Our Cannabis Committee meets quarterly to discuss legal and technical changes and accounting policies that impact the cannabis and hemp industries. We spoke with the committee’s new co-chair David Gravel, CPA, MPAc, tax director at AAFCPAs, about his decision to...
Our Cannabis Committee meets quarterly to discuss legal and technical changes and accounting policies that impact the cannabis and hemp industries. We spoke with the committee’s new co-chair David Gravel, CPA, MPAc, tax director at AAFCPAs, about his decision to lead, his vision for the committee and key industry trends.
MassCPAs has played a key role in my professional growth, and I wanted to give back. My passion for the cannabis industry and respect for my co-chair, Charlotte Cathro, CPA, also influenced my decision. I’m Excited to grow the committee and provide value to members and stakeholders.
I’ve been advising the cannabis industry since Massachusetts legalized medical cannabis in 2012. AAFCPAs is a national leader in the field, helping clients navigate economic and regulatory challenges like taxes, host community agreements, price compression and over-saturation.
Our focus should be on clarifying regulatory complexities, advocating for tax and banking reforms and educating clients on financial strategies. Supporting compliance, risk management, scaling and merger and acquisition (M&A) readiness will be key as laws evolve and the industry matures.
The potential reclassification or descheduling of cannabis could ease tax burdens–especially under IRS 280E driving demand for strategic guidance. The rise of THC-infused beverages and other innovations also creates opportunities for CPAs to address valuation, cost accounting and compliance.
We can be a vital resource, helping members navigate industry changes and guiding young CPAs toward specialization in a high-demand field. The cannabis industry offers opportunities for career differentiation, hands-on experience and purpose-driven work, making it an exciting space for CPAs to make an impact.
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