If your company is owed money, you may be considering hiring a lawyer, and while lawyers are effective, they are paid hourly, making them an extremely expensive option. Along with their sky-high rates, they also give companies no guarantees, meaning if they aren't successful in their collection efforts, they still need to be paid. Cannabis collection agencies vary, but the quality agencies will offer litigation help, while also offering a contingency fee.

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 clients

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.

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.

The cannabis industry is growing. However, with adult use being first legalized in Colorado 4 years ago, the industry is still in its infancy. Like all other businesses, reputation is extremely important and canna-businesses must create brand awareness, create valuable relationships, and scale operations to one day become a leader in their space.

Before you send the first invoice, the work you do can prevent accounts from ever becoming delinquent in the first place. Past due invoices happen for all kinds of reasons. At CannaBIZ Collects, we’ve pretty much heard them all. Over many years in the collections business, we’ve found that past due invoices can sometimes be prevented altogether with a few simple fixes.

A financial risk every cannabis business faces when selling on credit is non-payment. When this happens, it hurts your cash flow and leads to financial issues.

One way to help control this financial risk is to have the company’s owner sign a personal guarantee making them personally liable for the debt.