The Benefit to Having More Than One Business Entity for Your Cannabis Business

The Benefit to Having More Than One Business Entity for Your Cannabis Business

While any business has the possibility of either wild success or complete failure, those in the cannabis industry have likely seen both extremes. That’s because this relatively new industry is overrun with contradictory regulations, evolving attitudes, and localized political will. Imagine if small franchise restaurants or pharmacies had to worry about changing tax deductions and regulations that may negatively impact their business like the cannabis industry.   My Cannabis Accountant...

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MONTHLY ACCOUNTING & TAX ADVICE - July 2020

MONTHLY ACCOUNTING & TAX ADVICE - July 2020

Running a cannabis business comes with challenges not faced by operators of typical non-cannabis businesses. These challenges range from not being able to have a bank account and having to operate with purely cash – to having to spend thousands of dollars to rent and improve a building just to be able to apply for a license, not knowing if you will actually get one. There are also certain tax...

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The Importance of Having Up-To-Date Financials for Your Hemp or Cannabis Business

The Importance of Having Up-To-Date Financials for Your Hemp or Cannabis Business

Dealing with finances is not exactly one of the most fun aspects of running a business. Even so, detailed financials are vital to your success. Just like any other business in the US, your cannabis or hemp business needs to have accurate, up-to-date financial information. Here’s how it can benefit you.   Make the Loan Process Easier   If you want to apply for a business loan, you need to...

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MONTHLY ACCOUNTING & TAX ADVICE - May 2020

MONTHLY ACCOUNTING & TAX ADVICE - May 2020

With at-home and limited travel restrictions that are in place across the country due to the COVID-19 pandemic, business owners are facing new challenges to keep their operations running smoothly. From remote working situations to daily video meetings and conference calls with staff and clients, the current work landscape is unfamiliar to many. One key trait of many successful entrepreneurs is the ability to be flexible and adapt to these...

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