Running a business is hard work. If you run a cannabis or hemp business, it’s often even harder. There are so many strict rules and regulations to keep track of to stay compliant. On top of that, banking is much more challenging. As a cannabis or hemp business, you need to stay on top of your financials to maintain compliance. Having an understanding of good accounting practices can help.
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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.
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.
