How to Apply for Dispensary License in New York
The cannabis industry is expanding, with New York cannabis license availability just on the horizon. As cannabis becomes more widely accepted and legalized throughout states, consumers see more variety in products and brands. While many people believe that marijuana is a dangerous substance that needs to be strictly regulated, statistics show otherwise. With this being […]
Cannabis Accounting: Expert Advice to Scale
The marijuana industry is growing, and there’s no denying cannabis accounting is becoming increasingly important. The space is booming as more laws pass and new companies sprout up every day. It looks like the space will only continue to improve, too! But the cannabis industry comes with its own unique set of challenges that you […]
An Alternative to PPP for Cannabis
The CARES Act, an acronym for the Coronavirus Aid, Relief, and Economic Security Act, implemented the Paycheck Protection Program (PPP). But is there an alternative to PPP that applies to the cannabis industry? Yes! The Small Business Administration (SBA) funded and administered the PPP. This was meant to offer potentially forgivable loans to businesses impacted […]
New York’s Off-Duty Conduct Law: A Win for the Cannabis Industry
The taboo surrounding cannabis consumption has kept some people from participating. But a new law in New York (New York’s off-duty conduct law) is set to open an untapped portion of the market to cannabusiness operators. The New York off-duty conduct law is a win for the cannabis industry. New York marijuana legalization was a […]
How Expensive Is Expired Inventory in the Cannabis Industry?
No one thought it was possible when cannabis was first legalized, but there is a growing problem in the cannabis industry: expired inventory. Cannabis is, ultimately, a green and leafy plant. It conforms to all the rules of plant life, including the fact that it can go bad. Once you remove a cannabis bud from […]
What Is a Cannabis Brand’s Financial Liability for Customer’s Losses?
For every business, there is a liability. It should come as no surprise that the number of liability claims against the cannabis industry are on the rise. After all, the industry is growing and any business industry is a target for liability claims. The more business there is, the more financial liability claims there will […]
7 Ways to Earn the Interest of an Angel Investor
Every small business has needed capital at different stages of development. Whether you are starting a brand new cannabis business or growing your already existing cannabis business, you’ll need to explore all your options when it comes to funding. Currently, with all the rules and regulations of the cannabis industry, it can be difficult to […]
What Cannabis Businesses Can Learn About Section 280E
Opening and running a cannabis business in one of the legal states involves a unique set of obstacles and challenges. As any cannabis business owner knows, the ever-changing tapestry of cannabis laws can make it hard to stabilize the finances. There is a constant stream of new requirements for packaging, labeling, location, production, and now […]
How to Find Insurance for Your Cannabis Company If It’s Proving Difficult
Due to the current legal circumstances surrounding cannabis, it won’t be especially surprising if you have trouble finding insurance for your company. Here’s some information about this difficulty, including what you can do to get around it. Cannabis Insurance Problems The Department of Justice in the U.S. currently has a hostile approach towards […]
How to Make Quarterly Projections for Your Cannabis Business
If you’ve ever done a personal budget, you know how hard it is to predict what you’ll spend for the month when you begin. Sometimes you find yourself having to adjust your projections when you overestimate in one area or underestimate in another. It’s almost guaranteed that as you move through the process, you’ll need […]
5 Industries That Make CFOs a Good Fit for Your Cannabis Dispensary or Grow Op
Hiring CFOs for your cannabusiness isn’t always easy. One of the single biggest challenges in the cannabis industry is hiring good people with comparable experience. Because the cannabis industry is so new, there are many times more jobs available than those with cannabis industry experience. This is especially true of c-suite level team members who […]
Funding Your Cannabis Business When the Bank Turns Down Your Loan Application
Startups are a time-honored American tradition. Everyone is welcome to start their own business, with an infrastructure of a loan application and investments to help new ventures get started. Working the system, a new business can usually get enough funds to test the business result and see if it flies. But the cannabis industry is […]
How to Raise Funds For Your Cannabis Business: Create a Pitch Deck
There’s no denying that the cannabis industry can be a lucrative career choice. Do you want to open a dispensary, grow hemp, or deliver it? Maybe you want to do it all! Starting a cannabis business can be a costly endeavor. Any business, but even more so a cannabis business, requires licensing fees, extremely accurate […]
Payroll Taxes for a California Cannabis Company
All cannabis businesses that operate in the state of California which have employees, including everything from cultivation to dispensaries, must withhold, report, and pay payroll taxes to the Employment Development Department (EDD). Payroll taxes apply to employees such as budtenders, office managers, accountants, growers, salespeople, and delivery drivers. In fact, all personnel who meet the […]
Standard Operating Procedures to Implement in Your Cannabis Business
Before starting a business, many founders draft a detailed and comprehensive business plan. A business plan is helpful when raising capital, and for giving the business its best possible start. An operations plan is equally as important. Part of the operations plan involves drafting step-by-step instructions about how to perform and execute business tasks. This […]
4 Ways To Keep Your Start-up Cannabis Business ‘Lean’
Congratulations — you’re a new cannabis business owner! You’re excited because you secured financing, welcomed your first customers, hired an excellent team, and sales are starting to roll in. You’re feeling good about your success as a start-up thus far. But, suddenly the rush of excitement begins to fade. The numbers aren’t quite what they […]
7 Financial Signs It’s Time to Sell Your Cannabis Business
Running a cannabis business can be incredibly lucrative. What many first-time founders don’t realize is that few businesses stay with the original owner. Many business owners professionally nurture a shop until the business is ready to sell to bigger fish. Others sell when their small business hits a financial rough patch. If you have been […]
How to Restructure Your Cannabis Business as More States Legalize
The cannabis business is currently caught in an interesting dance of legality and opportunity. On one hand, it is still considered illegal according to federal law. However, on the other hand, a constantly growing number of states are legalizing it locally. Those states that legalized early have already seen a thriving new cannabis industry rise […]
8 Things You Need to Know About Doing Taxes for Your Cannabis Business
It’s common among the cannabis industry to hear stories of business owners getting hit with a crushing tax bill or an IRS audit. The industry has expanded quickly with legalization in individual states and the questions of tax implications arise among industry stakeholders – more so business owners. However, with an in-depth knowledge of key […]
Cannabis Start-up Advice: Hiring the Smart Way
Smart hiring is not only a good business practice, it’s a necessity. And for a start-up cannabis business, in particular, hiring the right way is critical. With obstacles such as raising capital, staying current with state laws, countless regulations to abide by, and complicated tax compliance, a cannabis business has a lot to focus on. […]
Historic U.S. Tax Court Decision That Will Save the Cannabis Industry Millions
Ultimately, what saved Harborside from receiving a harsher ruling, was the fact that Harborside maintained impeccable accounting records and filed their tax returns timely.