Today we’re going to speak about how to put a cannabis business application together. The agenda for today is essentially we’re going to start off with exactly what makes a software successful and then we’re planning to break it down into sections with financials, location, architects, security standard operating procedures, staffing, community benefits, labor, and a lot of other stuff that we’re planning to tie up neatly ultimately.
Just a couple things to give you a concept of whatever we do here at Green Growth CPAs. We all 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 have over 300 clients located in various states. We have now clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed spanning a dozen audit related projects within the last year and we’re expected to hit seven digits in revenues in our second full business year. We all do would love 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 may help you with tax preparation and planning, auditing and assurance, business plans, and everything else associated with operating an organization in the cannabis industry.
So like I said, we’re going first of all the thing that makes an application successful. I believe what all applicants prospective and current applicants really learn along the way would be that the instructions and understanding them is approximately 80 % of passing a successful application. You must understand what exactly the city or perhaps the state wants, how they wanted delivered. A lot of the time, you understand, the headers of the requirements could be misleading.
Like I said, you already know, they could say, oh, we must have a business plan, but when you look at the requirements are what they’re asking for. It provides nothing concerning your typical notion of what your own business plan is really. So half the battle or over half of the battle is absolutely understanding what could they be requesting, just how do they desire me to submit this and then submitting it. You’re planning to desire to thoroughly address every part of the application in more detail. You desire to ensure that you understand the requirements. Although usually applications do have a similar requirements. They could want specifics that other applications don’t.
As an example, let’s say Lynwood, the town of Lynwood in California. They desire a cannabis business strategy that will require one to demonstrate and explain your everyday operations, including cash handling practices, a small amount of security, some inventory and record keeping where versus the town of LA that might say, oh, you want your own business plan that wants you to show financials what your company’s mission and vision is, which is really what you’d expect in a business plan. So you should be careful and look at the descriptions of 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 position to operate a successful operation. Usually they are going to ask for the owners or licensees to incorporate a quick writeup demonstrating experience in either the cannabis industry or related field, and when you don’t have this experience, you’re likely to wish to find people that do and may include them inside your team.
You’re also planning to want solid financial projections and security measures to prevent fraud. As you know, cannabis is a highly regulated industry and they are the two pillars that many states, if not all of them, would like you to pay attention to. You’re also going to desire to vet all your partners, do your research. You are likely to will need to go via a background check and this background check is needed by all cities and states.
Another really important thing that you ought to consider before even trying to get cannabiscultivationconsulting.com is you’re planning to want to ensure that you have the funds for to construct out and operate for at least six months to a year. We get plenty of inquiries from potential clients who want to get into the cannabis industry and they’re always blown away by how much money actually enters into building out and operating a cannabis business before it will become profitable and you know, there’s no other way around the financials, you know, cities and states will not issue permits to individuals that can’t demonstrate a monetary capability to begin a business whilst keeping it running. And second, if an individual. Perform get plenty of clients that do not have expertise in the cannabis cannabis industry.
On the contrary they have experience in business, successful business, and that is certainly something that cities take a look at also because not everyone could 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 are able to show some sort of expertise in the cannabis industry, you already know that’s a self revealing, however, if you don’t, then you should consider putting a team of people together that can show strengths running a business, finance, HR, that every soon add up to a business.
For instance. We receive plenty of inquiries from individuals who desire to become cannabis business operators which have no experience even running their own business so they might 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 go into the cannabis industry and if we pool our money together, we can definitely start one end and sometimes they do have enough money.
But now you ask who are they members? And plenty of time, you may have to pay to outsource for these particular qualified team members. If you’re likely to get into medical cannabis, you may want to use a doctor or a pharmacist in some manner, shape or form on your own staffing plan. A minimum of for that first six to one year. This always strengthens your chances of being issued a permit and a license because you know even if you possess the money, you need to have the staff and the members to trudge forward successfully in this industry and remain compliant because which is a really big issue…compliance. And when track and trace is fully operational and vodnsg throughout the board, compliance will be among the big determinants of whether or not cannabis business will be successful. In case I were you, the best thing to do is to go into your bank accounts or perhaps your asset portfolios and discover just how much money you might have, the amount of money you’re planning to need to raise, and how much money you’re likely to must put in this cannabis business. Because it’s not cheap.
You’re also likely to want to have an extremely solid comprehension of state and local regulations. Most of the time, applicants will hire consultants to do this for them. Regulations may be tricky simply because they’re very vague. There’s plenty of wiggle room, so you’re going to want to find somebody that can either be part of your team to help you with compliance advancing, or you’re going to wish to engage the assistance of a company or a consulting group that can do that for you like us.
The last thing that you’re really gonna want to take into account before you apply for a cannabis business licenses is asking yourself what will almost certainly set my company aside from everybody else’s? And plenty of time this is achieved through, you know, giving to a major city, but it’s more about community integration, you understand, flipping the concept of cannabis is bad into how cannabis can actually be useful, the way it can reach out and touch lives, you understand, over the board, whether it’s for patients or consumers especially for that community where you’re going to set up.