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business

February 19 2019

How to Beat the Competition in Oklahoma’s Cannabis Market

Oklahoma legalized medical cannabis in June 2018, and since then, the market has exploded with dispensaries and grow operations.

By our count, the Oklahoma market has more than 1600 growers, 436 processors, and 947 dispensaries – a very competitive landscape for anyone wishing to enter the...

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Filed Under: Taxes, Business, Oklahoma

February 06 2019

The 5 Best POS Systems for Cannabis Retailers

A great point-of-sale tool will help you stay compliant with regulations, avoid theft, and learn about your customers. 

  • Find a POS that is built specifically for the needs of the cannabis industry. 
  • GreenBits, Meadows, Treez, Webjoint, and Fishbowl are all good options for operators. 
  • Look...
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Filed Under: Business, Finance

November 29 2018

Cannabis Security 101: How to Protect Your Business

Cannabis businesses are an easy target for theft: implement cameras, security procedures, and safes at your location to protect your business.

  • Dispensaries need to have well-armed, trained security guards to keep the site safe for customers and your employees.
  • Rather than investing in an...
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Filed Under: Business

November 20 2018

What is the Best Way to Structure Your Cannabis Business?

The type of business entity you establish has tax and legal implications. Here's what you need to know. 

  • There are pros and cons to LLCs, sole proprietorships, general and limited partnerships, C-Corps, and S-Corps.
  • Understand the tax implications for raising money and bringing on...
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Filed Under: Business

November 15 2018

How to Write an Impactful Executive Summary for Cannabis Investors

Treat your executive summary as you would a first impression: it must be strong enough to capture the attention of your investors. 

  • There are three questions your executive summary must answer right away. 
  • Know what investors are looking for in a cannabis operation and address those...
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Filed Under: Business

November 08 2018

Everything You Need to Know About Cannabis Standard Operating Procedures

Standard operating procedures aren't just an important part of your license application; they're also the backbone of a strong cannabis operation. 

  • SOPs offer detailed, step-by-step instructions for running a business in this complicated regulatory environment.
  • There are eight areas...
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Filed Under: Compliance, Business

September 28 2018

Cannabis Banking 101: The Agencies and Policies Responsible for why Banks won’t take your Cannabis Money

Learn the background of the Cole Memorandum and why cannabis operators are subject to 280E restrictions.

  • The Cole Memorandum indicates that prosecutors and law enforcement should focus federal funds on those cannabis businesses and operators in conflict with state law.
  • Jeff Sessions made a...
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Filed Under: Business, Finance

September 26 2018

Best Software Packages to Start Using for your Cannabis Business

The right software tools can cut down on the manual, day-to-day admin of running a cannabis operation. 

  • Gusto, Xero, Dropbox and Hubdoc are just a few tools we recommend you implement at your cannabis business. 
  • Software can't replace bad business practices; use standard operating...
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Filed Under: Insider, Business

September 18 2018

Common Cannabis Bookkeeping Mistakes (And How to Avoid Them)

Cannabis operators can avoid these five common bookkeeping mistakes by employing various checks and balances throughout their operations.

  • The massive amount of cash used in the cannabis industry puts you at risk for human error and fraud in accounting.
  • Make sure you are appropriating sales...
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Filed Under: Compliance, Business

September 13 2018

Elements of a Winning Cannabis Business Plan

The critical elements of your cannabis business plan: how you will benefit the community, and how your operation is unique.

  • California licensing boards are very interested in how your business will give back to the community. 
  • There are 14 parts fo the business plan that you must include.
  • ...
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Filed Under: Business