Starting a cannabis business can be a daunting prospect. With the ever-changing regulations, legal obstacles, and complex tax requirements, it’s important to have a team of professional service providers to ensure your business succeeds. Whether you are a grower, processor, retailer, or simply a cannabis enthusiast, having a team of professional service providers that understand the industry and the laws associated with it can make a huge difference.
From accounting services to legal advice, having access to a team of experts can help you navigate the complex and ever-changing landscape of the cannabis industry. A team of professional service providers can help you stay on top of the latest regulations, ensure accurate tax filing, and provide invaluable guidance in the development of your business. With their support and expertise, you can ensure that your business is compliant, profitable, and successful.
In the latest video in our Buzzkillas series, our friend Perry Salzhauer of Green Light Law Group speaks about the importance of having a professional team on board to ensure the success of your cannabis company.
So I think the takeaway here is that there are no easy answers for some of the most difficult foundational questions for folks who want to get into the adult use cannabis business. And it's really important that you put together the best, most qualified team so that you can have the best shot at success.
Make no mistake, the cannabis industry is hyper competitive. And there's a lot of what we call churn. The licensees who are out there today are only a small percentage will be the licensees that w see out there in five years from now. And we've seen that in all of our markets. And the one common element that the survivors, that the successful businesses have, is they have a team, they have a CPA that knows what they're doing, they have a legal team that has experience and understands all of the issues from litigation risk, administrative risk, contract risk, all of those things. And they have shareholders, owners, maybe managers, who really understand the importance of working together as a team.
So I would encourage everybody to do their best do their due diligence, call a number of lawyers, hire us, hire someone else, but if you want to be successful, you really need to hire folks who have a lot of experience in this industry because it is not like other industries and it's not going to be like other industries for quite some time.