Spotlight on Cannabis Accounting Firm Founder Andrew Hunzicker

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Andrew Hunzicker, the founder and chief executive officer of Dope CFO, a cannabis accounting and tax education business in Oregon.

Hunzicker has more than 30 years of experience as a tax professional and business founder, concentrating in the cannabis industry for over five years. His firm helps accounting professionals understand the cannabis industry and build their businesses with industry clients.

When he’s not working, you might find Hunzicker enjoying some coffee and chocolate, or listening to a rock climbing podcast.

What’s your official title and what does it mean? Founder and CEO. I founded Dope CFO in 2018 and lead a team that spans the globe (employees and contractors). Our business operates fully remotely as well.

Free time: book, audiobook, or podcast? Books and podcasts. I love to read and listen to podcasts daily, including Tim Ferriss, and several rock climbing podcasts.

Tax is a huge subject. What’s your area of special interest? Sections 280E and 471 of the tax code. Cannabis companies are penalized under the federal tax code. Since it’s still federally illegal (even though its state legal), cannabis companies are allowed NO deductions or credits under Section 280E. The good news is inventory isn’t a deduction or credit—it’s a return of capital—so we can help cannabis companies correctly lower taxable income using cost accounting under Section 471-11.

What’s the last movie or show that you watched and loved (DVD, Netflix, or in the theater)? “Top Gun: Maverick.” I also loved “A Man Called Otto,” and watch a lot of science fiction.

What college did you attend and what did you study? University of Colorado, where I received a bachelor’s degree in finance. I went back to school to study accounting and became a CPA in my late 20s at a community college. I managed to win the Gold Medal Award for the highest CPA score in the state of Oklahoma in 1995.

Go-to pick-me-up: Coffee or tea? Coffee is the only way I get caffeine!

What’s the best tax or financial advice that anyone ever gave you? Diversify your assets. I created a formula based on years of following people such as Warren Buffett, Nassim Nicholas Taleb, and others: 20% in your own company, 20% real estate, 20% liquid (cash or T-bills), 20% equities (and have those diversified), 10% bonds or laddered funds, and 10% alternatives (commodities, startups, crypto, etc.).

If you weren’t working in the tax profession, what would your dream job be? I’d love to be a pilot, where I could travel a lot when I’m off work, and not worry about customers.

If you had the opportunity to make one change in the tax world—an extra credit, a disallowed deduction, whatever—what would it be? Simplify the tax code. It has too much complexity, and we are taxed too many times—income taxes, sales taxes, payroll taxes, estate taxes, capital gain taxes.

Favorite food, snack, or candy during tax season or other busy time? Chocolate is my go-to candy.

What tax news or move made the most impact on your practice or clients this past year? CBD and hemp coming off the federal government’s list of Schedule 1 drugs had a huge impact, as did many new states opening up to medical cannabis or cannabis for recreational use. Around 80% of Americans want access to medical cannabis (I know of no other issue in the US where we have this much agreement), and that means nothing will stop this movement.

If you received a big tax refund check right now, what would you do with it? I would invest in bitcoin (3% of assets), as this is a good hedge for the rest of my portfolio.

You can find out more about Hunzicker on LinkedIn.

You can learn more about Hunzicker’s company, Dope CFO, on LinkedIn, Instagram, and its website.

If you’d like to recommend a tax pro to be featured, send your suggestion to rbaker@bloombergindustry.com with the subject: Spotlight. Please include the following information: tax professional’s name, title, email address, and geographic area (city/state/country).