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Lesson from CannTech 2019: Create Your Own Strategy to Build Your Cannabis Brand

Lesson from CannTech 2019: Create Your Own Strategy to Build Your Cannabis Brand

Members of the Armanino LLP Cannabis team recently attended the inaugural CannTech, Silicon Valley’s first major cannabis technology summit.

Marijuana in the Workplace – Clearing the Smoke

Marijuana in the Workplace – Clearing the Smoke

Since 1996, 29 states and the District of Columbia have legalized medical marijuana. There are currently nine states, as well as DC, that have adopted laws legalizing cannabis for recreational purposes.
To Attract Investors, Cannabis Businesses Need Strong Processes and Controls

To Attract Investors, Cannabis Businesses Need Strong Processes and Controls

Cannabis businesses that are seeking funding need to show that they are equipped to navigate the industry’s many challenges. Investors want to see that they have a strong operational framework and the right controls in place.

Our Approach

Armanino is one of the 25 largest U.S. accounting and consulting firms. We are one of the few big firms that serves the cannabis industry.

Our accounting, tax and consulting services are tailored to the needs of growers, manufacturers, distributors, dispensaries and related businesses. We provide core accounting services and help you maximize operational efficiencies, automate key systems, maintain regulatory compliance and more.

We also leverage findings from our CFO Evolution 2.0 survey and research, conducted across many industries, to help cannabis business leaders streamline their organizations and focus on their strategic challenges.

Cultivation
Our tax professionals know the intricacies of Form 280E for maximizing tax efficiency. We make sure core accounting tasks—like accounting for plants through their life cycle—are executed correctly and at minimum cost, and we help you comply with all state laws and local ordinances.
Manufacturing
We help you comply with sourcing, product safety, worker safety, and environmental regulations. We implement cost-efficient inventory control methods, quality assurance procedures and security arrangements for safe and profitable operations. Our tax experts work to lower your tax burden.
Distribution
We help you solve the financial and operational problems of a cash business. We implement security programs that keep employees safe and product secure, and design internal controls to ensure compliance with all state laws, including taxation and licensing.
Dispensaries/Retail/E-commerce
Armanino works with dispensaries to achieve efficient inventory management, proper licensing and timely tax payments. We help you comply with packaging and labeling regulations. Our security professionals provide support against threats like embezzlement and robbery.

What We Do

We offer a full line of accounting, tax and consulting services to help you achieve sustainable profitability.

Technology

Technology

We offer best-of-breed technology platforms with predictable pricing for cannabis companies at every growth stage. Our team has in-depth knowledge of Odoo, METRC, Leaf Logix and other cannabis-specific software. We deliver scalable technology solutions tailored for your needs.
Taxation

Taxation

Our tax professionals are expert in cannabis-specific issues like IRC Section 280E. We help ensure tax payments are accurate and submitted on time. We provide strategies for maximum tax efficiency, including advice on incentives/research and development credits.
Cash management

Cash management

We help you adopt best practices to securely receive, store and transport cash. We introduce processes to ensure cash inflows and outflows are carefully tracked, and implement procedures to meet day-to-day cash needs and employ excess cash.
Finance and Accounting

Finance and Accounting

We help you secure the necessary people and expertise, whether it’s providing outsourced support or finding you qualified employees. We provide support for reconciliations, inventory costs, month-end closes and other accounting tasks, and offer technical accounting expertise, budgeting and analysis through identification of KPIs and industry benchmarks.
Audit and Assurance

Audit and Assurance

Our team conducts timely and efficient external audits that don’t disrupt your business. Our partners and managers work onsite to streamline your audit and resolve problems as they arise. We also offer valuable insights on accounting and operational issues uncovered during the audit.
Compliance

Compliance

Our experts help you navigate stringent state laws and regulations. We work to ensure that risk exposures are minimized and controls are in place to satisfy all licensing and regulatory requirements.
CFO Advisory

CFO Advisory

Our experienced team includes former CEOs, COOs and CFOs of major corporations. They provide critical expertise for business growth and transactions, including:

  • Business valuations
  • Equity management consulting
  • Restructuring
  • IPO readiness
  • M&A consulting
HR Outsourcing

HR Outsourcing

Our experience HR experts are by your side to handle every aspect of employee relations, including:

  • Multi-state payroll processing including shareholder wage and premium payments
  • Assistance with payroll tax filing
  • Workers’ compensation audits
  • Time and paid time off (PTO) tracking
  • Hiring and onboarding processes
  • Management and creation of all employee documentation including employee handbooks and policy documents
  • Employee classification, retention and procedure compliance and risk management
Business management/Family office

Business management/Family office

We provide a complete spectrum of business/family concierge services for cannabis investors and family offices.

