Missouri Cannabis Accounting Services
At CJBS, we are Cannabis CPAs Who Care.
CJBS intricately understands the tax and accounting challenges of state-legal medical and adult-use cannabis businesses–and we are here to serve as your partner in navigating those challenges. The cannabis industry is unique, as is your business. Therefore, the CJBS Cannabis Team is focused on tailoring solutions to meet your company’s needs.
Whether you operate as a new or established cannabis cultivator, processor, and/or retail dispensary, our experts are here to help you grow and scale your business in today’s ever-competitive environment.
Cannabis in Missouri
Missouri launched its medical program in October 2020 and its adult-use sales program in February 2023. As of February 2023, the state has issued 207 comprehensive retail licenses, 72 comprehensive infused product manufacturing permits and 56 comprehensive cultivation licenses. Missouri’s first month of recreational sales topped $71M. The state’s medical sales are projected to reach $785M by 2025, according to New Frontier Data.
Applications and Taxes
Cultivation, dispensary, laboratory and manufacturing applications are currently closed; however, applications for Seed to Sale Vendors and Transportation Facilities are open.
Missouri’s tax structure is much simpler compared to other states with medical and/or adult-use programs. At the retail level, medical cannabis sales are taxed at 4%, and adult-use cannabis sales are taxed at 6%.
These taxes are paid in addition to standard state and local taxes, as well as taxes paid under IRS Tax Code Section 280E.
Seeking For Financial Solutions? We Can Help.
If you are unsure where to start, or you are an operator looking for customized solutions, the CJBS team has deep experience in cannabis tax laws and accounting in the state of Missouri. Working hand-in-hand with our cannabis clients, we provide a full suite of services—including compliance expertise, tax-saving solutions, and business strategies—to help you plan for long-term success.
Cannabis in Missouri FAQs
When do I need to hire a cannabis accountant in Missouri?
In the cannabis industry, it is always better to be proactive, rather than reactive. To help prevent your business from costly fees or even greater legal penalties, you should hire an accountant as soon as you submit your application for licensure.
Are there any financial requirements in the Missouri license application?
Each facility is subject to an annual and renewal fee:
- Cultivation – $27,748.36 annual fee; $5,549.67 renewal fee
- Dispensary – $11,099.35 annual fee; $3,329.81 renewal fee
- Laboratory – $5,000 annual fee; $5,000 renewal fee
- Manufacturing – $11,099.35 annual fee; $3,329.81 renewal fee
- Seed to Sale Vendor – $5,000 annual fee; no renewal fee
- Transportation facility – $5,000 annual fee; $5,000 renewal fee
What types of tax deductions can cannabis businesses take in Missouri?
Cannabis businesses are very limited on the types of deductions they can take beyond cost of goods sold (COGS) because of IRS Tax Code Section 280E. In 2023, Missouri allowed cannabis companies to deduct business taxes on state income taxes for this first time. In some instances, businesses will be able to take additional deductions, such as the research and development (R&D) tax credit, for example. Nuances like these illustrate why it is important to work with an accountant that is up to date on cannabis tax laws.
Our Core Values Guide Everything We Do
Our three core values — Trust, Collaboration, and Creativity — guide everything we do at CJBS, from our innovative client work to our interactions with each other. Our team has diverse personal backgrounds and specialties, but we share a common culture rooted in these values.
Trust is essential to all our work, but the stakes can be especially high for cannabis businesses, which face a higher risk of bankruptcy and IRS audits.
Close collaboration with our clients, matched with consistent and proactive communication, ensures that we’re always providing you with the insights, tools, and tactics for your cannabis tax and accounting needs.
Creativity allows us to solve our cannabis clients’ unique challenges, such as having few traditional banking options and no bankruptcy protection.
Our firm is guided by our employees’ integrity. In a burgeoning industry like cannabis, it is more important than ever to hold ourselves to high ethical standards, and follow through on what we say we’re going to do.
We operate with transparency by communicating to our cannabis clients with unwavering candor, honesty, and respect.
Your Cannabis Accounting Experts
Matt Bergman, CPA and CJBS senior partner, has been with the firm since 1997 and has specialized in cannabis accounting and tax services since 2015, when an existing client won a license under the Illinois medical cannabis pilot program. Matt worked hand in hand with them to help grow and scale their business, safely and efficiently. That business grew rapidly and was soon acquired by one of the country’s largest MSOs (multistate operators), and they remain a CJBS client to this day. Matt works with clients from small startups to the country’s biggest MSOs. After growing up in Deerfield, IL and Boston, MA, Matt lives in Wilmette, IL with his wife, two children, and three dogs.
Ryan Guedel, CPA and CJBS partner, has been with the firm for 10+ years, and currently works with clients in cannabis, real estate, manufacturing, construction, and distribution. Ryan coordinates due diligence engagements, carries out audits and reviews, and works on business development and taxation for the firm. A devoted professional, Ryan gives his all with each and every client interaction. His personal motto is “hard work and more hard work.” Ryan currently resides in Wheeling, Ill., with his wife Julie, son Cole Jameson, and rescue dog Pinky. He likes the area for its proximity to the CJBS offices. His hobbies include cheering on the NY Yankees, mixed martial arts, and motorsports.
News & Updates
Stay current on the latest Cannabis industry developments and find out what it means for you and your business.