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.
We’ve curated 11 articles that offer practical advice tailored for the unique challenges you face in the cannabis industry. From financial strategies to learning how to plan profitable cannabis sales and events, you can implement what you learn in your business.
So, whether you’re fine-tuning your financials or seeking new ways to grow, dive in and get strategies to navigate 2024.
The biggest cannabis holiday is arguably 4/20, and it attracts everyone from regular users to those who only occasionally partake.
Cannapreneurs already know firsthand that organizing and making the most of such a large (and fun!) event is not a walk in the park. So why not learn from previous years and plan to make the 4/20 events of the future the best yet?
Read on to learn how to make planning for 4/20!
Light up and celebrate! Picture this: Your state has just declared that it is prepared to take the plunge and legalize marijuana, adding to the growing number of states that have done so. Whether this is your current reality or something you’re hoping is in the near future, it’s time to get ready for legalization. If you have considered launching a grow operation, opening a dispensary, or developing cannabis-based goods, this is the ideal time to take the plunge.
Your cannabis business depends on seed-to-sale tracking to stay compliant, which means that you need a well-designed inventory management system.
In addition to ensuring regulatory compliance, creating an efficient inventory management system helps you avoid the biggest pitfalls of running a cannabis business while ensuring long-term profitability.
Is the cannabis sector expanding as quickly as technology matures? It’s difficult to say in the modern world, but one thing is certain: cannabis and tech are co-mingling like never before.
More precisely, touchless automation is enabling cannabis businesses to quickly scale and streamline their operations. The benefits are enormous. Read on to learn more!
By now you probably know that cannabis businesses are cash heavy—especially dispensaries. Managing that cash doesn’t have to follow old-world best practices. Instead, there’s a modernized approach to managing your cash that’ll make your cash handling process smoother than silk. Introducing cash recycling!
When ambitious people start a business based on something they care deeply about, they’re often missing critical information about running an effective business—and this is the case for many cannapreneurs.
As more states legalize cannabis, the number of would-be-business owners (with plenty of critical business skills to learn) in the cannabis space will increase, too.
As the saying goes, “you don’t know what you don’t know.” That’s why a step-by-step quick-start guide to starting and running your own profitable cannabis business is vital!
Ready to dig in?
What do you do now after you’ve made the decision to launch your cannabis business?
There is a slim chance that someone in your network has the knowledge to help you navigate best practices, laws, accounting and reporting requirements, and business operations for your new venture.
The cannabis sector is still relatively new, despite its tremendous growth.
This is exactly why a specialized cannabusiness consultant is a must-have! Another key player, after a consultant, is a bookkeeper with experience in cannabusiness.
Both of these outsourced services offer substantial benefits to you. Today, we’ll look at just how using cannabis business consultancy can help you grow your brand-new business.
Let’s get to it!
Do you operate a cannabusiness but still have questions about how to manage your funds and run your company? You’re not the only one! You and the cannabis business are both still in their infancy – you can expect to have lots to learn.
With continual law changes and a growing acceptance of cannabis in society, questions are totally understandable (even anticipated) whether you’re an experienced business owner or not.
To help you properly position yourself for success in this booming sector, I’m delving into some of the most often-asked questions I get about managing your cannabusiness and your financial needs.
Let’s be real — a thriving cannabis business isn’t just about having the highest quality products. It’s about the people who keep coming back for more.
Loyal customers keep your business afloat and they do more than simply providing steady revenue. When they become superfans, they refer their friends to you. And, cultivating loyalty is not just about feeling or sharing the love. It can grow your profits and put you on the fast track to a flourishing future.
You already know that investing time and energy into fostering loyalty is a good idea. So today, we’re sharing actionable tips and strategies to help you do just that. Plus, we’ll also take a peek at how these steps can affect your business’s finances.
Whether you’re a cannabis retailer, cultivator, or a lab, this deep dive into customer loyalty and its financial implications serves as a guide for how you can create superfan loyalists. And even if you’re not directly in the cannabis biz, there’s a lot to glean for retail businesses in general.
Recently Michelle Long, CPA, MBA and Daniel DeLong at QB Power Hour invited me for a guest appearance on their live show!
We covered niche nuances with a specific focus on the cannabis and CBD industry and you can catch the replay.
4/20 is arguably the biggest cannabis-specific holiday, sending many cannabis businesses in a frenzy to make the most out of the resulting celebrations. But it’s far from the only profitable holiday. Throughout the year, there are plenty of great opportunities to reach your audience and increase sales. But here’s the catch—it’s not just about selling. It’s about doing so profitably.
While it’s exciting to think about the buzz, the promotions, and the potential foot traffic during a sales event, it’s important to keep an eye to your bottom line. Costs associated with planning, promoting, and hosting can pile up, and if you don’t pay attention they can eat into the profits even if sales are high. This is especially true when factoring in the discounts and offers that draw in your customers in the first place.
With that in mind, we’re diving into seven insights you need to consider to plan profitable cannabis event
With more and more states legalizing cannabis, it’s safe to say that the industry is booming. However, with wildly different regulatory requirements from state to state and current federal limitations on the industry, finding best practices isn’t always easy. What’s more, choosing a business model that meets your cannabis business goals can feel overwhelming.
In addition to following rapidly changing rules and regulations, cannapreneurs must also navigate complex financial circumstances that include limited access to banking options and unique tax considerations. This means cannapreneurs must remain flexible while running these complex, yet highly rewarding businesses.
And because many cannabis businesses have multiple partners or investors, choosing the right entity structure is vital. For many of our clients, a C-Corp is the right choice. And today, we’re diving into why.
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.
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.
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.
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.
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.
Ready to work with Accounting for Green in 2024?
Our team specializes in all things cannabis. Based in Massachusetts and serving cannabis businesses across the country, we understand the nuances of cannabis compliance and can help you get your books in order whether you’re just starting out on the licensing process or have a few years of cannabis experience under your belt. Contact us today.