Widespread legalisation of cannabis in the US, Canada and Worldwide expected to drive significant market growth
Increasing legalisation of cannabis in the US, Canada and around the world could lead to a significant rise in demand for specialist accounting and advisory services in this niche for MGI Worldwide members.
Following hot on the heels of the recent legalisation of cannabis in the US and Canada, MGI Worldwide members may soon wish to explore the growing field of accounting and advisory services in the cannabis industry.
Research published by Mordor Intelligence has highlighted the current trend for major market growth in the sector, with the global market for cannabis expected to increase from $7.7 billion (£6.02 billion) in 2016 to an impressive $65 billion by 2023.
Canada has now become the first G7 nation to fully legalise cannabis, but it is markets in the US that are expected to fuel this monumental growth - making up 90 per cent of current market share. This is despite only having nine states and the District of Columbia to have legalised cannabis entirely.
Legalisation for both recreational and medicinal use of cannabis continues to be a contentious topic for many nations at present. However, with major growth now forecast for the sector, this trend for further legalisation could have global impact in the coming years.
MGI Minneapolis-based member BGM at the forefront of specialist advisory services
MGI Worldwide member firm Boeckermann, Grafstrom & Mayer, LLC (BGM) is a leading provider of accounting, tax and advisory services for the cannabis industry.
Based in Minneapolis, USA, BGM subsidiary Bridge West is a specialist in this field and one of the first accounting firms in the world to focus solely on the cannabis industry.
MGI Worldwide member firms can assist their clients with any questions relating to the cannabis industry
Although the legalization of cannabis in many states throughout the U.S., in Canada and around the world has created growth opportunities for accounting firms, it is also a very challenging and ever-changing business and regulatory environment. For members that are considering providing services to businesses that operate in the cannabis industry, where do you start? How can you remain up-to-date on the most current Federal and State laws in the US and regulations in other countries around the world to advise your clients and ensure they maintain the necessary records and issue the required reports to governments and agencies to prevent fines and penalties?
Through a partnership with Boeckermann Grafstrom & Mayer, LLC, a member of MGI Worldwide, and Bridge West LLC, MGI member firms can assist their clients through the unique and ever-evolving issues facing the cannabis industry.
For further information on both the investment opportunities in this niche market and for any questions relating to the cannabis industry by both MGI Worldwide members and their clients, please contact Corey M. Parnell of BGM at [email protected] tel: +1 651 287 6327.
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The MGI Worldwide member profile for Boeckermann, Grafstrom & Mayer, LLC can be found HERE.
Boeckermann, Grafstrom & Mayer, LLC (BGM) is a member of MGI Worldwide in the North America region, and part of a top 20 ranked international accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.
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