Today we’re going to speak about how to put a cannabis business application together. The agenda for today is actually we’re going to start off 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 activities that we’re going to tie up neatly in the long run.
Only a few things to offer you a concept of what we do at Green Growth CPAs. We do 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 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 within our second full business year. Perform would like you to learn that there exists a thorough and deep comprehension of tax compliance and assurance related requirements for your cannabis industry and also this includes cannabis licensing. We will help you with tax preparation and planning, auditing and assurance, business plans, and other things related to operating a business within the cannabis industry.
So like I said, we’re going to start with what makes a software successful. I think what all applicants prospective and current applicants really learn in the process is the fact that instructions and understanding them is approximately 80 % of passing an excellent application. You need to know very well 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 may be misleading.
Like I said, you already know, they could say, oh, we require a business plan, but if you read the requirements are what they’re requesting. It has nothing to do with your typical concept of what a business plan actually is. So half the battle or over fifty percent from the battle is actually being aware of what could they be asking for, 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 desire to make sure that you understand certain requirements. Although usually applications do have the same requirements. They might want specifics that other applications don’t.
For example, let’s say Lynwood, the town of Lynwood in California. They really want a cannabis business plan that needs you to demonstrate and explain your everyday operations, including cash handling practices, some security, some inventory and documentation where versus the city of LA that may say, oh, you want a 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 business strategy. So simply be careful and check out the descriptions in the headers because sometimes the headers may be misleading.
Next you’re going to need to surround yourself using the right people. You would like to show within the application you have the best team in place to perform an effective operation. Usually they are going to demand the owners or licensees to include a brief writeup demonstrating expertise in either the cannabis industry or related field, and in case you don’t have this experience, you’re planning to want to find people that do and can include them in your team.
You’re also likely to want to have solid financial projections and security measures to avoid fraud. Everbody knows, cannabis is actually a highly regulated industry and these are the two pillars that many states, if not all of them, would like you to focus on. You’re also going to desire to vet all your partners, do your homework. You are likely to will need to go via a background check which background check is necessary by all cities and states.
Another really important thing that you should consider before even trying to get cannabiscultivationconsulting.com is you’re planning to want to make sure you have enough money to construct out and operate for around 6 months to a year. We obtain plenty of inquiries from potential clients who want to go into the cannabis industry and they’re always mesmerised by how much cash actually enters into building out and operating a cannabis business before it becomes profitable and you also know, there’s not one other way around the financials, you already know, cities and states will never issue permits to individuals that can’t demonstrate an economic ability to begin a business and keep it running. And 2nd, if a person. We all do get a lot of clients which do not have experience in the cannabis cannabis industry.
On the other hand they have got expertise in business, successful business, and that is certainly something that cities examine also because not everyone will have cannabis industry experience because it is illegal. It absolutely was illegal on a state level and it is now legal. So you know, if you can to demonstrate some type of experience with the cannabis industry, you know that’s a self revealing, however, if you don’t, then you will need to consider putting a small group of people together that can show strengths in business, finance, HR, that all add up to a business.
For example. We receive lots of inquiries from people who want to become cannabis business operators who have no training even running their particular business therefore they may have some cash, you know, that they’ve inherited or or some friends, a group of friends that, hey, you understand, decide one day that, hey, we should enter into the cannabis industry and if we pool our money together, we will surely start one end and sometimes they actually do have the funds for.
But now you ask who are they members? And plenty of the time, you might have to pay to outsource for these qualified associates. If you’re going to get into medical cannabis, you might like to use a doctor or even a pharmacist in some manner, shape or form on your own staffing plan. At the very least for the first six to twelve months. This always strengthens your chances of being issued a permit along with a license since you know even if you possess the money, you must have employees as well as 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 over the board, compliance is going to be one of many big determinants of if cannabis business is going to be successful. So if I were you, a good thing to perform is to enter your accounts or your asset portfolios and see exactly how much money you have, the amount of money you’re going to have to raise, and how much cash you’re planning to must put in this cannabis business. Because it’s not cheap.
You’re also going to wish to have a very solid comprehension of state and local regulations. Most of the time, applicants will hire consultants to get this done for them. Regulations can be tricky simply because they’re very vague. There’s a lot of wiggle room, so you’re likely to want to find somebody that may either be part of your team to help you with compliance continuing to move forward, or you’re going to desire to engage the services of a company or a consulting group that can do this for you like us.
The final thing that you’re really gonna want to consider before you apply for a cannabis business licenses is wondering what is going to set my business apart from everybody else’s? And lots of the time this is achieved through, you already know, giving to a town, but it’s more about community integration, you 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, across the board, whether it’s for patients or consumers and particularly for your community where you’re going to setup.