West Holden Author Article on Advising Marijuana Businesses

November 10, 2016

Westley A. Holden, Miami-based attorney at Hinshaw & Culbertson LLP, authored the article, "Guidance for Accountants: Advising Marijuana Businesses," published in the October 2016 edition of DRI's For The Defense.

The article discusses how the rapidly changing legal status of marijuana in states across the United States has created challenges for, professionals, businesses and financial institutions that desire to provide services to marijuana-related businesses. A growing number of state boards of accountancy have addressed the issue of a certified public accountants provision of accounting services to the marijuana industry. The boards that have formally addressed the issue have universally held that certified public accountants (CPAs) would not be subject to discipline for providing such services. However, the precise language contained in each of the respective board’s position differs. The article also examines that although CPAs would not be subject to discipline for providing such services, none of the advisory opinions offer any protection from potential federal or state prosecution for the provision of professional services to the industry.

West Holden focuses his practice in consumer financial services, including claims involving the Fair Debt Collection Practices Act (FDCPA), Florida Consumer Collection Practices Act, Telephone Consumer Protection Act, Fair Credit Reporting Act, and the Florida Deceptive and Unfair Trade Practices Act.

Hinshaw & Culbertson LLP is a U.S. law firm with 450 attorneys located in 11 states and London. Founded in 1934, the firm has a national reputation for its insurance industry work, its representation of professionals and law firms, and its closely coordinated business advisory, transactional and litigation services. We serve clients ranging from emerging and middle-market businesses to Fortune 500 companies, as well as governmental and public sector clients.