Marijuana Business: A Budding Challenge

A marijuana business faces hurdles that all growing businesses do. With new opportunities, you need effective business management software to climb higher.

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    Legal marijuana businesses face the same hurdles all growing businesses do.

    The cannabis industry and marijuana business won big in the election this year, with five states voting to approve recreational use and three more voting to approve cannabis for medicinal purposes. Experts predict the newest legalizations will help spur growth in the legal cannabis market to nearly $22 billion by 2020. As companies launch in response to new market opportunities, they will need effective, agile business management software to help them climb higher and achieve competitive advantages. And Velosio is here to help.

    Highly Focused Solutions

    Velosio focuses on rapidly growing manufacturers and distributors who have a marijuana business that has outgrown QuickBooks or other entry-level accounting packages. While it’s common to find fast-growing companies relying on QuickBooks to manage their businesses, this scenario is not conducive to long-term success, particularly in this highly regulated and rapidly changing industry.

    Velosio works with cannabis cultivators, processors and distributors to implement and upgrade accounting and cannabis ERP systems that ensure longevity and profitability in an increasingly competitive marketplace.  In fact, Velosio is attending the Marijuana Business Conference & Expo (MJBizCon) in Las Vegas this week to network with thousands of cannabis cultivators, processors, and retailers and learn about other technology available to the industry.

    The Experts Agree

    Hifi Farms, a craft cannabis cultivation company, is sending its CEO, Sara Batterby, to speak at MJBizCon. Sara (correctly) believes that successful marijuana businesses must have a world class finance department armed with the right financial management software to ensure regulatory compliance, maximize profitability and achieve the highest possible returns and valuations. She will be leading a financing workshop at the conference to share tactics for raising capital in the cannabis industry.

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    In a recent blog, Hifi Farms’ CFO, Andrew Hunzicker, also speaks to the value of business technology when he outlines why superior financial reporting capabilities are crucial for cannabis businesses. We couldn’t agree more, and implement solutions for cannabis companies based on Microsoft Dynamics NAV and Microsoft Dynamics 365, which incorporate and deliver powerful and flexible financial and operations management capabilities.

    Questions about this growing industry? Contact Velosio Software Solutions, we’re here to help. And if you’re ready to grow your business, get your free organizational readiness assessment.

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