Growth & Greenbacks: Financial Strategies for Cannabis Entrepreneurs

California's cannabis industry has been rapidly growing since the legalization of adult-use marijuana in 2018. However, the industry has been facing issues of equity and access, particularly for individuals from communities that have been disproportionately affected by the War on Drugs. To address these issues, California has introduced the Cannabis Equity Tax Credit (CETC).

Discounting can be an effective tool for driving traffic and sales, but it can also be a slippery slope that leads to decreased profitability. When it comes to cannabis, there are unique challenges and opportunities to consider when creating a discounting strategy that makes financial sense.

When it comes to selling cannabis products, there's a lot of pressure to do things the "right" way. But what if the right way isn't actually the best way? What if the best way is actually the counterintuitive choice?

As the cannabis industry continues to grow, so does the complexity of its tax regulations. It can be difficult to keep up with the ever-changing rules and requirements. Staying tax compliant is crucial for any cannabis business to avoid penalties and fines, and to ensure continued success. Here are some tips to help you stay tax compliant in the cannabis industry.

4/20 is the biggest holiday in the cannabis industry, and retailers have the opportunity to capitalize on this event to boost their sales and attract new customers. But with so much competition, it can be challenging to stand out and make the most of this day. Here are some tips to help cannabis retailers have their most successful 4/20 yet.

The cannabis industry's rapid growth and ever-evolving legal landscape present unique challenges for accounting professionals. One of the most critical tasks for any cannabis business is setting up a comprehensive and accurate chart of accounts. A well-designed chart of accounts not only ensures proper financial reporting and tax compliance but also provides valuable insights into your business's financial performance. In this blog post, we'll outline the key considerations and best practices for setting up a robust chart of accounts for your cannabis business.

Effective inventory management is crucial for any business, but it is especially important for cannabis businesses. With a highly regulated industry, strict compliance requirements, and rapidly changing product offerings, cannabis businesses need to prioritize inventory management to ensure profitability, customer satisfaction, and compliance. Here are some best practices for inventory management that can help cannabis businesses optimize their operations:

With the cannabis industry continuing to grow and mature, mergers and acquisitions (M&A) activity is becoming more common. M&A activity can offer significant benefits to cannabis businesses, including increased market share, expanded product offerings, and improved financial performance. However, M&A activity can also be complex and challenging, especially for cannabis businesses operating in a highly regulated industry. Here are some best practices to prepare for potential future M&A activity: