Cannabis CPA vs Local General CPA
As tax extensions are coming due, we wanted to share some ‘insider’ thoughts about choosing a CPA to prepare your cannabis business tax returns.Over the past 45 days, our team has been increasingly getting on calls with cannabis operators that chose to go with a local, generalist CPA firm...
Filed Under: Compliance, Taxes, Accounting
How to Take Money Out of Your Cannabis Business
Here's how to draw a salary from your cannabis business – and how it impacts your business and personal taxes.
- How you draw a salary – and the taxes – depends on the type of entity you've set up.
- A C-Corp cannabis venture pays taxes on any income, meaning the entity itself is...
Filed Under: Finance, Accounting
Understanding Bad Debts for Cannabis Companies
- Bad debt gets recognized as a business expense when an account receivable is no longer collectible.
- In the cannabis industry, you should never extend credit – it's simply too risky.
- If you do...
Filed Under: Finance, Accounting
Creative Financing in the Cannabis Industry
Filed Under: Business, Finance, Accounting
An accurate cost per pound is the basis for setting up a sustainable, profitable cannabis cultivation business.
- Improve the value of your cultivation business by keeping detailed SOPs for each employee's job description.
- Implement strong tracking systems to see the trajectory of...
Filed Under: Finance, Accounting
Financial Forecasting for Cannabis Businesses
A financial forecast is a roadmap for growing your business sustainably – here's how to build one.
- A financial forecast helps you to track your progress month to month and know how your business is performing compared to the plan.
- Track variables such as seasonality, tourism, weather...
Filed Under: Finance, Operations, Accounting
Richmond Patients Group v. Commissioner
Filed Under: Case Studies, California, Taxes, Accounting
Break-Even Point for a Cannabis Dispensary
The faster your cannabis operation hits break-even, the sooner you become profitable – here's how.
- Start keeping track your sales, number of transactions, weather, events in the areas, specific promotions, and headcount for the day and even big news headlines for every day.
- Examine...
Filed Under: Business, Finance, Operations, Accounting