Woodard Feature: What’s Next for You? Succession Planning Matters Now
I recently wrote an article for The Woodard Report about succession planning, which is a hot topic right now, for accounting firms and in a broader context.
We’re seeing this a lot in the accounting space with so many people ready to retire.
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
Understanding Forecasts in the Cannabis Economy
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.
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.
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.
About half of all cannapreneurs are in it because they’re passionate about cannabis but may never have run a business. The other half may have a bit more business acumen but don’t know the nuances of the cannabis industry.
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.
As we continue our series for cannabis business owners in the licensing process, today’s post is all about funding, and specifically—the documents your finance team will need.
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.