Today we’re going to talk about how to put a cannabis business application together. The agenda for today is actually we’re going to begin with what makes a software successful and then we’re likely to break it into sections with financials, location, architects, security standard operating procedures, staffing, community benefits, labor, and plenty of other stuff that we’re going to tie up neatly in the end.
Only a few things to offer you a sense of what we should do at Green Growth CPAs. We all do tax preparation and we’ve completed over 500 annual tax returns for cannabis operators spread across all verticals, so that’s dispensary distribution, cultivation, manufacturing, delivery, and testing. We have over 300 clients located in various states. We have clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed spanning a dozen audit related projects in the last year and we’re supposed to hit seven digits in revenues in our second full business year. We all do would like you to find out that we have a thorough and deep understanding of tax compliance and assurance related requirements for that cannabis industry which includes cannabis licensing. We will help you with tax preparation and planning, auditing and assurance, business plans, and everything else associated with operating a business in the cannabis industry.
So like I said, we’re going first of all the thing that makes a software successful. I think what all applicants prospective and current applicants really learn along the way would be that the instructions and understanding them is about 80 % of passing a successful application. You must understand what precisely the city or perhaps the state wants, the way that they wanted delivered. Many of the time, you already know, the headers from the requirements could be misleading.
Like I said, you know, they could say, oh, we need your own business plan, but when you browse the requirements are what they’re asking for. It provides nothing related to your typical concept of what your own business plan actually is. So half the battle or over half from the battle is really being aware of what will they be seeking, just how do they desire me to submit this and then submitting it. You’re planning to wish to thoroughly address every part of the application in more detail. You want to make certain that you understand the prerequisites. Although more often than not applications do have a similar requirements. They may want specifics that other applications don’t.
For instance, let’s say Lynwood, the town of Lynwood in California. They desire a cannabis business strategy that needs one to demonstrate and explain your everyday operations, which includes cash handling practices, a little bit of security, some inventory and record keeping where versus the town of LA which may say, oh, we wish your own business plan that wants you to definitely show financials what your company’s mission and vision is, which is really what you’d expect in a strategic business plan. So just be careful and look at the descriptions of the headers because sometimes the headers can be misleading.
Next you’re going to need to surround yourself using the right people. You need to show inside the application which you have the correct team in position to perform an effective operation. Usually they are going to request the owners or licensees to add a short writeup demonstrating experience with either the cannabis industry or related field, and when you don’t have this experience, you’re going to want to find individuals who do and include them within your team.
You’re also going to want solid financial projections and security measures to avoid fraud. Everbody knows, cannabis is a highly regulated industry and these are the two pillars that many states, if not completely of them, would love you to pay attention to. You’re also planning to want to vet all your partners, do your research. You are likely to need to go through a background check and also this background check is needed by all cities and states.
Another important thing that you ought to consider before even obtaining cannabiscultivationconsulting.com is you’re going to want to successfully have enough money to build out and operate for about half a year to a year. We get plenty of inquiries from potential clients who wish to go into the cannabis industry and they’re always amazed by how much cash actually goes into building out and operating a cannabis business before it becomes profitable and also you know, there’s not one other way across the financials, you understand, cities and states will not issue permits to people that can’t demonstrate a financial capability to start up a business and keep it running. And 2nd, if an individual. Perform get a lot of clients that do not have expertise in the cannabis cannabis industry.
On the contrary they have got experience in business, successful business, and that is certainly a thing that cities look at also because not everyone may have cannabis industry experience since it is illegal. It had been illegal on the state level and it is now legal. So you know, if you can to indicate some type of experience with the cannabis industry, you already know that’s a self revealing, but if you don’t, then you will need to consider putting a small group of people together that can show strengths in operation, finance, HR, that every amount to a business.
For instance. We get a lot of inquiries from people who want to become cannabis business operators that have no training even running their own business therefore they could have some cash, you already know, that they’ve inherited or or some friends, a small group of friends that, hey, you know, decide one day that, hey, we need to get into the cannabis industry and if we pool our money together, then we can definitely start one end and sometimes they actually do have the funds for.
But now you ask , who are the group members? And lots of time, you might need to pay to outsource for these qualified staff. If you’re planning to do get into medical cannabis, you may want to use a doctor or perhaps a pharmacist in some way, shape or form on your own staffing plan. At the very least for the first six to one year. This always strengthens the chances of you being issued a permit as well as a license since you know even if you possess the money, you need to have the staff and also the members to trudge forward successfully within this industry and remain compliant because that is a really big issue…compliance. And as soon as track and trace is fully operational and vodnsg throughout the board, compliance is going to be among the big determinants of if cannabis business will likely be successful. So if I were you, a good thing to accomplish is to enter your accounts or perhaps your asset portfolios and find out precisely how much money you might have, how much cash you’re likely to must raise, and the amount of money you’re going to must placed into this cannabis business. Because it’s not cheap.
You’re also planning to want a really solid knowledge of state and native regulations. Most of the time, applicants will hire consultants to do this on their behalf. Regulations can be tricky because they’re very vague. There’s a lot of wiggle room, so you’re planning to wish to find somebody that may be either element of your team to assist you with compliance continuing to move forward, or you’re likely to want to engage the expertise of a company or even a consulting group that may accomplish this for you personally like us.
The final thing that you’re really gonna want to think about prior to applying for a cannabis business licenses is wondering what will almost certainly set my company aside from everybody else’s? And plenty of time this is achieved through, you know, giving back to a major city, but it’s much more about community integration, you already know, flipping the thought of cannabis is bad into how cannabis can actually be helpful, the actual way it can reach out and touch lives, you already know, across the board, whether it’s for patients or consumers and particularly for that community where you’re going to setup.