also instrumental in assisting overseas businesses looking to establish themselves in the UK or Europe. We are well-versed and well-positioned to help companies navigate these interesting growth markets.”
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Background and Contact Information:
About Accountants Advisory Group, LLC and The Growth Zone®:
Accountants Advisory Group, LLC is a national and international consulting firm to Public Accounting Firms. The professionals of Accountants Advisory Group consult through practical industry experience, having held executive positions in the Certified Public Accounting industry in the areas of partner governance, practice management, marketing and human capital. To learn more about Accountants Advisory Group, visit https://www.accountantsadvisory.com/. Follow Accountants Advisory Group on LinkedIn and Twitter.
The Growth Zone® is Accountants Advisory Group’s marketing and lead generation program for the cannabis and hemp industries. This turnkey solution is a cost-effective alternative to hiring multi-faceted, expensive marketing professionals, or managing numerous vendor relationships. We understand the fast-growing and ever-changing cannabis and hemp industries. For the past several years, we have assisted CPA firms in developing and implementing successful cannabis and hemp niche practice areas. Our experienced professionals offer a full range of outsourced marketing and practice development services and are well-versed in the cannabis and hemp industries. We work closely with your partners and key staff to deeply understand your firm’s culture, areas of expertise, services, depth of talent, resources, marketplace, budgets, and growth objectives. We develop customized and turnkey services and products to help you develop and implement your firm’s cannabis and hemp industry growth plans and goals. To learn more about the Growth Zone®, visit https://www.accountantsadvisory.com/cannabis/. Follow the Growth Zone® and connect with Nancy Damato on LinkedIn. Growth Zone® is a USPTO Trademark of Accountants Advisory Group, LLC.
About Mackrell International: Mackrell International is a global network of independent law firms headquartered in the UK with representatives for Europe and Africa, Asia Pacific, and The Americas. MI was founded in 1987 and currently represents a total of 4,500 lawyers and attorneys located in 170 offices and 60 countries. MI advises a range of clients from the world’s largest multinationals and public sector organizations to owner managed businesses and entrepreneurs. To learn more about Mackrell International, visit http://www.mackrell.net/ and view Mackrell Turner Garrett’s Youtube channel. Follow Mackrell Turner Garrett on Twitter, and follow Mackrell International and Mackrell Turner Garrett on LinkedIn.
About MGI North America: MGI North America is a region of MGI Worldwide, one of the world’s longest-standing international networks of independent audit, tax, and accounting firms. MGI Worldwide member firms represent over 5,200 professionals in over 90 countries. Across all eight of the MGI regions, member firms provide expert advice for the most complex of client issues, spanning from small and medium size businesses, family businesses, entrepreneurial and fast-growth enterprises to subsidiaries of major multinationals and not-for-profits. To learn more about MGI North America, visit https://mgina.com/ and to learn about MGI Worldwide, visit https://www.mgiworld.com/. Also, view MGI’s Youtube channel and follow MGI on Twitterand LinkedIn.