Angela Mays, Managing Director And Founder, Cannabis Accounting & Consulting GroupAngela Mays, Managing Director And Founder
The cannabis industry is a booming and lucrative sector. In 2020 alone, retail marijuana sales increased by 40 percent, and this trajectory is expected to go higher as more states continue to legalize its medical and recreational use. Securing good revenue and sustaining in this ever-growing industry, however, is difficult for plant-touching cannabis businesses, given the stringent regulatory requirements. They must ensure their operations comply with the IRC 280E regulations and that their accounts are always audit-ready.

That’s where Cannabis Accounting and Consulting Group (CAC Group) can help.

CAC Group is a leading, innovative accounting firm that leverages cloud-based technology to offer best-in-class accounting and consulting services to plant-touching cannabis businesses. Its expertise in delivering IRC 280E compliance and audit readiness accounting and advisory services helps dispensaries, cultivators, and processors make their accounting operations audit-ready. This is ideal, as clients can get assistance from IRC 280E audit readiness experts to make their operations Internal Revenue Service (IRS)-compliant and shield them from fines and litigations.

“Unlike those unaware that cannabis businesses are taxed on gross profits and the implications of IRC 280E laws, we serve as the IRC 280E audit readiness experts capable of addressing the key accounting challenges they face and ensuring they’re operating legally,” states Angela Mays, Managing director and Founder of CAC Group.

Home to a team of IRC 280E audit readiness accounting and taxation professionals, CAC Group is perfectly positioned to help clients navigate the complex state and federal accounting and reporting requirements. Its efforts to prepare clients for audits begins with the 280E Audit Compliance Scorecard™ that helps the team understand their business and financial management needs and if they align with IRC 280E.
Based on the analysis, clients receive a personalized 280E Compliance Analysis Report™.

CAC Group uses its audit compliance scorecard to assess businesses based on their audit preparedness. The team inspects all their documentation, financial statements, and tax returns to rank clients using color codes; red and yellow indicates the need for process improvement, and green shows audit readiness. The assessment aligns with how the IRS performs audits–inspection of the three key business areas–to ensure clients stay audit ready. CAC Group’s services are based on policies, procedures, and processes to address those three areas.

“Revenue is one of the three areas in an IRS audit. As most businesses lack proper banking, we put policies, procedures, and processes in place that take into account their internal controls around handling cash, making sure they’re doing accounting correctly,” adds Mays.
  • Unlike those unaware that cannabis businesses are taxed on gross profits and the implications of IRC 280E laws, we serve as the IRC 280E audit readiness experts capable of addressing the key accounting challenges they face and ensuring they’re operating legally


CAC Group always rallies to its clients’ calls, most recently to help one struggling with three years’ worth of scattered accounting transactions. The transactions were organized using cannabis Chart of Accounts and entered into the accounting system, enabling the client to generate accurate financial reports monthly. The business could track their revenues and expenses thoroughly and report the financial information to potential investors.

CAC Group fosters a collaborative working relationship with its clients. The clients work closely with CAC Group leadership to monitor the progress of the critical areas identified on the 280E Audit Compliance Scorecard™ allowing the client to track their progression from red to green. CAC Group ability to go beyond performing typical accounting services and readily addressing the challenges plant-touching businesses face helps them stand out from their competitors. In the highly regulated cannabis industry, CAC Group serves as a ray of hope helping companies avoid fines and penalties and always stay audit ready.