Cannabis Cash Flow: Keep Your Bank Account High
You’ve got a business that’s often booming—but without the basic tools other industries take for granted. Between limited access to banking, high-volume cash sales, and constant compliance pressure, managing your money in cannabis means playing a high-stakes game with fewer resources
If You’re Not Tracking It, You’re Risking It: Internal Controls for Cannabis
Who’s watching the weed? Everyone on your team plays a role in internal controls for your cannabis business. Because when you're operating in a high-risk, cash-heavy, and compliance-driven industry, hoping nothing goes wrong isn’t a strategy. It’s an invitation for fines, shutdowns, or worse.I’ve seen the damage poor internal controls can do—especially in cannabis. So let’s break down what internal controls really mean, and how to make them work, even in small or scrappy teams.
Woodard Feature: Cannabis Accounting Opens Doors for Accountants Ready to Grow
As the cannabis industry grows, I truly believe accounting pros have a unique opportunity to expand their services by offering specialized guidance on compliance, tax strategy, and financial operations.
By now, you know that I’m all in on this expanding niche.
And if you’re interested in serving cannabis clients, you need specialized knowledge in regulatory compliance and financial management.
5+ Strategies to Maintain Your 4/20 Momentum
4/20 might be the most celebrated day in cannabis culture, but your business goals don’t end on April 21. Behind the celebrations, sales spikes, and high foot traffic lies serious effort—and if you want that energy to carry forward into Q2 and beyond, it's time to turn your 4/20 takeaways into long-term wins.Here are five strategies to help you plan for the next 4/20—and also to stay ready and keep the post-420 buzz going strong.
When Key Financial Staff Leave: Transitioning Without Losing Ground
The risk of turnover is real for any company, but when you have a small business, losing someone who plays an integral role in operations can affect every aspect of your company—especially when those people manage your finances. That’s where having an outsourced controller comes in. They provide a safety net, ensuring your financial processes continue running smoothly even when key team members leave.
Growing Green—Why Cannabis Companies Need (Outsourced) Controllers
There’s no doubt about it. The cannabis industry is in a unique position in the market and faces complex financial and management challenges, unlike any other emerging vertical. With radical growth in every new market as states legalize cannabis, and rigorous reporting requirements, cannabis businesses need expert guidance to ensure they come out ahead.
DEA’s Stance on Re-scheduling Cannabis: What It Means for Businesses
In a long-awaited announcement, the DEA recently released an opinion in favor of rescheduling cannabis from Schedule I to Schedule III. While there have been rumblings for years, the new official opinion could redefine the industry…eventually. The government machine grinds slowly, which means it could still be a year or two (or more) before full legalization.
Planning to Buy or Sell A Cannabis Business? Here’s what you need to know.
Everywhere I turn, I’m seeing more and more conversations about Mergers and Acquisitions (M&A). It’s true in every vertical, and especially so in the cannabis world, where many businesses grow by buying other companies…or where many people build their cannabis business with an exit strategy in mind.In other industries, including accounting, M&A is happening because baby boomers (and some Gen Xers) are approaching retirement age, and they’re ready to exit stage left into a (well-deserved) retirement.
11 Tips for Cannabis Businesses to Succeed in 2024
As we step into 2024, the number one thing I’m telling every cannabis business is to think and plan ahead. By putting in the time to get your plans and financials in order throughout the year, you can save so many headaches when it comes to year-end bookkeeping.With that in mind, I want to share some of our top advice for cannabis businesses from the past year. We've put together this roundup so you can learn from what we’ve shared. It’s not just a collection of articles. It’s also a toolkit for your success in 2024