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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.

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.

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.

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