For cannabis industry, bookkeeping not easy

KEEPING TRACK: Spencer Blier, right, founder and CEO of licensed marijuana cultivator Mammoth Inc. in Warwick, watches as Rob Cornell harvests some of the product. Blier says banking and tax accounting are made more difficult because federal law prohibits the cannabis industry. / PBN FILE PHOTO/MICHAEL SALERNO
KEEPING TRACK: Spencer Blier, right, founder and CEO of licensed marijuana cultivator Mammoth Inc. in Warwick, watches as Rob Cornell harvests some of the product. Blier says banking and tax accounting are made more difficult because federal law prohibits the cannabis industry. / PBN FILE PHOTO/MICHAEL SALERNO
Stories of cannabis business owners carrying around backpacks filled with cash while doing business are symbolic of an industry saddled with the challenges that come with being formally prohibited by federal laws. The federal classification as illegal makes it difficult for cannabis businesses to open checking accounts, obtain bank loans or even accept credit card…

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