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 […]
Why Cost Accounting is Important in the Cannabis Industry
As the legalization of cannabis trends, more and more entrepreneurs are seeking to enter the industry. While there is ample opportunity for potential business owners, it’s important to keep in mind that the industry is highly regulated and has its own unique set of challenges. It takes extreme diligence to break into the cannabis space […]
4 Tips for Maintaining a Compliant Accounting System
As a cannabis business owner, maintaining your financial records should be at the top of your priority list. There is little to no room for error when it comes to adhering to your state’s compliance regulations, particularly when it comes to finances. Complicated banking regulations and tax codes make it much more difficult for cannabis […]
How Strategic Partnerships Add Value to Your Cannabis Business
Earning a reputation in the cannabis industry can be difficult when you’re just starting out. So, what do you do if you’re looking for an opportunity to increase your exposure? One way is by establishing strategic partnerships with other cannabis entities to build your presence in the market. Whether your goal is to create a […]
Cannabis Legislation Guide: New York
As recreational legalization across the country increases, more and more states are opening themselves up to the acceptance of cannabis businesses and dispensaries, and gearing up to participate in a rapidly growing industry and serve an eager customer base. Recognizing the negative impacts that former marijuana prohibition tactics had on its communities, New York has […]
