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n the cannabis industry, standard accounting isn't enough. Between the complexities of IRS Section 280E, a lack of traditional banking, and a patchwork of shifting state regulations, your financial foundation is under constant pressure.

At True North Consulting, we don't just "do the books." We provide the strategic financial leadership you need to remain compliant, audit-ready, and profitable in a market that never stands still.

Mastering the High Stakes of Cannabis Finance

An woman in a green blazer sitting at a cluttered desk with tax documents, a calculator, a laptop, and a whiteboard with notes about IRS taxes. Filing taxes, accounting, bookkeeping cannabis accounting.

Section 280E is the single greatest hurdle for cannabis entrepreneurs. Because cannabis remains a Schedule I substance federally, the IRS prohibits you from deducting "ordinary and necessary" business expenses—like rent, marketing, and most payroll—from your taxes.

The result? Many retailers face effective tax rates of 70% or higher.

Staying ahead requires more than just reactive filing; it requires a proactive team that understands how to:

  • Maximize Legal Deductions: We expertly navigate IRC 471 to properly allocate costs to the Cost of Goods Sold (COGS), which remains deductible even under 280E.

  • Adapt to Rapid Change: With potential federal rescheduling on the horizon, the rules are changing fast. We ensure your business is positioned to pivot and capitalize on new tax benefits the moment they arrive.

  • Build Defensive Documentation: We implement "seed-to-sale" accounting trails that turn your financial records into an impenetrable shield against IRS scrutiny.

Our Specialized Cannabis Services

True North Consulting provides a full suite of financial solutions designed to protect your license and your bottom line.

  • Tax Planning Guidance under IRS 280E

  • Tax Preparation

  • Tax Estimate Calculations

  • Amended & Non-filed Returns

  • Sales Tax Return Preparation

“Tax Advisory & Compliance!”

An office with four professionals. Three men are working at a conference table discussing documents, while a woman is sitting in an office chair holding a coffee cup, smiling. The room has large windows overlooking a cannabis farm. There are financial charts and documents on the walls and desks, including a tablet showing profit growth, and a promotional poster for cannabis-specific compliance and tax planning.

  • Mergers, Sales, and Acquisitions

  • Tax Audit Support and Defense

  • Fractional CFO & Bookkeeping

“Strategic Growth & Defense!”

Ready to grow with confidence?Book a Consultation Call

Frequently Asked Questions

  • Absolutely. Our team will handle your overdue returns and work directly with tax agencies to secure the maximum penalty relief available for you.

  • Of course! Our team specializes in representing clients during audits to secure a favorable resolution.

  • Yes. Cannabis businesses operate under complex tax and regulatory rules that are very different from most other industries.

  • Most dispensaries require a combination of financial services to remain compliant and financially organized.

    These services often include:

    • Monthly bookkeeping

    • Financial statement preparation

    • Cannabis tax compliance and planning

    • Inventory and cost tracking

    • Sales and excise tax reporting

    • Regulatory reporting support