The Questions Most Cannabis Businesses Don’t Think to Ask During the Licensing Process

Many business owners know me for my work with companies offering professional services. I’m also a cannabis accounting pro and have devoted the last several years to becoming an expert so I can support cannapreneurs as they grow their business.

Because cannabis is still a Schedule I substance, cannabis businesses must operate under strict regulatory oversight and there are unique nuances to operations and accounting. In my work with cannabis businesses around the country (especially in the Northeast), I get lots of great questions that I frequently answer with content.

However, as with all things but especially in the cannabis industry, you don’t know what you don’t know. And what you don’t know can cost you big in the short and long run. With that in mind, there are some questions that cannabis business owners don’t know to ask. And unfortunately, many don’t find out that they don’t know this stuff until it’s too late.

Last fall, I hosted a workshop for cannabis businesses that focused on the 5 top considerations for anyone going through the licensing process. 

Because it’s so meaty, we broke the recording down into 5 much shorter videos and articles that focus on each topic. Today, we’ve pulled them all together in this round up. 

Check out the links below to watch the videos and read the posts.

 

Cannabis Start-Up? What You Need to Know About Pre-Licensing Expenses

Starting a business of any kind presents unique challenges and often requires an upfront investment. When your business is cannabis-related, there are several specific hoops to jump through that can make the process overwhelming—and they’re unique in each state.

 

Documenting Funding for Your Cannabis Business

One of the things that budding cannapreneurs don’t think about when beginning the licensing process is documenting the funding sources, partnerships, and how to allocate future profits.

 

Know Your Cannabis Biz Pros

Sure you need money for your cannabis business. But when most people start seeing dollar signs and cannabis leaves everywhere they look, they don’t always think about the pros they’ll need to make their piles of green grow.

 

Choosing a Host Community and Location

One of the most exciting aspects of starting your own business is finding the right location. There’s something special about using the exact space to create a vision for your new cannabis business. Yet, finding the right location isn’t just about finding a great space. Like so many aspects of cannabis businesses, there are some complex nuances to getting a host community agreement.

 

Understanding Forecasts in the Cannabis Economy

We’ve all seen the news. As new cannabis markets open, states rake in huge amounts of new cannabis tax revenue. It’s easy to see dollar signs everywhere you look. After all, the businesses that get in early when demand is high and supply is low see the biggest profits.

Do you know someone with a cannabis business? Feel free to share this article with them or send them to our sister company Accounting for Green. Working through the licensing process yourself and need to bring on a finance pro for bookkeeping support or outsourced CMO services? We’d love to chat — set up a 30-minute conversation with us.

Need bookkeeping support for your non-cannabis business? We can help you also with outsourced bookkeeping, controller, and CMO services. Contact us now.