Our Team

Resources

Cannabis Business Valuations: How to Value a Dispensary, Startup and Other Canna Bran ...

Learn cannabis business valuation tips to maximize and minimize value, understand your earning potential and draw parallels to complementary industries.

Using IRC Section 471(c) to Reduce the Impact of IRC Section 280E on Cannabis Compani ...

Cannabis business may benefit from the Small Business Accounting Method Reform and Simplification tax law which enacted a series of provisions allowing taxpayers that have less than $25M in revenue to no longer be requir ...

Financial Planning & Analysis With Solver For Cannabis

Leverage your reporting data and strategic analysis to make higher-level financial planning & analysis business decisions for your Cannabis company.

Emergency Cannabis Small Business Health and Safety Act Introduced in House

This bill would allow legal cannabis businesses access to disaster relief loans and other federal programs implemented during the COVID-19 crisis.

Cannabis and Hemp Companies Eligible for SBA Loans and Tax Benefits

Understand what types of cannabis organizations can apply for SBA loans.

States Actions to Allow Cannabis Sales During COVID-19 Restrictions

Several states have declared that certain cannabis businesses are “essential” and can remain open. Here is a brief summary of various states and their decisions.

How to Know if an ERP Is Right for Your Cannabis Company

Use this checklist of 10 top features to determine whether the ERP solution you are evaluating can support your cannabis business. If your ERP provider can’t check off most of these points, it is time to re-evaluat ...

Cannabis Industry: New Banking Changes Are Underway

New joint guidance from regulators is meant to provide clarity and make banks less wary of serving hemp businesses.

Cannabis Manufacturer Jetty Extracts Scales Finance and Accounting for Company Growth ...

Jetty Extracts manufactures a range of popular cannabis extract products, available in dispensaries across California. As the company began experiencing rapid growth, its new controller turned to Armanino for help in dep ...

Blogs

May 29, 2020

Dispensary Best Practices Checklist for Transitioning Out of COVID-19

As the disruption of COVID-19 begins to enter the reopening phase, dispensaries must be ready to meet existing and new requirements. It’s time to p...

May 22, 2020

10 Compliance and Safety Questions Every Cannabis Company Should Ask

Compliance and safety have always been tremendously important for cannabis companies, and the disruption that COVID-19 has brought to the industry ...

April 24, 2020

FP&A Plays a Critical Role for Cannabis Companies During COVID-19

During the current COVID-19 disruption, cannabis companies are relying heavily on analysis and reports from their financial planning and analysis (...

April 23, 2020

Safety and Efficiency: What California Cannabis Dispensaries Need to Focus on During COVID-19

California cannabis dispensaries are in a unique position during the COVID-19 shelter-in-place orders because, in most local jurisdictions, they ha...

April 21, 2020

How Cannabis Investors Can Minimize Their Risk

With the disruption of COVID-19, minimizing risk is more crucial than ever for cannabis investors. They need to look closely at the businesses they...

April 20, 2020

Ready Your Cannabis Business for COVID-19 and Beyond

The cannabis industry continues to grow despite COVID-19. With that growth comes the pressure to adapt, respond and comply. Learn about t...

April 01, 2020

COVID-19 and Federal Assistance for the Cannabis and Hemp Industry

These past few weeks have been challenging for all of us, including cannabis and hemp companies, which are no strangers to the ups and downs of mar...

August 02, 2019

Come Out of COVID-19 Stronger With Improved Internal Controls for Your Cannabis Business

Blog updated May 21, 2020 Internal controls are processes designed to ensure the reliability of a company’s financial reports, the effectiveness an...