Today we’re going to talk about the best way to put a cannabis business application together. The agenda for today is essentially we’re going to begin with what makes an application successful and then we’re planning 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 planning to tie up neatly ultimately.
Just a few things to provide you with a concept of what we should do here at Green Growth CPAs. We all do tax preparation and we’ve completed over 500 annual tax returns for cannabis operators spread across all verticals, so that’s dispensary distribution, cultivation, manufacturing, delivery, and testing. We also have over 300 clients based in various states. We now have clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed over a dozen audit related projects within the last year and we’re anticipated to hit seven digits in revenues inside our second full business year. We all do want you to find out that there exists a thorough and deep knowledge of tax compliance and assurance related requirements for that cannabis industry which includes cannabis licensing. We will help you with tax preparation and planning, auditing and assurance, business plans, and other things associated with operating a company 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 along the way is that the instructions and understanding them is approximately 80 % of passing an excellent application. You must understand what the city or the state wants, how they wanted delivered. Many of the time, you know, the headers from the requirements could be misleading.
Like I said, you understand, they can say, oh, we need a business plan, but when you read the requirements are what they’re seeking. It offers nothing concerning your typical concept of what a business plan really is. So half the battle or over fifty percent from the battle is really understanding what will they be requesting, just how do they really want me to submit this and and then submitting it. You’re planning to want to thoroughly address every portion of the application in more detail. You desire to make sure that you realize the prerequisites. Although usually applications do have the identical requirements. They might want specifics that other applications don’t.
For instance, let’s say Lynwood, the city of Lynwood in California. They really want a cannabis business strategy that requires you to definitely demonstrate and explain your everyday operations, which include cash handling practices, some security, some inventory and documentation where versus the city of LA which may say, oh, we want a business plan that wants one to show financials what your company’s mission and vision is, which is really what you’d expect in a business strategy. So you should be careful and check out the descriptions of the headers because sometimes the headers could be misleading.
Next you’re going to need to surround yourself with the right people. You would like to show in the application that you have the right team in place to perform an excellent operation. Usually they are going to request the owners or licensees to add a short writeup demonstrating experience in either the cannabis industry or related field, and if you don’t have this experience, you’re planning to desire to find people who do and may include them within your team.
You’re also going to wish to have solid financial projections and security measures to avoid fraud. You may already know, cannabis is really a highly regulated industry and these are the basic two pillars that many states, if not all of them, would like you to pay attention to. You’re also planning to wish to vet all your partners, do your due diligence. You will need to go through a background check which background check is required by all cities and states.
Another important thing that you need to consider before even applying for cannabiscultivationconsulting.com is you’re planning to want to make sure you have enough money to develop out and operate for at least six months to some year. We obtain a lot of inquiries from prospective clients who would like to go into the cannabis industry and they’re always amazed by how much cash actually goes into building out and operating a cannabis business before it will become profitable and you also know, there’s not one other way round the financials, you know, cities and states will not issue permits to folks that can’t demonstrate a financial capability to start a business whilst keeping it running. And second, if an individual. We do get a lot of clients which do not have experience in the cannabis cannabis industry.
On the other hand they have expertise in business, successful business, and that is something which cities look at also because not everyone may have cannabis industry experience because it is illegal. It absolutely was illegal on the state level and it is now legal. So you know, if you can to show some kind of experience with the cannabis industry, you already know that’s a self revealing, but when you don’t, then you should consider putting a team of people together that may show strengths running a business, finance, HR, that every amount to a business.
For example. We obtain a lot of inquiries from people that wish to become cannabis business operators who have no experience even running their very own business so they might have some funds, you know, that they’ve inherited or or some friends, a group of friends that, hey, you already know, decide some day that, hey, we need to go into the cannabis industry and in case we pool our money together, then we can definitely start one end and often they are doing have the funds for.
But the question is that are they members? And a lot of the time, you may have to pay to outsource for such qualified team members. If you’re likely to get into medical cannabis, you might want to possess a doctor or perhaps a pharmacist in some manner, shape or form on your own staffing plan. At the very least for your first six to 12 months. This always strengthens the chances of you being issued a permit along with a license because you know even if you possess the money, you must have employees as well as the members to trudge forward successfully in this industry and remain compliant because that is a really big issue…compliance. And when track and trace is fully operational and vodnsg throughout the board, compliance will likely be one of the big determinants of if cannabis business is going to be successful. Therefore if I were you, a very important thing to perform is to enter your accounts or your asset portfolios and find out just how much money you may have, the amount of money you’re planning to need to raise, and how much cash you’re planning to have to placed into this cannabis business. Because it’s not cheap.
You’re also likely to want to have an extremely solid understanding of state and local regulations. More often than not, applicants will hire consultants to get this done to them. Regulations could be tricky because they’re very vague. There’s a lot of wiggle room, so you’re likely to want to find somebody that can be either element of your team to help you with compliance continuing to move forward, or you’re planning to wish to engage the assistance of a company or even a consulting group that will do that to suit your needs like us.
The very last thing that you’re really gonna want to consider prior to applying for a cannabis business licenses is asking yourself what will almost certainly set my business apart from everybody else’s? And lots of enough time this is achieved through, you know, giving back to a city, but it’s much more about community integration, you know, flipping the concept of cannabis is bad into how cannabis can certainly be helpful, the actual way it can reach out and touch lives, you already know, across the board, whether it’s for patients or consumers especially for your community where you’re going to put together.