The Cannabis Business Times hosts the annual Cannabis Conference. COVID-19 has affected almost every gathering in the country. Unfortunately, the Cannabis Conference is no exception. The Cannabis Business Times had to cancel the conference this year. Michael Mayes, marijuana consultant and CEO of Quantum 9, spoke on important topics at the Cannabis Conference.
This year, the conference was able to bring their educational programming to its viewers online for the 2020 conference. In other words, this is great news in wake of COVID-19!
Michael Mayes at the Cannabis Conference
How can a CPA help your business?
Mayes is a cannabis expert. He spoke about how helpful it is to have a CPA for license submissions.
For clarification, a CPA is a Certified Public Accountant. At the Cannabis Conference, Michael Mayes details things that a CPA can streamline for your business.
- CPAs can figure out what the corporate structure will be.
- Most companies starting out begin as LLCs. Mayes suggests flipping to s-corp once profitable. S-corps also limit liability and are taxed under internal revenue code.
- CPAs are vital in the corporate structure as people who understand tax codes.
CPAs also help investors understand the risk and how to enter the industry.
The Cannabis Conference Asks Michael Mayes about Starting Out
Cannabis Conference replay: Finding Real Estate
As a business owner, real estate is one of your highest expenses. For instance, the building where production happens is always going to be your number one cost. Thus, Michael Mayes talks about finding a good real estate agent at the cannabis conference.
Your real estate agent should be market-focused. For example, a market-focused agent will be able to help you find the right real estate for your business. An agent like this will also be able to help you negotiate favorable terms. So, this includes out clauses, set rent increases, etc.
Cannabis conference replay: Attorneys
Mayes also notes that business attorneys can help negotiate better buying terms for real estate. You will probably need task-specific attorneys as you continue. In other words, business attorneys help you form your company correctly. They are also vital for helping you get a certificate of good standing. Therefore, it might be a good idea to invest in an attorney!
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