How to Successfully Invest in Cannabis Startups: A Message to Cannabis Investors

We here at DOPE CFO have been speaking at national conferences and to the press, CEOs, and accountants for quite sometime about how to do things correctly in cannabis accounting. But, we’ve been getting questions from investors, as well: from the billionaires (yes plural) who call us asking how to “fix” a bad investment with poor or no corporate governance, to the local millionaire wondering why he’s getting hit with a big cannabis tax bill, but no distribution from the company, to the average “Joe” on the street who wants to know how to win big in cannabis. We’re here to help. Here are some quick thoughts if you are dead-set on investing in this new industry.

First of all, I get it that right now you can make good money…even on the companies with horrible operations (ie without dropping names like “Med Men”). I also get it that you can make insane money on better run companies, even though they are spending (and losing)...

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The Worth of World-Class Cannabis Accounting to CEOs

Determining the value that you provide your accounting clients.

 The idea of value can be a tricky and very misunderstood topic for accounting professionals and CEOs alike. Determining the services that you want to offer and what to charge for those services is the key to building a successful, competitive practice that will create the most ideal scenario for accounting professionals: to work remotely and under less stress, command higher fees, and have more freedom to work as you see fit. The key to understanding your value is to first understand the difference that your services will make in your clients’ business, and how to communicate it to a CEO so that they understand the level of service that you provide and how it will be a catalyst for their business growth. You have to realize your potential value first; otherwise, you may run into trouble getting and retaining clients - or, in some cases, trouble being compensated fairly for the value that you are providing.

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The Top 5 Pitfalls of Cannabis CEOs (and their Accountants) are Still Making

Cannabis companies are being shut down, fined, and handed down punishments at an alarming rate.

Have you seen the news lately? Cannabis CEO’s are getting in big, BIG trouble, and it’s only going to get worse. The cards are stacked against cannabis businesses in this current political climate. Even with that being the case, some businesses are able to figure out how to not only be profitable, but to do so without getting into hot water with the feds or local authorities.  

Others are cutting corners, cheating the system, or simply not following the rules. While they may get away with it in the short term, there’s the simple fact the crackdowns are only going to get worse and more frequent.

For those that want to run a legit cannabis business, avoid crazy fines, and really lead the pack in operating a cannabis business during this time of growth and opportunity, listen up.

We’re going to discuss 5 common, avoidable mistakes that are getting folks into...

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Dope CFO featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week

Dope CFO Andrew Hunzicker and Naomi Granger have been featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week'. Check out how we are educating business and equipping them with qualified CPA's to better serve their marijuana business.

Read more HERE.

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Dope CFO featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week'.

Dope CFO Andrew Hunzicker and Naomi Granger have been featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week'. Check out how we are educating business and equipping them with qualified CPA's to better serve their marijuana business.

Read more HERE.

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Maria + Jane: Women in Cannabis Business Podcast

Naomi Granger, Co-Founder of DOPE CFO, is featured in a recent episode of The Maria + Jane: Women in Cannabis Business podcast to share about the knowledge and practices needed to thrive as an accountant in the cannabis world.

Maria & Jane is dedicated to inspiring and informing women in (or interested in) the cannabis business landscape. Their weekly newsletter and podcast, provides news stories, deep insights, and interviews. Listeners hear perspectives from founders, growers, advocates and more to help them navigate the fast-paced world of cannabis business.

 In the episode, Naomi shares her passion about the rapidly growing cannabis industry and work with CEOs to help them maximize their cash flow, minimize their tax burden and never worry when the auditors come around. She also provides insight to:

  • Avoid falling victim to common financial woes plaguing cannabis business owners today.
  • Understand compliance concerns, banking issues and federal tax limitations for...
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A Bookkeepers Guide to Cannabis Accounting

Cannabis companies are highly regulated highly complex organizations. These businesses need not only a higher level accountant and a tax professional, but they also need a bookkeeper to manage all of the day-to-day financial transactions that come with operating a cash-based business.

This webinar is not just for bookkeepers, as it is important for anyone that is on the financial team for a cannabis company to understand the roles and to be clear on everyone’s responsibilities. It is essential that Cannabis businesses have a team of financial experts including bookkeepers, tax preparers, and high-level accountants all working together to ensure all of their financial transactions are captured, recorded and reported properly. Otherwise, cannabis companies can be subject to fines and penalties, which include inaccurate record keeping. (see: Altermeds Case)

In this informative webinar, we provide a high-level overview of some of the most important tasks that a bookkeeper...

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Is It Legal to Provide Accounting Services for Cannabis Businesses?

There is a thriving need for complex and accurate accounting in the cannabis industry.

While it is already legal to sell in 30 states, cannabis is still considered a Schedule I Controlled Substance under federal law. Despite how someone may personally feel on the subject, legal cannabis is a booming business segment that has a sizable need for proper accounting practices.

But is it legal? Would the risk that comes with the territory be worth putting your business at risk?

Let’s look at some interesting statistics first:

  • Cannabis sales are growing at an incredibly fast rate, expecting to generate over $10.8 billion in sales in 2019, an incredible increase from the $2.7 billion from 2014. (Source: ArcView Market Research)
  • If Cannabis is Federally legalized by 2020, revenues are expected to reach $35 billion - three times more than the National Football League (Source: Greenwave Advisors)
  • The largest group of cannabis buyers in the world will be in North America, estimated to go...
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The CPA's Guide to Getting Started in Cannabis Accounting | Accounting Today.

With most big accounting firms still avoiding the cannabis industry, small accounting firms are undoubtedly in the right place at the right time.

Equipped with a specialized skill set and sophisticated financial knowledge, CPA’s and other accounting professionals have the opportunity to enter a burgeoning market—projected to reach an economic impact of $70 billion in the U.S. by 2021.

In this article, Andrew shares a few key steps that you can take right away to get your foot in the door.

Read More HERE

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The Tools Accounting and Tax Professionals Need to Properly Service Cannabis Businesses [Infographic]

If you're an accountant, cannabis business owner, or operations manager, the following guide should help you understand how DOPE CFO can provide you with proper accounting practices.   

Click HERE to join the Facebook Group!

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