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Nexia firms collaborate in the nascent global cannabis market
London, June 2023
As the global legal cannabis industry continues to grow, accounting firms are finding new opportunities to provide specialised services to businesses in the space. In response to the emergence of the market, several leading Nexia member firms have joined forces to provide comprehensive financial and regulatory support to cannabis companies across the globe. Some of Nexia’s cannabis experts include member firms Davidson & Company LLP (Vancouver, Canada), Zeifmans LLP (Toronto, Canada), CohnReznick (USA), Normey – Peruzzo & Asociados (Uruguay), Nexia Audirevi (Italy), Nexia Pro Audit (Poland) and Strauss Lazar & Co (Israel).
The collaboration brings together a team of experienced professionals with a deep understanding of the unique challenges facing cannabis businesses, including complex tax regulations, compliance requirements, and financial reporting. By pooling their expertise and resources, the participating firms are able to offer a full suite of accounting services tailored specifically to the needs of the cannabis industry.
"As the cannabis industry continues to evolve, it is critical that businesses have access to the specialised accounting and regulatory support they need to succeed," said Laurence W. Zeifman, Partner at Zeifmans and veteran expert in the cannabis and psychedelic markets. "By working together, we are able to provide a comprehensive suite of services that can help businesses navigate the complex landscape of regulations and financial reporting requirements in this nascent market. "
Case study
One example of this collaboration for cannabis-related work is for a pharmaceutical company founded in the 1980s in Uruguay and involves Normey – Peruzzo & Asociados, Zeifmans, Nexia Audirevi and Nexia Pro Audit. The well-established Uruguayan pharmaceutical and medical product business is listed on the Canadian Securities Exchange (CSE), and currently has operations in Canada, Uruguay, Italy and Poland. Over the past two years Nexia member firms have audited the pharma firm in multiple jurisdictions. For example, Uruguayan Nexia member Normey – Peruzzo & Asociados initially contacted Canadian member Zeifmans in relation to auditing the company listed on the CSE. Since then, Zeifmans has instructed Nexia Audirevi (Italy) and Nexia Pro Audit (Poland) to fulfil the international needs of the client.
Europe
With a history of success in serving clients in the cannabis industry, the firms are well positioned to help businesses of all sizes and stages of development achieve their goals. Although the relevant regulatory landscape in Europe is still rather fragmented, “the excellent coordination between member firms and the professionals involved has allowed Nexia Audirevi to respond comprehensively to the customer's needs, according to the high standard of service that the Nexia network guarantees ”, stated Gian Mauro Calligari, Managing Partner at Nexia Audirevi.
Americas
In the US, Nexia firms’ integrated teams of accounting, tax, and business advisory professionals help cannabis companies adopt compliance, financial, and operating best practices to protect assets, strengthen balance sheets, and drive growth. Cannabis companies wanting to expand into international markets can also look beyond the US for new growth opportunities. With Mexico also soon legalizing, for example, and Colombia taking steps in that direction, moving into those countries could help companies leverage lower growth, harvesting and production costs.
Summary
Nexia is recognising the growing potential of the global legal cannabis industry and, through its leading firms, is seizing the opportunity to offer specialized services to businesses in the sector. The Nexia partnership brings together a team of seasoned professionals who possess in-depth knowledge of the unique challenges faced by cannabis businesses, including intricate tax regulations, compliance requirements, and financial reporting. By combining their expertise and resources, these firms are able to deliver a wide range of accounting services specifically tailored to the needs of the cannabis industry. This collaborative effort aims to ensure that cannabis businesses have access to the specialized accounting and regulatory assistance they require to thrive in an evolving industry.
For more information, please contact:
Robert Hazelton
Marketing and Business Development Manager, Nexia
T +44 (0)20 7436 1114
E rob.hazelton@nexia.com
