MGO LLP Archives - Green Market Report

StaffJanuary 31, 2022


Professional services company MGO has released its 2022 Cannabis 50 report.  The Cannabis 50 2021 Impact Review honors the businesses, investors, advocates, and organizations that made a positive impact on the cannabis and hemp industries in 2021.

The company’s 50 honorees are organized into five core areas:
Doing Well: Entrepreneurs and organizations expanding financial, operational, and environmental horizons.
Doing Good: Nonprofits, activists, and others undoing social harms, advocating through reform, supporting sustainability, and providing equitable opportunity.
Money Talks: Investors, lobbyists, and others opening the avenues of capital fueling an emerging industry.
Knowledge is Power: Researchers, educators, and others raising awareness and sharing the benefits of cannabis.
All the Lights: Athletes, entertainers, and influencers mainstreaming cannabis culture and giving back to the community.

Green Market Report is included this year in the Money Talks section and was so stoked to be associated with such a fine group of people.

Kevin O’Connell, CEO of MGO LLP said in the report, “It has been said that change is the only constant in life. 2021 is a reminder that the quote could read “…change is the only constant in the  cannabis and hemp industry.” Always on an upwards trajectory, but not without disruption. There were disappointments for some, such as federal legalization and banking reform failing to advance, and cannabis’s unchanging rank as a Schedule 1 drug. Although only one new state legalized cannabis in some form in 2021, five others transitioned from a medical-only regime to adult use, meaning approximately 44% of adults of the U.S. population are now living in jurisdictions that have legalized recreational cannabis. At the date of publication, the industry is estimated to employ more than 300,000 people in the U.S., not including secondary hires in the industries and professions that support the cannabis industry. The year also saw progress on issues of social justice and sustainability, and while the industry is to be lauded for its greater focus than most others on these topics, 2021 drove home the challenges and importance of continuing to move from word to deed. Finally, one word that could define 2021 is consolidation. The industry saw record M&A volumes, including more international activity and a transaction centered around the industry’s first FDA-approved drug. In this new year, all signs point to more of the same when it comes to consolidation in an industry where rapidly changing markets are the norm.”

William SumnerJanuary 4, 2019


In the absence of sensible federal cannabis reform, a growing number of US-based companies are looking to do business in Canada, where adult-use cannabis is fully legal. Aside from the simple issue of legality, cannabis companies operating in Canada are also able to list themselves on publicly traded stock-exchanges, such as the Canadian Securities Exchange (CSE), whereas most US-based companies cannot.

For those cannabis companies hoping to do business north of the border, the question becomes: how does one take their company public in Canada and when is the right time to do it? A new report released by MGO-ELLO Alliance attempts to answer this question.

MGO-ELLO Alliance is a professional collaboration between MGO LLP, a company dedicated to CPA and financial advisory services, and ELLO LLC, which focuses on cannabis financial services. MGO-ELLO Alliance aims to help shepherd emerging companies through the increasingly complex cannabis industry.

“As the cannabis industry continues to experience massive growth, inevitable financial and operational challenges will develop and the MGO-ELLO alliance is uniquely positioned to provide the highest quality consulting and professional services needed,” said ELLO CEO, Evan Eneman, in a statement announcing the partnership.

In the report, MGO-ELLO Alliance weighs the pros and cons of going public. For example, one of the advantages of going public is that it is easier to raise capital and attract top talent. The tradeoff, however, is that publicly traded companies, especially those in the cannabis space, are under increased scrutiny and are subject to strict regulatory oversight.

The report also covers the differences between going public through an initial public offering (IPO) and a reverse takeover (RTO). Generally seen as the traditional way of going public, IPOs involve filing a preliminary prospectus form with securities regulators and allow companies to raise as much money as possible.

RTOs, which is where a company goes public by buying a publicly traded company, represents a growing trend among cannabis companies in the United States.  The reason why is that RTOs are quicker, cheaper, and subject to less oversight than traditional IPOs. The tradeoff, however, is that the purchasing company will have to issue a percentage of its shares to legacy shareholders of the purchased company. There also may be hidden liabilities that the purchasing company may have to deal with.

