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Monday, August 12, 2019

Cannabis Manufacturer Jetty Extracts Scales Finance and Accounting for Company Growth

As the cannabis industry evolves and consumers show increasing interest in alternatives to consuming the flower, extracts are becoming one of the fastest-growing portions of the market. One company poised to benefit from this emerging opportunity is Jetty Extracts.

Founded in 2013, Jetty Extracts uses innovative extraction techniques to deliver a range of popular products such as its Gold vape cartridge, its direct infused-oil applicator pen Dablicator, and exclusives for PAX Era vaporizer pods. The company’s products are available at 400 dispensaries across California.

Typical of a bootstrapped operation in a still nascent industry, Jetty Extracts was growing quickly, but without the benefit of an in-house accounting staff or financial leadership. When the manufacturer hired Scott Pearson as its new controller, he had to start from scratch to create a robust finance and accounting operation, including personnel, software and processes.

Before Pearson joined the company, Jetty Extracts used a basic accounting software package with extremely limited functionality and persistent bugs. “We were reliant on a solution that could not serve our needs even before our planned growth,” says Pearson. “Because of the limited functionality of the solution, we had to use three different systems, which made our processes very inefficient. As a growing enterprise, we needed one robust enterprise resource planning system to support everything we’re doing now and in the future.”



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