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 marihuana 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 Marihuana 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 Marihuana…
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…
Ideas for Provisioning Centers to Minimize 280E Impact The amount of taxes they pay is a somewhat rude shock for most provisioning center owners or business managers. Sales tax, excise tax, and income tax are all relatively new to the cannabis industry. (In recent historical terms!) We discuss tips on how provisioning centers can…
How Does 280E Impact Marihuana Businesses? If you are already in the medical cannabis industry, or just beginning to get your toes wet, you have probably heard about the high taxes your business will face. Or the special 280E accounting the business will face. This is mostly true. The reality is some marihuana industry…
Five Tips for Responding to MMFL Financial Deficiencies Applicants for a Medical Marihuana Facility License (MMFL) in Michigan will need to overcome several hurdles in the application process. After submitting and receiving feedback on the application, the last thing an applicant wants to hear is that they have deficiencies or additional information that is being…
Understanding Accounting for Leases Accounting for Leases for Business Owners Lease accounting can be tricky. New accounting standards require a lease to be recognized on the balance sheet as an asset and a liability. This can can present many challenges for businesses in determining the right steps in accounting for leases. At face…