Today we’re going to discuss the best way to put a cannabis business application together. The agenda for today is essentially we’re going to start off 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 lots of other stuff that we’re planning to tie up neatly ultimately.
Just a few things to give you a sense of what 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 located in various states. We have now clients from California, Colorado, Michigan, Oregon, and Washington.
We’ve also performed spanning a dozen audit related projects within the last year and we’re expected to hit seven digits in revenues within our second full business year. Perform want you to know that we have a thorough and deep comprehension of tax compliance and assurance related requirements for your cannabis industry and also this includes cannabis licensing. We may help you with tax preparation and planning, auditing and assurance, business plans, and everything else related to operating a business within the cannabis industry.
So like I said, we’re going first of all exactly what makes an application successful. I believe what all applicants prospective and current applicants really learn along the way would be that the instructions and understanding them is approximately eighty percent of passing an excellent application. You must know what precisely the city or perhaps the state is looking for, the way they wanted delivered. A lot of the time, you already know, the headers from the requirements could be misleading.
Like I said, you already know, they might say, oh, we require a business plan, however when you read the requirements are what they’re seeking. It offers nothing concerning your typical idea of what your own business plan actually is. So half the battle or over fifty percent of the battle is absolutely understanding what are they asking for, how do they really want me to submit this and then submitting it. You’re planning to wish to thoroughly address every part of the application in depth. You would like to ensure that you recognize certain requirements. Although most of the time applications do have the same requirements. They might want specifics that other applications don’t.
For instance, let’s say Lynwood, the metropolis of Lynwood in California. They desire a cannabis business plan that requires you to definitely demonstrate and explain your everyday operations, which includes cash handling practices, a small amount of security, some inventory and documentation where versus the town of LA that may say, oh, we wish a business plan that wants one to show financials what your company’s mission and vision is, which is pretty much what you’d expect in a business plan. So just be careful and look at the descriptions of the headers because sometimes the headers may be misleading.
Next you’re going to need to surround yourself using the right people. You would like to show within the application you have the right team in place to run an effective operation. Usually they are going to request the owners or licensees to incorporate a short writeup demonstrating experience with either the cannabis industry or related field, and in case you don’t have this experience, you’re likely to desire to find people who do and may include them inside your team.
You’re also going to want to have solid financial projections and security measures to stop fraud. As you know, cannabis is a highly regulated industry and they are the two pillars that many states, if not all of them, would like you to focus on. You’re also planning to desire to vet all your partners, do your research. You are likely to will need to go by way of a background check and also this background check is necessary by all cities and states.
Another really important thing that you ought to consider before even applying for cannabiscultivationconsulting.com is you’re going to want to make sure you have the funds for to construct out and operate for at least half a year to some year. We receive plenty of inquiries from prospective clients who wish to get into the cannabis industry and they’re always mesmerised by how much cash actually is put into building out and operating a cannabis business before it becomes profitable and also you know, there’s no other way around the financials, you understand, cities and states will not issue permits to folks that can’t demonstrate a monetary capacity to start up a business whilst keeping it running. And second, if an individual. Perform get lots of clients which do not have experience in the cannabis cannabis industry.
On the contrary they may have expertise in business, successful business, and that is certainly something that cities take a look at also because not everybody will have cannabis industry experience because it is illegal. It was illegal on a state level and is now legal. So that you know, if you can to demonstrate some sort of experience in the cannabis industry, you know that’s a self revealing, but when you don’t, then you will need to consider putting a group of people together that may show strengths running a business, finance, HR, that every amount to an organization.
For example. We get lots of inquiries from people who wish to become cannabis business operators that have no experience even running their own business therefore they might have some cash, you know, that they’ve inherited or or some friends, a team of friends that, hey, you already know, decide one day that, hey, we must go into the cannabis industry and in case we pool our money together, we can definitely start one end and sometimes they do have enough money.
But now you ask who definitely are they members? And lots of enough time, you may have to pay to outsource for these qualified team members. If you’re likely to do get into medical cannabis, you might like to have a doctor or even a pharmacist somehow, 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 simply because you know even if you have the money, you should have the employees and also the members to trudge forward successfully within this 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 is going to be among the big determinants of whether cannabis business is going to be successful. In case I were you, the best thing to perform is to go into your bank accounts or your asset portfolios and discover just how much money you may have, the amount of money you’re going to have to raise, and how much cash you’re going to need to put in this cannabis business. Because it’s not cheap.
You’re also likely to wish to have a very solid comprehension of state and local regulations. Most of the time, applicants will hire consultants to achieve this to them. Regulations could be tricky because they’re very vague. There’s lots of wiggle room, so you’re going to want to find somebody that may be either element of your team that will help you with compliance advancing, or you’re going to desire to engage the expertise of an organization or perhaps a consulting group that will do that to suit your needs like us.
The last thing that you’re really gonna want to consider prior to applying for a cannabis business licenses is asking yourself what is going to set my company besides everybody else’s? And plenty of enough time this is done through, you already know, giving back to a city, but it’s much more about community integration, you already know, flipping the concept of cannabis is bad into how cannabis can in fact be useful, the way it can reach out and touch lives, you know, over the board, whether it’s for patients or consumers and especially for your community where you’re going to set up.