{"id":54681,"date":"2018-05-29t04:21:03","date_gmt":"2018-05-29t08:21:03","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=54681"},"modified":"2018-07-31t12:24:54","modified_gmt":"2018-07-31t16:24:54","slug":"jessica-velazquez-cannabis-accounting-activism","status":"publish","type":"post","link":"\/\/www.g005e.com\/2018\/05\/29\/jessica-velazquez-cannabis-accounting-activism\/","title":{"rendered":"jessica velazquez on cannabis accounting and activism"},"content":{"rendered":"
\"portrait<\/a>
velazquez<\/figcaption><\/figure>\n

her concerns stretch from the regulatory framework to the particular needs of minorities.<\/strong><\/p>\n

by liz gold
\ncannabizcpa.pro<\/a>
\n<\/i><\/p>\n

it was a fusion of life experience and natural skill that thrust jessica velazquez, cpa, founder and ceo of indiva advisors, into accounting.<\/p>\n

more on cannabiz:<\/b> podcast: rich wortmann pioneers in pennsylvania<\/a> | podcast: john repetti and mitzi hollenbeck of citrin cooperman<\/a> | 4 best things about being a \u2018dope\u2019 accountant<\/a> | five reasons accountants should serve cannabis clients<\/a> | the fire starter: groundbreaking cannabis cpa luigi zamarra<\/a> | cpa marcena sorrels: from health care in texas to cannabis in oregon<\/a> | survey: n.j. cpas support recreational cannabis<\/a> | cpa kim walker: \u2018we can\u2019t be afraid of diving into marijuana\u2019<\/a><\/p>\n

and more on the cannabis niche at 卡塔尔世界杯常规比赛时间 cannabizcpa.pro<\/a><\/h3>\n

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a first-generation mexican american, velazquez is the second oldest of eight, lending a hand in a busy family clothing wear business. at the age of 15, when her parents got audited, she was able to serve as translator and bridge the language gap between her family and the irs agent.
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\nas a child living in the south side of chicago in a predominantly latino neighborhood, velazquez saw firsthand how the war on drugs devastated her community \u2013 particularly impacting minority males. she witnessed how they were charged and incarcerated for marijuana possessions, which ultimately effected their opportunities and future.<\/p>\n

\u201cgrowing up in that environment, experiencing the unjust war on drugs enforcement and its impact on our social community along with this other side of working in the family business and knowing what i wanted to do in life \u2026 it evolved into pursuing an accounting degree,\u201d velazquez said. \u201ceven back then i knew i wanted to do a concentration in tax and it was that irs audit that paved the way for me.\u201d<\/p>\n

velazquez practiced public accounting for six years \u2013 pursuing her master\u2019s in taxation while working at pwc, with stints at ernst & young and rsm. she then went to private industry and helped build the tax department at zappos, the online retailer. she spent subsequent years working in the gaming industry, developing tax teams and systems. then in 2014, cannabis popped up on her radar.<\/p>\n

\u201cwhen colorado implemented their adult use regulatory framework, i started reading and informing myself of the financial, accounting and tax issues,\u201d velazquez said. \u201ci was having conversations with other financial professionals and reading as much as i could. i was in research mode.\u201d<\/p>\n

at the time, she was in las vegas doing consulting work when the cannabis conversation started in nevada. all of the stars were aligned.<\/p>\n

\u201cit was pretty obvious to me that this is where i needed to be in life,\u201d velazquez said. \u201cit was the perfect marriage. i get to do what i love in an industry that i love advocating for. i got involved with the goal to move the needle through advocacy efforts and change the conversation about marijuana because all the prior damage.\u201d<\/p>\n

as a result, k&h consulting launched in 2016 providing accounting, tax and consulting services.the cannabis-focused firm recently rebranded to indiva advisors, a nod to indica and sativa, the two major cannabis strains.<\/p>\n

aside from velazquez, the indiva advisors team consists of two other full-time cpas \u2013 one in nevada, the other in california \u2013 as well as a tax attorney and another cpa specializing in tax. the firm is growing, adding two new staff members in the last three months.<\/p>\n

indiva advisors has offices in las vegas and now los angeles, and works with clients who are licensee\/operators, investors\/owners and ancillary service providers to the industry.<\/p>\n

\u201cthere was a big benefit that we got our start in nevada,\u201d velazquez said. \u201cour market is small with respect to licensees. there was a cap issued by the state, so it\u2019s not a free-for-all. most of the prominent players already had deep business roots in nevada from gaming, real estate and entertainment. luckily for me, having worked in public accounting along with my gaming experience in las vegas for the last 12 years, there was less than six degrees of separation between us. but it was a lot of knocking on doors. they wanted to know that i knew cannabis.\u201d<\/p>\n

her clients\u2019 issues depend on the geographic market. for her nevada clients, the challenges are linked to expansion and m&a activity. for her california clients, it\u2019s getting their companies off the ground in the new ever-changing and confusing regulatory framework.<\/p>\n

\u201cit involves a lot of technical planning to ensure that our clients are doing the best they can in either of those situations,\u201d she said, adding she works very closely with her clients\u2019 attorneys and their executive management teams so everyone is on the same page.<\/p>\n

from a regulatory perspective, velazquez points to nevada as the gold standard.<\/p>\n

\u201cif other states are not looking to us as the example as they are setting up their framework, shame on them,\u201d she said. \u201cour state has the most experience in creating regulatory framework for vices. we regulate and tax prostitution, gaming and other cash-intensive businesses. i think that\u2019s what makes us different. we didn\u2019t come from this gray\/black market like california.\u201d<\/p>\n

aside from managing her own firm, velazquez serves as treasurer for the minority cannabis business association, a nonprofit organization created to serve the specific needs of minority cannabis entrepreneurs, workers and patients\/ consumers.<\/p>\n

\u201ca lot of injustice has been resurfacing as we regulate marijuana across the us,\u201d she said. \u201cunfortunately, there is such a minute representation of people of color in the industry.\u201d<\/p>\n

velazquez said the biggest issue for people of color wanting to come into cannabis is access to capital, as it is within the industry as a whole.<\/p>\n

\u201cit\u2019s challenging because we don\u2019t have access to legitimate financial institutional lending; almost all investment is coming through private money. so you have this hurdle that is magnified 1000 times fold for people of color, the ones who have been most negatively impacted,\u201d she said, adding the organization created a model equity bill that legislators can adapt to their own states to level the playing field and encourage restorative justice.<\/p>\n

\u201cmcba is trying to put people in a room who have a shared value to empower and increase the representation of minority and people of color in the industry,\u201d she said.<\/p>\n