Top 3 Challenges for Entrepreneurs When Entering the Cannabis Industry
Although cannabis legalization is spreading across the United States, the industry is still in its infancy. This means that entrepreneurs who are eager to get involved in cannabis may find themselves facing many roadblocks. From regulatory concerns to financing issues, there are a number of potential pitfalls that could trip up your business. This blog […]
What Do Dispensaries Do With All Their Cash?
Many states in the U.S have legalized marijuana for medical and recreational purposes, making it a multibillion-dollar industry. Plant touching operations, like dispensaries, enjoy a steady cash flow under perfectly legal and licensed state laws. However, federal law still categorizes cannabis as a Schedule 1 drug, causing issues regarding banking and customer payment methods. Have […]
Guide: How Do Dispensaries Pay Their Employees?
It’s no secret that the future is bright for the cannabis industry. According to Leafly, the US cannabis industry supports over 320,000 full-time jobs. That’s an impressive number considering the industry is still young by many standards. While this growth is exciting for entrepreneurs, there are still many federal regulations that make it challenging for […]
Cannabis Business Plan Writing: 3 Tips for Success
With the massive growth of the cannabis industry over the past several years, entrepreneurs across the country are eager to learn how they can break into this highly sought-after space. Whether you’re interested in opening a dispensary, extraction facility, or even hemp and CBD store, having an effective business plan will get your venture off […]
Cannabis Business Tips: Why You Should Outsource Your Accounting
At Green Space, we know that running a small business is not always easy. Managing your finances as a cannabis company can be much more complicated than the average start-up, with constantly changing state laws and regulations making it difficult for dispensaries and cannabis companies to keep a compliant financial system in place. Rather than […]
Cannabis Capital Raising: Bank Loans & Private Investors
While running a cannabis business can be financially rewarding, it also comes with its own set of unique challenges. In our Cannabis Banking Guide, we touched on the unwillingness of financial institutions to work with state-approved cannabis businesses. Because cannabis is still considered a Schedule 1 substance, one of the biggest hurdles you’ll likely face […]
IRS Cannabis Tax Audit: Who is a Target?
For more than a decade, cannabis has been a heavily regulated industry. The financial rules and tax codes are unique to the industry and are can vary from state to state. Unfortunately, the industry faces high over-taxations, leaving business owners under the pressure of maintaining their profits. Due to the industry’s nature, the cannabis businesses […]
Cannabis Tax Revenue: Where Does it Go?
Cannabis tax revenue is becoming a hot topic across the United States. With more and more states legalizing cannabis for either medical or recreational use, it’s essential to understand where that money goes. This article will catch you up on cannabis tax revenue by state, which taxes are collected, and where that revenue goes. Keep […]
Cannabis Banking Guide: Choosing the Right Bank for Your Business
Cannabis Banking: An Introduction Even though many states have legalized medical marijuana, the federal classification of cannabis as a class 1 substance remains a big hurdle to overcome. Due to the criminal classification of marijuana on a national level, new cannabis businesses throughout the country are struggling to find access to the banks and financial […]
What Is The SAFE Banking Act?
As discussed in our Cannabis Banking Guide, the criminal classification of marijuana on a national level often prevents cannabis business owners from working with most major financial institutions. Under current law, banks that provide services to cannabis businesses can be subject to criminal prosecution. Even national credit card companies like Mastercard and American Express can […]
