Arkansas accountants cleared to do work for medical marijuana firms

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Accountants in Arkansas have been given the green light to provide professional services to medical marijuana businesses, making Arkansas one of the few states where accountancy regulators have given clear guidance on the industry.

The Arkansas State Board of Public Accountancy (ASBPA) has received 5-10 inquiries from accountants wondering if they’re allowed to provide professional services to medical marijuana businesses, Little Rock TV station KFSM reported.

The ASBPA concluded that accountants who provide professional services to licensed Arkansas MMJ businesses will not be perceived as lacking “good moral character” and the service provided won’t be “considered an act discreditable to the profession.” according to Little Rock TV station KFSM.

Though accountants in many marijuana states serve the industry without incident, only a handful of states have issued specific marijuana-industry guidance for CPAs, according to the American Institute of CPAs.

Arkansas’ voter-approved medical marijuana program will have five cultivation facilities and 32 dispensaries, though licenses have not yet been issued.