Oct 18, 2021
Cannabis Business Meets the Franchise Model w/ Katheryn Blackwell of Open Dor
- BRT S02 EP 42 (89) 10-17-21
5 Things We Learned This Week:
- Cannabis Business need good records w/ all the Regulations
- Taxes are High in the Cannabis Industry w/ limited write offs / deductions
- Alcohol Regulation Model can be used for Cannabis
- Franchise Model is the next thing in Cannabis world
- Acquisition of a proven Business Method and name Brand can give a head start
Guests: Kathryn Blackwell is the Co-Founder / CEO of The Open Dør
https://opendordispensaries.com/
Open Dør Dispensaries is committed to guiding retailers through the chaos of cannabis.
The Open Dør leadership team is set up with one goal in mind; to bring your dream of dispensary ownership to life. Their mission is to elevate the cannabis retail experience with a turnkey franchising solution for dispensary license holders. They bring over 30 years of franchisor experience and the successful opening of over 30 dispensaries to the table,
There are many advantages to buying into a franchise vs starting your own business from the ground up. You acquire a proven business model with brand products already created and ready to sell. Franchise setups are also attractive to lenders for these very same reasons. As Cannabis goes more mainstream, the overlap with traditional commercial business and shops is inspiring dispensaries. Also traditional business practices are needed in the Cannabis industry now that it is legal and maturing.
Guest: Katye
Maxson-Landis – Moxy Accounting
www.moxyaccounting.com
Kayte Maxson-Landis is a very well-known cannabis accountant in Oregon. She’s been in the industry from the very beginning, running her own firm. She also has quite a few winery clients, which have similar challenges to the Cannabis industry.
The transition to a legalized Cannabis business has brought changes to how the accounting and books need to be handled. Often taxes not being factored in business expenses, and the records are not accurate enough. This can affect a tax return, but also documentation to get investors or loans.
Transition from the illicit market to legal market means file tax returns, and become legit, current and compliant. There are still many issues in this business, and difficult to manage for an operator from Land, to landlords, security, banking, loans, and insurance. There is a Federal bill being proposed in the Senate to end the decades long drug war, and would regulate and tax Cannabis by the U.S. Government.
Cannabis can uses the alcohol model as a guide to how the regulations, and laws should be applied. Alcohol or wine have vineyard farms, need to harvest and then sell a highly regulated (& perishable) product.
Cannabis Topic: https://brt-show.libsyn.com/category/Cannabis-Hemp-Marijuana
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Business Roundtable with Matt Battaglia
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