cannabis tax savings

Tax Savings for Cannabis Businesses

Maximizing tax savings for cannabis businesses takes time and expertise. There is a lot to  know when it comes to filing taxes for any business. There is even more to know if you are  filing taxes as a cannabis business. The cannabis industry has many nuances that are unique, and require special attention. Unfortunately, the…

michigan growing cannabis industry

Opportunities and Challenges of Michigan’s Rapidly Growing Cannabis Industry

The cannabis industry has proven to be prosperous for Michigan since the adult-use first (recreational) shops opened up in 2019. But just as quickly as profits grow, the industry gets more complex for Michigan-based cannabis businesses. Here we’ll explore some of the opportunities for cannabis-related businesses and some of their challenges. Michigan cannabis sales projected…

Banking for Cannabis Businesses

The Challenges of Banking for Cannabis Businesses

When Michigan legalized marijuana for recreational use in 2018, the cannabis industry opened for business. Unfortunately, not everyone was on the same page; the federal government still considered marijuana a Schedule I drug, creating serious obstacles for cannabis businesses. Today, cannabis businesses still struggle to find access to banking. Legislators recognized this conundrum and addressed…

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Calculate Cannabis Taxes in Michigan

Congratulations! You’ve taken the leap and have officially opened up your cannabis dispensary, grow facility, processing facility, or another cannabis-related company. Starting a new business is exciting, but the dreaded T-word—taxes—can quickly turn that excitement into anxiety.  In the cannabis industry, taxes are notoriously a minefield of tricky regulations and changeable laws. While hiring a…

role of accounting

Why Is Accounting So Important to a Business?

Building a long-term business in today’s globalized economy requires the correct tools and information. Accounting is central to that. Accounting helps businesses make significant, calculated decisions and plan for monetary growth. The work of an accountant is imperative in controlling and stabilizing the financial well-being of an organization while holding each area accountable. Without an…

open cannabis dispensary

How to Open a Cannabis Dispensary in Michigan

Recreational cannabis has taken the United States by storm in recent years. In Michigan, state-licensed sales of recreational cannabis became legal in December 2019, prompting dozens of Michigan-based professionals to consider opening their own dispensaries across the state. However, opening a state-legal cannabis dispensary requires adequate knowledge of compliance laws, adherence to several pre-qualifications, and…