For US-based companies hoping to do business in Canada, the MGO-ELLO Alliance report provides a detailed walkthrough of how to go public through both an IPO and RTO, as well what the regulatory expectations are for publicly traded companies.

To view the full report, click the following link or visit the report section on Green Market Report.

StaffNovember 1, 2018


Alliance to Offer New Collaborative Big-4 Quality Accounting Service Offerings Across their Cannabis Practice

LOS ANGELES–OCTOBER 31, 2018/AxisWire/ MGO LLP, one of the fastest growing CPA and Financial Advisory Services firm in the nation, and partner firm ELLO LLC, a leader in the cannabis financial, tax and broader advisory services space, announced their official alliance entailing an exclusive collaborative professional services offering across their rapidly growing cannabis practices in the U.S. and Canada.

“As the cannabis industry continues to experience massive growth, inevitable financial and operational challenges will develop and the MGO-ELLO alliance is uniquely positioned to provide the highest quality consulting and professional services needed.  The cannabis industry has long lacked access to world-class accounting, tax, audit and advisory services – that changes as of today,” said Evan Eneman, ELLO CEO. “In an effort to help clients better prepare for and meet forthcoming business obstacles, we’ve created a collaborative service offering through the MGO and ELLO alliance that will instill transparency, responsibility and legitimacy with operational best practices that will serve as an integral resource for our clients.”

The alliance of MGO and ELLO grants clients access to a more robust advisory team empowering them to better navigate the complex dynamics in current emerging cannabis markets. This full suite of financial services includes mergers and acquisitions support, capital raising activities, due diligence, regulatory compliance, finance effectiveness, performance reviews, operations improvements, strategy consulting, as well as tax services, outsourcing services and more. To support the continued growth of the industry, the alliance has also solidified a deeper strategic partnership with leading Canadian chartered accountancy and business advisory firm MNP LLP.

“MGO-ELLO now provides advisory services for a large and increasing number of capital market activities, such as Canadian IPOs, RTOs and M&A transactions. As the industry as a whole begins to flourish, we are starting to witness an influx of cannabis companies seeking capital to achieve their business goals. In anticipation of this increased capital demand, our cannabis practice is poised to become the go-to partner for cannabis companies to best leverage these complex transactions,” said Scott Hammon, Assurance Partner and Cannabis Practice COO. “Our alliance with MNP allows us to provide advanced advisory services that will further enhance our ability to help our cannabis clients maintain legitimacy and profitability in today’s emerging landscape.”

To meet with the MGO | ELLO team and inquire about their services to the industry, please visit the team in Las Vegas at the Marijuana Business Conference from November 14-16 at booth #1827, “Going Public in Canada, Eh!”. In addition to the MGO | ELLO alliance and MNP LLP, booth partners include Aird & Berlis, Haywood Securities and the Canadian Securities Exchange.

To learn more about the MGO | ELLO Alliance’s award-winning accounting, consulting, and staffing services to the cannabis industry visit www.mgocpa.comand

About MGO

One of the fastest growing professional services firms in the US, MGO combines deep industry expertise with proven accounting and advisory solutions to deliver tangible results. MGO is ranked as one of the top CPA firms in the nation, with clients ranging from global aerospace and technology leaders to innovative start-ups and not-for-profit organizations – from the largest government entities in the country to the biggest names in entertainment. For more information, please visit

About ELLO

ELLO is the leading professional services firm within the cannabis industry. Our mission is to help shape the business environment and regulatory landscape for the cannabis industry and develop and implement best practices for cannabis operators.We have worked with over 400 businesses to help them solve complex problems across a range of areas including regulatory compliance, capital markets advisory, tax services, operational improvements as well as staffing needs. Our team’s unique and innovative approach helps ensure our clients are able to grow and scale their businesses in an industry that is constantly changing.  ELLO is an MGO member firm. For more information, please visit

Media Contacts
Cynthia Salarizadeh / Christina Panta
KCSA Strategic Communications
212.682.6300 / 212.896.1208 /


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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