Accounting firm RoseRyan has created a consultancy called Kukuza Associates to focus on servicing businesses in the growing cannabis market.
Kukuza will concentrate on offering finance and accounting services for cannabis companies. RoseRyan is based in Newark, California, and the state’s voters approved legalization of recreational marijuana in 2016. Two new laws regulating the industry went into effect this year.
“It’s exciting to launch Kukuza Associates, a finance and accounting consulting firm powered and backed by RoseRyan,” said RoseRyan CEO Kathy Ryan in a statement. “It deepens our investment in the cannabis market and is geared specifically to this dynamic, rapidly evolving marketplace.”
Kukuza CEO Dave Roberson (left) is joined by Chris Vane and Maureen Ryan, who lead Kukuza’s business development.
Kukuza Associates will work with both startup businesses and established companies in various segments of the cannabis market to help them with their finance and accounting needs. Even though medical and recreational marijuana have been approved in some states, such as California, the substance is still prohibited under federal law. The name Kukuza is derived from a Swahili word meaning potential and growth.
RoseRyan was founded in 1993 and has more than 100 employees. The firm began working with cannabis businesses in 2014, and Accounting Today recently reported on how RoseRyan and some other firms have been getting involved in the market (see The cannabis opportunity).
“Designed for this unique marketplace, Kukuza’s finance and cannabis accounting solutions are vital for businesses that are growing, vertically integrating and eyeing deals,” said Kukuza CEO Dave Roberson in a statement. “Our experienced team steps in, brings order to the chaos and navigates cannabis companies ahead by putting a solid finance foundation in place.”
Joining Roberson on the Kukuza leadership team are two executives who led RoseRyan’s initial entry into the cannabis market. For Kukuza Associates, as well as RoseRyan, Maureen Ryan is vice president of business development while Chris Vane directs sales. Roberson will also remain a vice president at RoseRyan.
Kukuza builds on RoseRyan’s original offering for the cannabis industry, while offering an expanded set of cannabis solutions. They include assessment, to diagnose gaps in a company’s finance and accounting and uncovers underlying issues in other key operational areas. Strategic finance services provide CFO and controller expertise to get a company ready for investors, fundraise, plan and budget for intelligent growth.
Outsourced cannabis accounting services offer an overall framework for systems and processes for a company’s accounting and provides outsourced accounting professionals on an ongoing basis. Financial reporting and analysis services dig into the numbers to help entrepreneurs understand the business, focusing on trends and insights within the business to aid decision-making and scenario planning based on various assumptions.
Internal controls services helps protect assets and avoid fraud and other business risks by designing internal controls that matter based on a company’s size and situation. Transaction support services prepares a company and guide it through transformational moves such as mergers and acquisitions, IPOs, vertical integration and expansion into new products and geographical locations.