PKF O’Connor Davies Announces New Practice Area Specializing in the Cannabis Industry
Noam Hirschberger to Establish and Lead Strategic Expansion Initiative
New York, NY (May 3, 2019) – PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory firms, announced today that Noam Hirschberger will serve as the leader of the Firm’s new practice area focused on the rapidly expanding cannabis industry. This new practice area will specialize in providing valuation, audit and tax minimization strategies (in light of Section 280E and other standard tax issues) and services for companies in the cannabis industry.
“The cannabis industry is growing fast, and our Firm is well positioned to help companies in this space make smart business decisions as the sector expands,” said Kevin J. Keane, Managing Partner. “Noam’s expertise and experience will be critical as we formalize our approach to key services including valuation strategy and tax optimization.”
The medical and recreational marijuana sectors are projected to nearly double between 2018 and 2023, according to the Cannabis Industry Annual report. This growth makes the industry an ideal target for PKF O’Connor Davies’ ongoing strategic expansion initiative. With this rapid expansion of a highly regulated industry, insights and services around valuation and tax planning will be critical to companies’ ongoing success.
“I’m thrilled to lead the expansion of this key practice area at PKF O’Connor Davies at a time when the industry is seeing so much excitement,” said Noam Hirschberger, Director of Valuation Services. “The Firm has a knack for quickly building its offering to meet needs in emerging industries, and I’m excited to be a part of this new venture. I look forward to growing the practice in an evolving landscape.”
Hirschberger is a Chartered Financial Analyst and Certified Valuation Analyst. He holds a Master of Business Administration from the University of Illinois at Urbana-Champaign. He has an extensive background serving the cannabis industry, with experience working with dispensaries, lifestyle branding companies, cultivators, and biotechnology companies. Additionally, Noam Hirschberger has served a wide range of industries including private equity groups, software, and various consumer good product companies. He has over a decade of experience developing financial models including discounted cash flow, comparable security and Black-Scholes analyses used for valuation of businesses, intangible assets and derivatives.
PKF O’Connor Davies has 11 offices in five states as it continues to expand through organic growth and acquisitions on the East Coast. It has supported this growth with a strategic combination of promoting from within coupled with tactical external hires.