GUIDANCE FOR LICENSEES PROVIDING SERVICES TO THE MARIJUANA INDUSTRY
Adopted and published November 16, 2015
Since the passage of Nevada's medical marijuana initiative in 2013, questions have arisen regarding the dichotomy between state law and federal law and how the Nevada State Board of Accountancy (Board) will address services provided to the marijuana industry. Pending changes to the federal marijuana enforcement policies, the Board offers the following guidance:
The decision to provide professional services to the marijuana industry is a business decision for individual licensees and registered firms. The Board cautions that those licensees or firms that choose to provide services of any kind to this industry should diligently address the potential risks and uncertainties involved, including but not limited to the continued uncertainty surrounding enforcement of applicable federal drug laws and related provisions of the Internal Revenue Code.
After careful consideration, the Board has determined that Nevada licensees and firms that elect to provide services to the marijuana industry legalized in any state in which the licensee practices will not face action by the Board based solely on the fact that the licensee or firm is providing such services. However, licensees are reminded that the federal government views such activity as a federal criminal offense. The Board's position does not negate the possibility that disciplinary action may be taken by the Board should a licensee be found guilty of a federal criminal act.
All licensees should be reminded that any and all professional services provided are subject to the same professional standards, laws and rules applicable to all other professional services provided by the licensee or firm.