You have a lot on your plate running a cannabis business. Maintaining your financial records probably falls near the bottom of your priority list — but it needs to be near the top.

When running your cannabis business, you may have plenty of occasions when cash flows through your hands. Petty expenses like pizza for the crew or quick payments for small sales can add up faster than you think — and you must account for it all.

Forward-thinking entrepreneurs have jumped into the cannabis industry in recent years as medicinal and recreational marijuana continues to gain legal status throughout the nation. Scientific studies are showing promise for more uses, causing the demand to rise even more. But it's challenging to scale a business, even with growing demand, without creating strategic partnerships within the cannabis industry. With evolving technology and innovation in nearly every phase of the manufacturing....

While any business has the possibility of either wild success or complete failure, those in the cannabis industry have likely seen both extremes. That's because this relatively new industry is overseen with contradictory regulations, evolving attitudes, and localized political will.  Imagine if small franchise restaurants or pharmacies had to worry about changing tax deductions and regulations that may negatively impact their business like the cannabis industry.

MONTHLY ACCOUNTING & TAX ADVICE FEATURED IN THE HAPPY MUNKEY NEWSLETTER #8 One of the most important financial decisions you can make for your cannabis business is selecting the right accountant to handle your monthly financial preparation and even more important, your year-end taxes. It is for this reason that we are giving you the list of questions below to use as a guide when interviewing and hiring an accountant for your cannabis business

As a cannabis business owner, you have a lot of laws and regulations to follow. It’s easy for accounting to fall by the wayside. If you haven’t been staying on top of your books, now’s the time to start cleaning them up. Here’s why it matters. Ensuring Cannabis Compliance....

While it's especially true in the cannabis industry, it applies to every business that's looking to grow: You just can't do it alone. A one-person operation may have worked for a while, but you will inevitably need to grow your team as your company begins to scale. However, there's always a budgetary limit to how many people you can hire. So creating a strong network is a critical element for success in any cannabis-related business.

For hemp and cannabis businesses, tax time can be incredibly stressful. Filing taxes can be a chore for any business, but it can be exceptionally challenging for those in these industries. Planning now can help save you a massive headache, especially if you have the right help.

Running a dispensary is a lot like trick-or- treating... Ok, I know it is a little far-fetched but hear me out for a second... You never want to run out of candy for your trick or treaters but you want just enough to not have a pile of leftover candy...Similar to running a dispensary, you don’t want to run out of inventory for your customers, or end up with a bunch of extra inventory that may be unsellable at full...

Were you one of the millions of businesses that filed for an extension two weeks ago or back in March that still has not gotten around to starting work on your 2019 taxes? If you were, I would HIGHLY recommend that you contact your accountant or tax preparer sooner than later, because just like everything else in 2020, this is a very strange tax season for accountants.