Member Blog: What Every Marijuana Company Requirements to Learn About Their Financing Function
By Maureen Ryan, RoseRyan
The finance function is an essential piece of a marijuana company’s capability to prosper. All too often neglected by younger business, it’s what’s needed to get a service through the survival phase and can actually hold a business back if it’s not set up correctly. It gets leaders to invest wisely– and conserve cash when needed. And it likewise helps companies scale for growth while being competitive in an increasingly congested field.
Every financing function looks various, depending on where the company remains in its service lifecycle. As they start, business may not yet have a full-time CFO and might depend on an outsourced group to gain access to high-level expertise. As the company grows, so does the financing function itself and the locations it needs to cover and manage.
Whatever gets more complicated with growth– from handling capital, meeting compliance demands, and navigating growth while planning for the future. To make it through the ups and downs, marijuana companies need to have access to the ideal mix of competence, specialized skills, tactical insights, and knowledge of what fast-moving business like theirs need in a dynamic market.
I just recently covered this topic on our company’s blog, to help rising cannabis companies think through the basics for establishing a strong financing function. These consist of evaluating the expertise you have in-house, establishing the company for a possible acquisition (even it does not seem likely today, anything is possible!), and producing a community of trusted partners. When things are moving fast, there’s a pressing requirement to prepare for chances and to be prepared to switch gears if essential. A fine-tuned finance function makes it all possible.
Maureen Ryan, vice president, directs company advancement at financing and accounting consulting firm RoseRyan and was just included in this month’s NCIA member spotlight. An NCIA member given that 2016, RoseRyan is celebrating its 25th anniversary of excellent financing for companies of all sizes and kinds. Maureen can be reached at firstname.lastname@example.org!.?.!.
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