Financial Strategy

Congratulations — you’re a new cannabis business owner! You’re excited because you secured financing, welcomed your first customers, hired an excellent team, and sales are starting to roll in. You’re …

It’s common among the cannabis industry to hear stories of business owners getting hit with a crushing tax bill or an IRS audit. The industry has expanded quickly with legalization in individual …

Ultimately, what saved Harborside from receiving a harsher ruling, was the fact that Harborside maintained impeccable accounting records and filed their tax returns timely.

In effect, the memo protected legal cannabis states from the federal cannabis ban. This is one reason certain banks won’t touch cannabis money – because cannabis is still illegal at the federal level.

Since the accounting, tax, and regulatory requirements can be challenging to stay on top of, the need to hire a CFO is actually required much sooner for a cannabis business.