Cannabis is still a new industry, and with so much cash changing hands during the course of doing business, it’s likely that operators will come across fraud, embezzlement, or financial misrepresentation at some point.   Strong accounting and financial controls can help prevent cash diversion, but what if you want to take a closer look […]

In a cash-heavy industry like cannabis, you need to make sure you have tight controls and procedures to prevent theft and diversion of your cash. Beyond that, if you want to see long-term success, then you must be able to confidently budget your money and be disciplined to maintain quality records of how cash has […]

As a cannabis business, you may experience tough financial times and it can be very stressful. You cannot claim bankruptcy, but you can enter into receivership. Receivership is a process that helps businesses navigate out of those deep waters and potentially get back on track. In this episode, we will discuss: What is Receivership? Why […]

Cannabis is a Schedule 1 controlled substance and that makes cannabis businesses subject to IRC 280e.   But does 280e apply to legal cannabis businesses and how do they try to protect themselves in an IRS audit situation? Those are two great questions and a new tax court ruling that came out in October 2019 gives some guidance […]

As the cannabis industry matures, you are seeing many mergers and acquisitions…with big public companies and even the smaller operators. Cannabis business licenses are being bought and sold every day, but the window for sellers to get a solid ROI is short because the supply of licenses is increasing dramatically. In this episode, Jim will […]

Cannabis dispensary operators are always looking for ways to help their business succeed and sometimes that means creating or partnering with a cannabis management company. The two potential benefits of this are: Help mitigate the impact of IRC 280e Get access to cannabis banking & merchant services In this episode, Jim will discuss: Cannabis Management […]

There is a cannabis business out there that isn’t discussed too often which is a cannabis nursery. All of this cannabis that hits the retail shelves, it has to start with consistent and reliable genetics which comes from cannabis clones (sometimes seeds). In many cases, large-scale cultivators will bring this function in-house and with smaller […]

As a retail cannabis business (or even a CBD business) you will be subject to collecting cannabis sales tax from your customers and remitting it to the local tax authority. But what happens if you miscalculate sales tax and an auditor shows up to your place of business? It can be a nerve-racking experience, going […]

If you own multiple cannabis dispensaries, then you have probably experienced many growing pains as you scaled up the business. To see better financial results and reduce the friction in your business, you will have to transform your operations strategy and infrastructure to create economies of scale and a platform for more growth. And this […]

Cannabis sales tax is one of the most important items that cannabis retailers MUST pay attention to. In this episode, Jim & Peter discuss how to accurately calculate your cannabis sales tax by accounting for both the origin and destination taxes where that is applicable. If you’re in California, this is a MUST-LISTEN episode. If […]