After success servicing the legal cannabis marketplace with cannabis accounting, CPA, and other financial services, — Northstar Financial Consulting Group is gearing up for a legal psilocybin marketplace.
Much like the formerly prohibited cannabis industry, Northstar's founder, Lorenzo Nourafchan, believes a legal psilocybin space is just on the horizon. He’s confident that decriminalization will ultimately lead to more research, which will encourage legalization at the state-level.
The California-based cannabis CPA firm currently offers its services to businesses operating in the legal marijuana industry, but with decriminalization encouraging more research, the firm is preparing for what's to come.
"I truly believe that psilocybin has its place with various medical, supplemental, and, of course, recreational applications, and I want Northstar to be ready to take on new clients delving into this emerging space," said Nourafchan. "Many had trouble believing cannabis would become a legitimate industry, yet here we are servicing clients at every level of the supply chain."
Despite what many thought, the cannabis industry has been on a steady incline over the last decade. And with the happy herb deemed essential amidst the pandemic, it's apparent that legal marijuana is here to stay.
Even though cannabis is still federally prohibited, it's made monumental progress towards becoming commonplace throughout the U.S. Many states have legalized for medicinal and/or recreational use, and still more have decriminalized. But the key to psilocybin is in the hands of scientists and researchers.
"Denver, Colorado was the first city to decriminalize psilocybin in May of 2019," explained Nourafchan. "Then, Oakland, California later that year, then Santa Cruz, California in January 2020. The U.S. government is now funding therapeutic psilocybin research. It's only a matter of time before a legal psilocybin marketplace becomes established."
Nourafchan's Northstar Financial Consulting Group has been servicing the legal cannabis industry for years. But he realizes there are business opportunities worth preparing for in this emerging market.
"We have an office in California and travel without hesitation to meet with clients, so we're ready to work with those who are looking to break into the legal psilocybin market once it becomes established," said Nourafchan. "And until legalization, we're working with other 'shroompreneurs' providing mushroom accounting services."
Northstar currently provides cannabis CPA services to the legal cannabis space. But in preparation for psilocybin legalization, the firm has begun offering mushroom CPA services, tax planning, and more for culinary and medicinal mushroom farms, mushroom supplement manufacturers and distributors, and other operations in the legal mushroom industry.
This firm wants to be the go-to for anyone looking for a mushroom accountant, mushroom CPA, or a mushroom growing financial analysis.
Even though magic mushrooms and their derivatives are currently illegal, the impact psilocybin may have across several industries is massive. With legalization comes growth, and with that comes the need for strong financial guidance.
"I believe businesses in this space will turn to a mushroom CPA firm they can trust," concluded Nourafchan. "We're developing relationships with mushroom clients across the U.S., so we'll be ready."
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