Some time around July of last year, a large Hemp/CBD manufacturer approached us asking for help and advice. They had several large accounts on their books that were way beyond 90 days past due. When they called, they had five accounts past due (with another three aging past due in the coming months). Three of these accounts were each over $75,000, with the rest totaling another ~$50,000 (to save you time on the math in your head, there was a total of ~$275,000 outstanding past due).Read More
In business it’s common to experience a situation where you are “owed money”. Throughout the long road of starting a business, entrepreneurs work relentlessly to ensure quality products/services, seek and train highly motivated sales representatives, provide excellent customer service, and even extend credit terms. However, as the business begins to pick up momentum, debtors can cause major accidents on the road. As your business is driven with prestige, backed by discipline, organization, positive cash flow, and strong leadership, it is inevitable you will unexpectedly find yourself near at least one of these three classes of debtors.Read More
As a business owner, there are an endless number of tasks to complete and an unseen number of issues that arise without notice. Often times, the business operator wishes there were 30 hours in a day. Of course, as we all know, this is simply not the case. In order to scale an organization, a business owner must delegate certain activities to staff. When the business started, the owner was happy to be on the road selling their own product, but as the business has grown the owner’s skills and knowledge are now needed elsewhere.Read More
Your sales team can sell. It's what they do. And they do it well.You have cultivated the right training & environment for their success. Every day they make countless connections for your business. And each day they bring in dollar after dollar. Now the sales machine is humming right along! Are you making the mistake of having them collect?Read More
Extending credit in the cannabis industry has some risk, but with that risk comes tremendous upside. Is your canna-business extending credit properly?Read More
Harvest season is here. Supply will go up, demand will remain the same, and as a result wholesale prices will fall. You need a differentiator to stay competitive. Extending credit should be that differentiator. We are here to help.Read More
Cannabiz Collects knows the cannabis industry. We also know credit worthiness and debt collection. We believe that offering credit will help our blooming industry to grow and blossom!Read More
If your letter writing, personal meetings, and phone calls have all failed to resolve a debt issue, it’s time to call in a professional — a debt collection agency or a lawyer specializing in debt collection.
The most obvious choice to collect an unpaid debt is a collection agency. Agencies come in all sizes — some are local, some specialize in handling certain kinds of debts, and others are national in scope. The cost varies, depending on the volume of business you bring to the table, and the amount of debt that is to be collected. Plan on paying 25 to 30 percent of the amount collected, with some agencies demanding a 50-50 split.Read More
As new cannabis investors and entrepreneurs hasten to enter the Green Rush, many, if not all, feel overwhelmed. A solid vision, business plan and novel product offerings are no longer enough to break through in this competitive marketplace. Business owners and operators spend countless hours on permits, compliance, financing, taxes, licensure, hiring staff and employee benefits, yet all that valuable time, energy and money is meaningless if reliable accounts receivable (A/R) methods are not in place. For today’s cannabis business owners, the Popeye cartoon character Wimpy’s catch-phrase, “I will gladly pay you Tuesday for a hamburger today,” doesn’t cut it in today’s environment.Read More
We are owed $50,000 by one of the largest retailers in the state, but we don’t want to ruin our relationship with them!” As collection experts, we are approached constantly with similar examples of clients worried to collect the cash they are yet to be paid. As our founders worked in the cannabis industry themselves, CannaBIZ Collects was formed to act as a responsible & respectful liaison to recoup outstanding A/R balances for their clientsRead More
Come visit with us at the MJ Biz Conference in Washington, DC on May 18th!Washington DC has joined the ranks of the many U.S states currently permitting the recreational use of cannabis. While many have celebrated these groundbreaking changes, it does not mean that the new laws do not come without their own set of restrictions. If you are hoping to enjoy recreational cannabis in the state of Washington DC, we suggest reading on for a closer look at their current rules and restrictions.Read More
In the cannabis industry, many companies feel helpless when deciding how to manage and collect their outstanding, past due receivables. We have heard time after time, businesses “writing off” outstanding A/R because they have exhausted their own internal time and energy to collectRead More
Gov. Terry Branstad said Monday he likely will sign into law legislation to expand access to medical cannabis for more seriously ill Iowans, but first he wants to make sure the bill doesn’t have unintended consequences that would allow recreational use of marijuana-derived products.Read More
With new cannabis investors and entrepreneurs rushing to be a part of today’s “Green Rush”, it is not surprising that collections and accounts receivable management may be pushed to the background. Many canna-businesses today either do not have the personnel, systems, or business knowledge to properly manage their outstanding accounts receivables and payables.Read More
Canada has taken a major step toward legalizing marijuana for recreational use. Prime Minister Justin Trudeau's government introduced legislation that would allow adults to possess, share and purchase marijuana, while also strengthening penalties for those who give or sell the products to youth. This law has been hotly anticipated, with pot producers and the medical community watching closely. It makes Canada "the largest federal jurisdiction in the world to legalize cannabis consumption," according to The Toronto Star.Read More
The cannabis business isn't an easy one. On top of massive capital outlay used for building initial infrastructure, a cannabis business operator must also navigate a maze of difficult and confusing bureaucratic red tape.Read More
In an era when cities across America are providing refuge for undocumented individuals avoiding immigration officials, lawmakers in California are looking to turn their state into a similar “sanctuary” for the marijuana industry and the many residents who legally use the plant.Read More
Florida committee decides Amendment 2 doesn’t include smoking, vaping, edibles
Bill also caps number of growers at the current number of seven, and maintains a 90-day waiting period for patients
TALLAHASSEE, Fla. — A bill to implement Florida’s medical marijuana constitutional amendment has passed its first committee in the state’s House of Representatives.
The bill (HB 1397) passed the Health Quality Subcommittee on Tuesday. It must go through two more committees before reaching the House floor.
Rep. Ray Rodrigues’ bill would largely keep in place the regulatory structure set up the past three years, including keeping the number of growers at the current number of seven, maintaining a 90-day waiting period before patients can receive cannabis and banning smoking, vaping and edibles.Read More
Cannabis prohibition at the federal level could soon come to an end thanks to congressional legislation introduced Thursday morning to remove cannabis from the federal Controlled Substances Act and instead regulate and tax it similarly to alcohol.
US Sen. Ron Wyden (D-OR) and House Rep. Jared Polis (D-CO) introduced the bills, which end federal prohibition, allow states to decide whether to legalize, and impose certain federal regulations on cannabis businesses in legal states.Read More