Nothing in 2020 was by the book. This year, cannabis companies faced challenges unlike any other year in an industry where “challenge” is our middle name. Together, we halted, reflected, paused, and pivoted on more than just our business strategies.
With this chaotic year finally coming to an end, now is a great time to think about how you’ll adjust your plans and strategies for 2021 and beyond. After all, we got an education on becoming a more stable industry as we all strive to be healthier, more adaptable cannabis businesses.
As cannabis operators plan for next year, we take this year’s insights and transform them into a 2021 toolkit. We’ll highlight why flexibility, compliance, and technology is so important to today’s cannabis operators and an inside look at what innovative companies are doing to succeed in the current business climate.
With data as our guide, we’ve assembled our best data-driven resources from 2020 that will help you get ahead and elevate your business practices. Feel free to share this 2021 cannabis toolkit full of strategies and innovations to promote technology partnerships that target compliance, education, quality, and practices to prepare every cannabusiness for the real-world around us.
U.S. legal cannabis sales may reach $13 billion by the end of this year and increase six times that amount to $75 billion in 2030. After the 2020 elections, cannabis is now legal in 36 states for medical purposes and 15 states for adult use. Find out how cannabis companies seeking investors can present excellent infrastructure that will generate a return on investment.
Marketing any business can be trying, but marketing a cannabis business gets even more complicated. If you’ve started a cannabis company, especially as a business-to-consumer (B2C) startup, then you need to understand cannabis marketing. Through a convoluted web of state and federal regulations, cannabis products are notoriously tricky to advertise, creating one of your toughest challenges. Get the cannabis branding survival guide to examine some of the most common cannabis branding surprises and how your cannabis startup can overcome them.
IRS Code 280E remains a thorn in the side for cannabis operators. While cannabis is legalized in many states and federal legalization appears inevitable, cannabis entrepreneurs are still prohibited from claiming operating expenses as deductions on tax returns. Learn about IRS Tax Code 280E and how to figure out cannabis deductions to ease your burden.
Legal cannabis is becoming a huge world market, estimated to reach $73.6 billion by 2027. In the U.S., a large portion of this will come in the form of cold, hard cash as a result of ongoing regulatory, banking, and legal challenges. Without adequate access to banking services, cannabis businesses are forced to run entirely on cash – a situation that makes them not only vulnerable to external and internal theft but also significant accounting errors. Here are some cash management tips for your cannabis business.
Some cannabis operations go about their business planning and strategizing casually. Usually, those companies struggle with basic functions that would have been easy to overcome had they only been laid out from the outset. Find out why a clear and detailed business plan is a vital tool in the cannabis industry and why you need one.
As a cannabis entrepreneur, you have chosen an industry that’s fighting for legitimacy across the country. Building a great cannabis business is a choice you can make if you’re willing to do things that set you apart from others and capitalize on your uniqueness. Find out why it’s more than just a business and how to go from a good to a great cannabis business.
Just like how much fertilizer plants need or the volume of THC and CBD in your product, other formulas exist that can help you succeed. There are some obvious and not-so-obvious reasons why well-trained employees will take your cannabusiness to the next level. Find out how properly trained employees can transform your business and drive growth.
Employee engagement is an even more timely topic in the face of the COVID-19 disruption. How much of your strategy are you putting into your employees, and are you empowering their productivity for better engagement? See why it matters if you want to reach your company objectives?
The coronavirus pandemic has brought health and humanitarian problems as cannabis business owners face enormous challenges in daily operations for today and keeping the doors open for tomorrow. Find out how to address the cannabis business liabilities and regulatory modifications head-on.
Despite designations as essential businesses, cannabis companies are still experiencing setbacks these days. Whether it’s inventory issues, supply chain hangups, or one of the many challenges that come with operating a cannabusiness, some are questioning whether the time is right for a cannabis ERP implementation project.
Whether you’re a large or small operation, a grower or manufacturer, cannabis ERP offers several benefits for companies who hope to integrate their cannabis business processes, increase efficiency and data security as well as improve reporting and compliance initiatives. Nothing beats cannabis ERP, but which deployment option should you choose?.
In a boon for cannabis businesses, voters have made their voices heard in record numbers after the 2020 United States election. Now millions more Americans will have access to safe, third-party tested cannabis products. Find out why the real winner of the 2020 election was cannabis.
Find out about what’s ahead for our industry, no matter what area of the supply chain you fall in or the type of customers you serve. Backed by global, national, and local industry data, learn about consumer behavior, buying trends, and shifting themes within our marketplace. Now cannabis manufacturers, growers, cultivators, retailers, and support businesses alike can get ahead of the trends that affect our industry.