3 Priorities to Consider for Cannabis Business
The cannabis industry is fast-growing and rapidly changing and is a complex industry in the US. The regulation is different in every state, and you need to find out what might bite you and seek a solution accordingly. Here are some top priorities:
1. Manage Finances You need to find a Marijuana CFO to manage the finances. He will be able to guide you through the maze of regulations. If you have been running the business using cash, he may get a bank-account for you as well.
2. Timely File Your Tax Returns and Pay Taxes You need to file federal and state income taxes, local taxes, and all other taxes that maybe there.
When the returns are due in April, you get some extension to pay them. When you have a CFO, you will be able to meet deadlines.
3. Maintain Documentation Good record-keeping is paramount in an emerging industry which is already under the regulator's eye. He will be managing the things for you in a professional manner.
Finally, When you have a dedicated Marijuana CFO, he will take care of all the compliances so that you can focus on growing business.