Today we’re going to talk about the best way to put a cannabis business application together. The agenda for today is actually we’re going to begin with exactly what makes a software successful and then we’re likely to break it down into sections with financials, location, architects, security standard operating procedures, staffing, community benefits, labor, and plenty of other activities that we’re planning to tie up neatly in the long run.
Only a few things to offer you a sense of what we should do right here at Green Growth CPAs. Perform tax preparation and we’ve completed over 500 annual tax statements for cannabis operators spread across all verticals, so that’s dispensary distribution, cultivation, manufacturing, delivery, and testing. We also have over 300 clients situated in various states. We now have clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed over a dozen audit related projects within the last year and we’re expected to hit seven digits in revenues within our second full business year. Perform would like you to know that there exists a thorough and deep understanding of tax compliance and assurance related requirements for your cannabis industry and this includes cannabis licensing. We will help you with tax preparation and planning, auditing and assurance, business plans, and anything else associated with operating a company inside the cannabis industry.
So like I said, we’re going to start with exactly what makes an application successful. I do believe what all applicants prospective and current applicants really learn along the way is that the instructions and understanding them is all about eighty percent of passing an effective application. You must understand what exactly the city or perhaps the state is looking for, the way they wanted delivered. A lot of the time, you understand, the headers in the requirements could be misleading.
Like I said, you understand, they might say, oh, we must have a business plan, however when you look at the requirements are what they’re asking for. It provides nothing concerning your typical notion of what a business plan is really. So half the battle or over fifty percent in the battle is really being aware of what will they be asking for, how do they want me to submit this and then submitting it. You’re going to wish to thoroughly address every portion of the application in more detail. You would like to ensure that you understand the requirements. Although most of the time applications do have the identical requirements. They could want specifics that other applications don’t.
For instance, let’s say Lynwood, the town of Lynwood in California. They really want a cannabis business strategy that requires one to demonstrate and explain your day-to-day operations, which includes cash handling practices, some security, some inventory and record keeping where versus the metropolis 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 pretty much what you’d expect in a business plan. So simply be careful and check out the descriptions in the headers because sometimes the headers could be misleading.
Next you’re going to have to surround yourself with all the right people. You would like to show inside the application that you have the best team in place to run a successful operation. Usually they will likely demand the owners or licensees to add a brief writeup demonstrating experience with either the cannabis industry or related field, and if you don’t have this experience, you’re likely to want to find people that do and can include them in your team.
You’re also planning to want to have solid financial projections and security measures to stop fraud. You may already know, cannabis is really a highly regulated industry and these are the basic two pillars that a lot of states, if not completely of them, would like you to concentrate on. You’re also likely to want to vet your partners, do your research. You will need to go by way of a background check which background check is necessary by all cities and states.
Another vital thing that you should consider before even trying to get cannabiscultivationconsulting.com is you’re planning to want to successfully have enough money to construct out and operate for about 6 months to your year. We get a lot of inquiries from prospective clients who want to go into the cannabis industry and they’re always amazed by how much cash actually enters into building out and operating a cannabis business before it becomes profitable and also you know, there’s no other way across the financials, you know, cities and states is not going to issue permits to individuals that can’t demonstrate an economic capability to start up a business and keep it running. And second, if an individual. We all do get plenty of clients which do not have experience with the cannabis cannabis industry.
On the other hand they may have experience in business, successful business, and that is a thing that cities examine also because not everyone will have cannabis industry experience as it is illegal. It absolutely was illegal over a state level and is now legal. So you know, if you can to show some sort of expertise in the cannabis industry, you understand that’s a self revealing, however, if you don’t, then you really need to consider putting a small group of people together that may show strengths in business, finance, HR, that every add up to a company.
For instance. We receive a lot of inquiries from individuals who want to become cannabis business operators which have no training even running their very own business therefore they might have some cash, you understand, that they’ve inherited or or some friends, a team of friends that, hey, you know, decide one day that, hey, we need to enter into the cannabis industry and when we pool our money together, then we can definitely start one end and quite often they are doing have the funds for.
But the question is who are they members? And a lot of the time, you might need to pay to outsource for these qualified associates. If you’re planning to get into medical cannabis, you might like to have a doctor or a pharmacist in some manner, shape or form on your staffing plan. A minimum of for your first six to twelve months. This always strengthens your odds of being issued a permit as well as a license because you know even if you have the money, you need to have employees and also the members to trudge forward successfully in this particular industry and remain compliant because which 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 whether cannabis business will likely be successful. In case I were you, a good thing to perform is to go into your banking accounts or perhaps your asset portfolios and see just how much money you have, how much cash you’re planning to must raise, and how much cash you’re going to need to put into this cannabis business. Because it’s not cheap.
You’re also going to want to have a really solid understanding of state and local regulations. Usually, applicants will hire consultants to achieve this to them. Regulations may be tricky because they’re very vague. There’s lots of wiggle room, so you’re likely to want to find somebody that may either be part of your team to assist you with compliance continuing to move forward, or you’re planning to want to engage the expertise of an organization or even a consulting group that may accomplish this for you personally like us.
The very last thing that you’re really gonna want to think about prior to applying for a cannabis business licenses is thinking about what is going to set my company besides everybody else’s? And lots of the time this is accomplished through, you understand, giving back to a major city, but it’s more about community integration, you already know, flipping the concept of cannabis is bad into how cannabis can in fact be helpful, the way it can reach out and touch lives, you understand, throughout the board, whether it’s for patients or consumers especially for your community where you’re going to set up.