The CannaBusiness Advisory Spotlight Series features expert perspectives from Burns & Levinson clients and contacts who are blazing new trails in the cannabis market.
Today, we spotlight Marcum LLP and Drew Richards, Director, New England Cannabis Leader. Marcum LLP is an accounting and advisory services firm that offers accounting, financial and consulting services to cannabis industry operators. Based in New Haven, Drew Richards has 12 years of experience conducting, reviewing, and analyzing financial information. Marcum LLP was a Gold sponsor at Burns & Levinson’s Sixth Annual State of the Cannabis Industry Conference, held on October 17th at the Westin Boston Waltham. Our nationally recognized conference convened national experts and industry leaders to share unique strategic legal and financial perspectives on forecasted trends, regulations, M&A, investments, and more.
From your corner of the cannabis industry, what’s the single greatest challenge right now?
Although there are a lot of accounting-related challenges (280E, inventory valuation), including the various and different state regulations, I would say the biggest challenge right now centers around education and future operations. Business owners may not have accounting backgrounds, so they run their businesses without much consideration for generally accepted accounting principles (GAAP) or international financial … Keep reading
On October 17th Burns and Levinson hosted its Sixth Annual Cannabis Industry Conference. Our very own Scott Moskol sat down with the following experts to discuss the current state of the national cannabis market and diagnose the events of the last couple of years that led the market to where it currently resides.
David Bunzel / Managing Director – Investment baking, M&A, Public & Private Markets / Young America Capital
Kyle Patrick Judge / Vice President – Management Liability, Cannabis & Transaction Risk / HUB International
Tiffany Liff / Managing Director / Entourage Effect Capital
Richard Ormond / Senior Advisor / PGP Capital Advisors
Jacques Santucci / President / Opus Consulting
There is no denying that the national cannabis market is undergoing a thorough “shake-up,” resulting in depressed prices, a reduction in annual gross profit, and an increase in defaults under debt instruments leading to the institution of receivership and other foreclosure proceedings. But how did we get here, and what should cannabis operators keep in mind when strategizing ways to safeguard the health of their company?
Straight from the mouths of our experts to your computer screen, here’s a non-exhaustive list of the realities that make running a … Keep reading