This is the single biggest mistake new businesses make

Don’t do this.

Don’t go into the cannabis space without having a firm grasp on the actual finances of running and operating a profitable business.

The key word is profitable.

Everyone can open a cannabis business so long as they meet basic licensing requirements. But not everyone can run a business well or achieve profitability.

Just about a quarter of all cannabis businesses are actually profitable. And more than likely, if you want to own or manage a business, you want that business to be profitable.

The mistake that stymies businesses? Not doing financial and business planning early on. The earlier on the better. This allows you to better understand costs, investment requirements, hidden fees, and more so you can adequately prepare for the business launch.

Already running a cannabis business? Now is the time to have your current financials reviewed and audited to see what you can be doing better to get those sales figures up and those costs down.