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Getting Ahead of the Curve
przez Mikayla Mondalmi 08-07-2019 - 03:27:05
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In general, prospering in any cannabis business is mainly an act of logistics and management. As businesses scale, so do the levels of complexity associated with maintaining accurate tracking and accounting. These of course are on top of keeping up with extensive labeling and regulatory compliance, in addition to the standard challenges of running a business. At the end of the month, ready or not, those numbers must be reported to the state to remain compliant. In order to stay on top of the chaos, many cannabis companies turn out outside consulting firms for help. Companies like Higher Yields Consultingoffer expertise and assistance in dealing with METRC and 280E accounting regulations, as well as a number of other services to both aid companies that have fallen behind, and help rising companies stay ahead.

Utilizing outside help from a consulting firm can be a great way to save time and money without taking energy away from managing the business. Plus, with services like METRC reconciliation, business owners can rest easy knowing their information is accurate, up to date and in accord with the law. Making sure these critical compliance aspects are running smoothly can be increasingly difficult for new businesses too, and that’s where companies like Higher Yields can really lend their expertise.

We spoke with Leane Mysliwy of Garden Remedies in Massachusetts to illuminate how tracking and accounting have affected the business as it prepares to begin recreational sales alongside the state’s existing medical cannabis infrastructure. Garden Remedies has been operational for two years as a medical dispensary, and has taken advantage of the state programs that allow for converting an established dispensary to allow adult-use sales. Massachusetts recently adopted METRC along with recreational sales, so Leane is having to learn a whole new system of tracking.

“We’ve had good tracking procedures in place from the beginning,” she tells me, “so this is a matter of pivoting and learning a new way.” However, the unique quirks of METRC are all-new; of the company's roughly 100 employees, almost non-e have worked in cannabis in other states. “Some people may think of us a ‘big cannabis’ in the state, but in a lot of ways we are really a grass-roots operation.” Because of this, Garden Remedies cannot rely on METRC familiarity that other Massachusetts dispensary chains have (as most are multi-state operators).

While dealing with METRC support has been a generally positive experience for Leane thus far, troubleshooting can be time consuming. Even with help, Leane anticipated needing to dedicate one or two employees to monitoring METRC full-time. Additionally, 280E compliance is no walk in the park. It has been an issue “since the beginning,” Leane recounts. “Hundreds of lawyers have been trying to figure it out for years, it’s a challenge.” With Higher Yields there to help, Leane remains hopeful they can keep it all in order. “Coming from a vertically integrated model has helped us insulate from that a bit, we’re starting to get to the size now that we can figure out better solutions to dealing with it.” water pipe sale

At the end of the day, Leane says, “Compliance is number one for us. Other shops have been shut down. When you’re a business owner, people rely on you. I don’t want it to be my fault that rec sales stop.” By outsourcing some of those responsibilities to a specialized outfit like Higher Yields, Leane is able to focus on the many other pressing issues with her rec roll-out and ensure that Garden Remedies is operating in 100% compliance with the law.
Mikayla Mondalmi
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