Do you want to find more financial options and are seeking solutions to the lack of financial services your dispensary does not get? Luckily, there is a way around the dynamic shift of financial regulations within the cannabis industry. 

As you know, dispensaries like yours have restrictive financial options and work in cash-only transactions. It is a tremendous problem to overcome that can force you to think creatively. 

But as cannabis accountants, we understand the challenges of getting financial services for your dispensary. 

This guide goes more in-depth on finding financial services in Maryland for dispensaries like yours and ways to combat financial restrictions. 

How Dispensaries Face Financial Problems In Maryland

Dispensaries are left with very few financial options from banking institutions, which leads to them operating in cash transactions for every sale.

Though many licensing applications are being set forth to allow the recreational use of cannabis, there is little room for banks to work with cannabis dispensaries. 

There’s also an imposed 9% tax rate for every cannabis product sold in Maryland, as set forth by the Maryland Cannabis Administration and other legal authorities.  

Since cannabis is scheduled as a drug under the Controlled Substance Act, financial banks don’t seek to get into trouble by working with dispensaries. 

However, if the Cannabis Safe Banking Act comes to fruition, many banks may be protected from working with cannabis companies. 

Time can only tell as the industry evolves with new regulations occurring on the market. 

Combating Restrictive Financial Services In Maryland 

Now you may wonder how to combat these restrictive financial services in Maryland for your dispensary to operate smoothly. There are some ways you can operate your business without worrying too much about getting finance and a place to put your finances.

1. Look For The Right Types Of Financial Services Available  

A great way to seek financial services is to look for the right types of financial services available. 

These are some of the available financial services you can get for your dispensary. Make sure the loans and banks you seek follow Maryland’s cannabis regulations to keep your business from getting into trouble. 

2. Choose The Right Financial Expert

You can also choose the right financial expert to do all the heavy lifting for you and guide you in making the right choices to avoid financial problems in the industry. 

The expert must be credible and know the cannabis industry regulations, especially in Maryland. They should have specific expertise in your local state and follow the best accounting guidelines. 

At Green Space Accounting, we are cannabis experts in the industry and know the regulatory landscape in Maryland and beyond. We help companies like your dispensary with finances to help grow the business. 

3. Follow Compliance Regulations In Maryland

Following compliance regulations in Maryland can sustain your business operations and keep you from receiving criminal fees and unnecessary fines. 

Things like recording your inventory for tax season is important to stay compliant with taxes. Without an accurate recording of this; it can lead to consequences that your business doesn’t need. 

Maryland has its regulations so it’s best to research and follow the requirements for operating your dispensary in the state. 

4. Conduct Financial And Tax Strategies

If you want to start doing your finances, you need to follow some financial and tax strategies. 

Here are some: 

These are a few strategies you can use to start conducting the proper financial tasks in your cannabis dispensary. 

How Cannabis Accountants Help Your Dispensary Financially

Cannabis accountants can guide you in making the right financial decisions and offer ways to get financing. They make sure your finances are stable and look for hidden opportunities. 

Cannabis accountants can look at your finances and see what needs improving, along with ensuring your business is compliant at all levels. 

Maintaining compliance is a cannabis accountant’s primary goal for any dispensary, including yours. 

At Green Space Accounting, we help ensure your business follows Maryland regulations and minimize the risk of accruing fines, especially around tax season. 

Why Dispensaries Need Specialized Financial Services

If you own a dispensary, you need specialized financial services on cannabis and not just non-industry financial services. 

A cannabis expert can help you navigate the regulatory landscape and offer risk management strategies to keep your business afloat.  

Here are some benefits to think about: 

You need these specialized financial services to ensure effective financial planning and reporting.

What Your Dispensary Should Do Next

Now you’ve understood why you need specialized financial services, it’s time to identify your next steps. 

With these resources, your business is off to a good start. 

Getting A Handle On Financial Services In Maryland For Dispensaries

Finding the right financial services in Maryland can optimize your dispensary finances, provide banking solutions, and create opportunities to maximize your dollar

Cannabis accountants can provide the financial services that your dispensary needs to thrive within the regulatory market. 

Maximize Your Finances Today With Cannabis Accounting Experts 

Maximize your finances today by working with us at Green Space Accounting. We are cannabis experts who know how to navigate the legal complexities of the industry and offer cash management strategies, payroll solutions, and compliant services to your dispensary. 

Book a consultation now to speak with an accountant for Free