Today we’re going to speak about the best way to put a cannabis business application together. The agenda for today is actually we’re going to start off with the thing that makes a software successful and then we’re going to break it into sections with financials, location, architects, security standard operating procedures, staffing, community benefits, labor, and a lot of other activities that we’re likely to tie up neatly in the long run.
Just a couple things to give you a concept of whatever we do 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 more than a dozen audit related projects in the last year and we’re expected to hit seven digits in revenues in our second full business year. We do would love you to find out that we have a thorough and deep understanding of tax compliance and assurance related requirements for that cannabis industry and also this includes cannabis licensing. We will help you with tax preparation and planning, auditing and assurance, business plans, and anything else linked to operating a business within the cannabis industry.
So like I said, we’re going to begin with exactly what makes a software successful. I think what all applicants prospective and current applicants really learn as you go along is that the instructions and understanding them is about 80 percent of passing an excellent application. You have to understand what precisely the city or the state wants, how they wanted delivered. Most of the time, you already know, the headers of the requirements may be misleading.
Like I said, you know, they could say, oh, we must have a business plan, but when you browse the requirements are what they’re requesting. It provides nothing to do with your typical idea of what a business plan actually is. So half the battle or over fifty percent from the battle is really being aware of what are they asking for, just how do they want me to submit this and and then submitting it. You’re going to wish to thoroughly address every portion of the application in detail. You desire to make certain that you understand certain requirements. Although usually applications do have the same requirements. They might want specifics that other applications don’t.
As an example, let’s say Lynwood, the metropolis of Lynwood in California. They want a cannabis business plan that will require you to definitely demonstrate and explain your day-to-day operations, which include cash handling practices, some security, some inventory and record keeping where versus the town of LA that 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 business strategy. So simply be careful and look at the descriptions of the headers because sometimes the headers could be misleading.
Next you’re going to need to surround yourself with all the right people. You would like to show in the application you have the correct team in position to perform an excellent operation. Usually they will request the owners or licensees to add a brief writeup demonstrating expertise in either the cannabis industry or related field, and when you don’t have this experience, you’re planning to desire to find individuals who do and may include them inside your team.
You’re also going to wish 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 a lot of states, if not all of these, would love you to concentrate on. You’re also going to desire to vet all of your partners, do your due diligence. You will 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 need to consider before even trying to get cannabiscultivationconsulting.com is you’re likely to want to ensure that you have enough money to build out and operate for at least half a year to a year. We get plenty of inquiries from potential customers who wish to enter into the cannabis industry and they’re always blown away by the amount of money actually goes into building out and operating a cannabis business before it becomes profitable and you also know, there’s not one other way across the financials, you understand, cities and states is not going to issue permits to people that can’t demonstrate an economic capability to start up a business whilst keeping it running. And second, if someone. We all do get plenty of clients that do not have expertise in the cannabis cannabis industry.
On the other hand they may have experience in business, successful business, and that is something that cities look at also because not everyone could have cannabis industry experience since it is illegal. It was illegal on a state level and it is now legal. So you know, if you are able to demonstrate some kind of experience in the cannabis industry, you already know that’s a self revealing, but when you don’t, then you should consider putting a small group of people together that will show strengths running a business, finance, HR, that every soon add up to an organization.
As an example. We get plenty of inquiries from people who desire to become cannabis business operators who have no experience even running their own business so that they could have some money, you already know, that they’ve inherited or or some friends, a group of friends that, hey, you already know, decide one day that, hey, we need to enter into the cannabis industry and if we pool our money together, we will surely start one end and often they do have the funds for.
But the question is who are they members? And lots of the time, you might need to pay to outsource for such qualified staff. If you’re going to get into medical cannabis, you might want to have a doctor or perhaps 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 odds of being issued a permit as well as a license simply because you know even if you possess the money, you should have the staff as well as the members to trudge forward successfully in this particular industry and remain compliant because that is a really big issue…compliance. And once track and trace is fully operational and vodnsg throughout the board, compliance will be among the big determinants of whether cannabis business is going to be successful. So if I were you, the best thing to accomplish is to enter your banking accounts or perhaps your asset portfolios and discover exactly how much money you have, how much money you’re planning to have to raise, and how much cash you’re likely to have to put into this cannabis business. Because it’s not cheap.
You’re also likely to wish to have a really solid understanding of state and local regulations. More often than not, applicants will hire consultants to get this done for them. Regulations could be tricky simply because they’re very vague. There’s lots of wiggle room, so you’re planning to want to find somebody that can either be part of your team to assist you with compliance continuing to move forward, or you’re planning to want to engage the services of an organization or perhaps a consulting group that can do that 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 thinking about what will set my business besides everybody else’s? And lots of enough time this is done through, you already know, giving back to a town, but it’s more about community integration, you understand, flipping the thought of cannabis is bad into how cannabis can actually be useful, how it can reach out and touch lives, you understand, over the board, whether it’s for patients or consumers especially for the community where you’re going to put together.