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Accounting for Marijuana Hemp Industries

Let me start with a story - In the early 80’s I’d just graduated from college with a degree in Geology. The price of oil was about $10/bbl and there were NO jobs. I went and rented a typewriter (this was before computers) and wrote letters of introduction and sent copies of my resume’. I had two letters, one said I’d work for free to get experience, the other said I’d work for cheap to get experience. I got a job off one of the cheap letters! I went to work for $50/week and lunch every day. My first day, we drove to south Texas and the boss handed me a bucket of gasoline and a brush and pointed me to a really nasty well head. I was in heaven and by the time I finished cleaning that well head and they’d finished drinking their beer, my job was secured!

Fast forward almost 40 years and in another one of those downturns in the oil business I started doing accounting about 22 years ago in a consulting capacity. I’ve worked with over 300 clients over the years - startups to large utilities and energy companies. I truly believe that one day Texas will opt in for industrial hemp farming and medical marijuana - recreational may never happen. Anyway, I know a lot of folks either probably 1) don’t keep books or 2) don’t really know what they are doing. Looking forward to when all related industries might be federally legal it is better to start out keeping your books properly than try to go back in a few years and try to “fix” things proving you have been a legit company.

I can help you get your books set up in a fashion that suits your business and in return, I get to learn more about the related industries. I have a ranch with over 300 acres currently in cultivation of traditional dry land farming crops and I KNOW that I’d love to see the day when we can convert that to industrial hemp.

Because of my current employment situation, I can’t offer services for payment but I’m one of those people who think accounting is just as fun as scrubbing wellheads!

If you think you might want help getting set up and navigating the accounting end of your business, get in touch and I’ll see what I can do to help. I’m not a CPA so I won’t give you tax advice or do your taxes but if you are a small entity and would like a little help, I’d be glad to help in exchange for a better understanding of the business on your end.

Thanks,
Kimberley Shield
[email protected]

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That’s a very generous offer @dakotagroup! I spent some time working in support for QuickBooks at Intuit, so I know that 90% of the battle is getting things setup correctly in the beginning. I did enjoy learning how double-entry accounting works, but then again I’m a math nerd :slight_smile:

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