The cannabis industry is unique in comparison to similar personal consumption industries in that cannabis is labeled a Schedule I substance.

Perhaps the most significant constraint relates to how cannabis companies are taxed—on their gross profit. As a result, understanding month-to-month tax liabilities is exceptionally important for determining profitability.

Too often cannabis business owners, especially cultivators, wait until they’re within striking distance of opening to start understanding the cost of running their business. By not creating grow cost sheets or developing relationships ahead of time, they are leaving money—and profitability—on the table.

Aspiring entrepreneurs and cannabis enthusiasts are flocking to the cannabis industry and its highly profitable business opportunities. Of those, dispensaries are among the most lucrative with the potential for hundreds of thousands of dollars in top line revenue in the first month.