CohnReznick LLP, one of the largest public accounting firms in the U.S., is partnering with New Frontier Data, which provides cannabis industry data and analytics, to produce reports and webinars on tax issues in the cannabis space.
Giadha Aguirre De Carcer, CEO and founder of New Frontier Data, said the partnership “could not have occurred at a more pivotal time for the industry as a whole” and the two firms “will explore the overall impact the U.S. tax code” has on industry operators, investors, and stakeholders.
“The industry is growing very fast, with still little visibility into, or understanding about, critical matters relevant to both compliance and profitability,” Aguirre De Carcer said in a statement. “CohnReznick’s breadth and depth of expertise in complex taxation and regulatory matters will fulfill a critical need in this rapidly growing market.”
The companies plan to produce bi-weekly tax insights that will be published in New Frontier Data’s free weekly “CannaBit” newsletter, a report examining “the tax pitfalls” facing canna-businesses, and two educational cannabis tax-specific webinars.
Michael Harlow, partner at CohnReznick, said they are “very excited” to launch the project.
“We are looking forward to applying our expertise in this burgeoning market while working hand in hand with New Frontier Data to fill clients’ needs for business intelligence that helps maximize their mission and growth goals,” he said in a press release.
Based on aggregated 2013 revenues, CohnReznick, based in New York City, is the 10th largest public accounting firm in the U.S., reporting $508 million in revenues in 2014.