Today we’re going to discuss how to put a cannabis business application together. The agenda for today is basically we’re going to begin with 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 stuff that we’re likely to tie up neatly ultimately.
Just a few things to give you a sense of what we should do at Green Growth CPAs. We 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 situated in various states. We now have clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed more than a dozen audit related projects in the last year and we’re supposed to hit seven digits in revenues inside our second full business year. Perform would like you to know that there exists a thorough and deep comprehension of tax compliance and assurance related requirements for your cannabis industry and this includes cannabis licensing. We can help you with tax preparation and planning, auditing and assurance, business plans, and everything else associated with operating a business inside 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 as you go along is the fact that instructions and understanding them is about 80 % of passing a successful application. You must know very well what precisely the city or perhaps the state wants, the way that they wanted delivered. Most of the time, you know, the headers from the requirements could be misleading.
Like I said, you already know, they could say, oh, we must have your own business plan, but if you look at the requirements are what they’re asking for. It provides nothing concerning your typical concept of what a business plan actually is. So half the battle or more than half in the battle is really understanding what are they seeking, just how do they want me to submit this and and then submitting it. You’re likely to want to thoroughly address every area of the application in depth. You would like to ensure that you realize the prerequisites. 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 metropolis of Lynwood in California. They really want a cannabis business plan that requires one to demonstrate and explain your daily operations, which include cash handling practices, a small amount of security, some inventory and record keeping where versus the city of LA that may say, oh, we want a business plan that wants you to show financials what your company’s mission and vision is, which is pretty much what you’d expect in a business plan. So you should be careful and check out the descriptions from the headers because sometimes the headers could be misleading.
Next you’re going to need to surround yourself with the right people. You need to show within the application you have the best team in position to perform an effective operation. Usually they will ask for the owners or licensees to include a quick writeup demonstrating experience with either the cannabis industry or related field, and if you don’t have this experience, you’re planning to desire to find people who do and include them in your team.
You’re also going to want solid financial projections and security measures to prevent fraud. You may already know, cannabis is actually a highly regulated industry and they are the two pillars that a lot of states, if not completely of them, want you to pay attention to. You’re also planning to want to vet your partners, do your research. You are likely to need to go via a background check and also this background check is needed by all cities and states.
Another important thing that you should consider before even obtaining cannabiscultivationconsulting.com is you’re planning to want to successfully have enough money to develop out and operate for around six months to your year. We obtain a lot of inquiries from prospective clients who would like 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 hardly any other way around the financials, you already know, cities and states is not going to issue permits to people that can’t demonstrate a financial ability to begin a business while keeping it running. And second, if a person. Perform get lots of clients which do not have expertise in the cannabis cannabis industry.
On the other hand they have expertise in business, successful business, and that is certainly something that cities examine also because not everybody will have cannabis industry experience since it is illegal. It was illegal over a state level and is now legal. Which means you know, if you are able to demonstrate some kind of expertise in the cannabis industry, you know that’s a self revealing, however, if you don’t, then you will need to consider putting a group of people together that will show strengths running a business, finance, HR, that every amount to a business.
As an example. We obtain plenty of inquiries from people who wish to become cannabis business operators who have no training even running their own business so that they may have some funds, you already know, that they’ve inherited or or some friends, a group of friends that, hey, you know, decide some day that, hey, we should get into the cannabis industry and in case we pool our money together, then we will surely start one end and sometimes they do have the funds for.
But now you ask that are the group members? And a lot of enough time, you might need to pay to outsource for these particular qualified staff. If you’re likely to do get into medical cannabis, you might want to have a doctor or perhaps a pharmacist in some manner, shape or form on your staffing plan. At the very least for that first six to 12 months. This always strengthens the chances of you being issued a permit as well as a license because you know even if you possess the money, you should have the staff and also the members to trudge forward successfully within this industry and remain compliant because which is a really big issue…compliance. And once track and trace is fully operational and vodnsg throughout the board, compliance will likely be one of many big determinants of whether or not cannabis business is going to be successful. In case I were you, a good thing to do is to go into your accounts or maybe your asset portfolios and discover precisely how much money you might have, how much money you’re going to must raise, and how much money you’re going to must put into this cannabis business. Because it’s not cheap.
You’re also likely to want a very solid understanding of state and local regulations. Usually, applicants will hire consultants to do this to them. Regulations could be tricky just because they’re very vague. There’s lots of wiggle room, so you’re going to want to find somebody that may be either element of your team to help you with compliance continuing to move forward, or you’re likely to desire to engage the assistance of a company or perhaps a consulting group that will accomplish this to suit your needs like us.
The very last thing that you’re really gonna want to consider prior to applying for a cannabis business licenses is asking yourself what will almost certainly set my business apart from everybody else’s? And lots of enough time this is achieved through, you know, giving returning to a city, but it’s much more about community integration, you understand, flipping the concept of cannabis is bad into how cannabis can certainly be useful, how it can reach out and touch lives, you understand, over the board, whether it’s for patients or consumers and particularly for your community where you’re going to set up.