Business owners and growers in the cannabis industry are facing unprecedented times of demand from consumers, with new stores opening all throughout the United States. Whether you are overseeing an independent company or a company-owned store, you'll need to rely on specific accounting protocols for everything to run smoothly.
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As more states legalize cannabis, the market continues to grow. Retail sales were expected to reach around $15 billion by the end of 2020, a 40% increase over 2019. Estimates show that total U.S. sales could reach as much as $37 billion by 2024. With the market experiencing such significant growth, it’s catching the attention...
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.
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.
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.
