Running a cannabis business is not easy. Those who are already operating within this industry know just how difficult it is to manage their businesses given the fact that marijuana businesses don’t have access to banking services. Entrepreneurs are required to keep all their earnings in hand which puts them at a risk of being robbed. There are many risks associated with keeping huge amounts of cash in hand. One of the common ones that entrepreneurs need to worry about is the inability to manage funds. If they are not able to manage their funds properly, they will end up in losses. So when banks deny their services to those operating in the cannabis industry, business owners must ensure that they hire professional accounting agents or CPAs to help them run their business using cash only.
Accounting for cannabis collectives is very important because it helps businesses keep track of their accounts for tax and reporting purposes. Another reason for having proper accounting for cannabis collectives is that it can help businesses prepare for the IRS storm. The 280E section of the IRS code can put business owners at a huge risk such as auditing flags. But if the CPA is knowledgeable and experienced, he will be able to provide good advice and suggestions on potential audits.
If you are wondering how to open a medical cannabis business, then take our cannabis business workshop at California college for cannabis, in San Diego, Pasadena and Sacramento; Our attorneys and industry leading network of professionals will be hosting a to go over all aspects of cannabis business licensing, start-up and operation.
At 420 College – it all begins with helping YOU to understand what is proper, lawful and appropriate!
Our hands on medical cannabis business start-up seminars or one-on-one consultations are perfect way to get started!
You get an intense 2 days of advanced information about how to start and operate a medical cannabis business in California. Find out how 420 College 2 DAY seminars can help you in your business, click here.