Seed to Sale Inventory Management Software Considerations Cannabis businesses have countless options to choose from when selecting a seed to sale inventory management software. In states utilizing METRC, businesses can choose from just as many approved integrated software providers. With all of these options available, how do you choose what is best for your…
Business entity structure and tax considerations for a cannabis business. A common question when setting up a new business is what entity structure the business should be. Should it be an LLC? A Corporation? What other options are there and what are the differences between each one? A cannabis entrepreneur may have even more questions. …
This article was originally written for Marijuana Micro Business. Please visit MarijuanaMicroBusiness.com for more information. Are you considering operating a marijuana microbusiness under the Michigan Regulation and Taxation of Marihuana Act (MRTMA)? If so, having an understanding of financial and tax implications in this regulated industry is critical for success. Tax regulations, such as IRS…
Setting Up & Maintaining a Compliant Accounting System — A compliant accounting system requires much more than tracking receipts and entering transactions into a box software or spreadsheet. With good intentions, new businesses generally implement basic accounting processes as their activity develops and the need arises. Too often however, these accounting processes are quickly pushed…
Preparing for and Understanding the Financial Review Process Do you have an understanding of the financial review process? Are your business financial records review ready? Do you have a process in place to ensure compliant accounting and record keeping? Can your business produce an accurate balance sheet and income statement? These are…
Tips for Successful Use of Integrated Software for Seed to Sale and Point of Sale Tracking – for Michigan METRC users Michigan’s licensed medical marijuana businesses will be required to report all inventory movement to the state’s central reporting system, METRC. Most business owners choose to work with a third party in conjunction with…
How Do Unbanked Businesses Pay Cash Tax Payments to the IRS? The cannabis business largely remains unbanked. While some businesses have limited banking options, for the most part transactions remain in cash. Payments like cash tax payments, can be difficult to make. For some transactions, cash works ok – as long as they…
CFO Perspective: Budgeting & Forecasting for Cannabis Businesses Budgeting & Forecasting for Cannabis Businesses: This webinar was originally hosted by Cannabiz Connection on August 7, 2018. Learn effective steps for creating, using, and staying on track with financial budgets and forecasts. Great for those planning, starting, or currently operating a medical cannabis business! Check…
Provisioning Center Sales Tax Collection – Why & How Since January 2018, provisioning centers in Michigan legally operating under the state’s Medical Marijuana Facilities Licensing Act (MMFLA) Emergency Rules must collect sales tax. The requirement was released in a notice by the MI Department of Treasury. The notice focuses directly on the Medical Marijuana…
Be Compliant –Message to Unlicensed MMFLA Applicants Today’s Michigan LARA MMFLA Licensing Review Board Meeting had a strong closing message. Businesses who are in the licensing process need to be compliant in all respects in order to have their license approved. Michigan’s MMFLA licensing process has seemed to be delayed over the last…