Software Management Problems in the Cannabis Industry

The cannabis industry lacks a comprehensive software solution

Cannabis friendly software solutions have posed many challenges to accounting professionals, owners, operators, and investors. In order to remain in compliance in today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the state and federal level which include required bank reporting, consolidated financials for investors and lenders, and  others that can be laborious and hard to keep straight without centralized software systems that integrate. Coupled with complex entity structures, cannabis reporting requires specific software tailored to the cannabis industry, which means general business solutions will not work. Popular accounting systems like Quickbooks and Xero don’t have cannabis industry charts of accounts, nor do they integrate with other cannabis software, which poses a unique challenge for accounting professionals and cannabis owners alike that are looking...

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Everything You Need to Know About Cannabis Software but were Afraid to Ask

Currently, the cannabis  industry lacks a comprehensive software solution

In today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the State and Federal level which include required bank reporting, and investor & lender reporting.   This reporting is complex and requires specific software tailored to the industry, which means general business solutions will not work. Popular accounting systems like Quickbooks and Xero don’t have cannabis industry chart of accounts or integrate with other cannabis software.  To make it even more complex, most states have separate “Seed to Sale” tracking software that is required, is often difficult to use, and doesn’t interact well with cannabis or accounting software.

There are some operational packages (mostly for Point of Sale, “POS”) available, but most (including popular ones like Greenbits, MJ Freeway, Biotrack) have only been around a few...

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