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Why Cannabis Companies Fail in their First 3 Years and How not to be One

Session Abstract

It’s one thing to navigate through the laws and regulations involved in creating a business within the Cannabis space – it’s another to successfully survive the startup phase. Todd Polyniack, CPA will provide his guidance on surviving the first 3 years of business in this new and exciting market for growers, extractors, distributors, and retailers in the Cannabis industry. There is nothing more important than having the right team to help your operation to achieve and sustain success. Todd and his team of resources can help to anticipate and address the challenges, changes, and complications associated with this brand-new industry in New Jersey.

Todd’s talk will include (but certainly won’t be limited to) the following concerns that Cannabis entrepreneurs will need to consider. It’s worth noting that these are very common pain points that we come across for upstart Cannabis businesses:

  • Most cannabis companies lack a solid finance framework to support their rapid growth – cash flow strategies become a very important part of their success and failure
  • Clear, timely financials are essential for smart business decisions and readiness for strategic changes
  • From cultivators to retail, all cannabis companies are navigating an uncertain and complex market, with evolving regulations and heightened competition
  • Companies will miss out on opportunities if they don’t fully fund their dreams, under- stand their financial position, and make the right moves to optimize their valuation
  • In a fast-moving market, companies going it alone without strategic partners will fail
  • Tax compliance is a bit of a moving target right now, and these businesses will have to try and stay out ahead of the changes
  • Many companies cannot find the right banking, investor, legal, technology and insurance support
  • We are already seeing quite a bit of M&A activity out of West Coast Cannabis businesses, and they are not always properly prepared for this process
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