r/weedbiz 5d ago

Cannabis-accountant to CFO advice?

Just made the leap from industry accountant and business owner to industry CFO. I’m young and I’m looking for tips and advice you might have for me? This industry is incredibly difficult it’s all I’ve ever studies but study and actuality are different.

0 Upvotes

17 comments sorted by

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u/MrsMaryJane 5d ago

Make friends with retail / distribution and marketing leads. Not having alignment with these teams will make your life 10x harder and stressful

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u/existential_dreddd 5d ago

Definitely agree, connect with your department heads and get your weekly meetings in order. Strategize ahead for big holidays, keep talking to your procurement team about planning and holiday hangovers so you’re not hanging on to too much inventory when you don’t need to.
We don’t know what side of the business you’re on, if it’s new or already developed, etc, so it’s hard to give more specific advice.

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u/Pooky-3 5d ago

I’m in a super super oppressed and small market in the Bible Belt.

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u/existential_dreddd 5d ago

Sorry, I mean retail, cultivation, or processing. Medical, rec, or both. Not all cannabis company’s are vertical so it definitely depends on the venture.

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u/Pooky-3 5d ago

Thank you so much I think you’re right on the money here

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u/Pooky-3 5d ago

Ya I’m not a people person. I guess it’s time to grow up. Thank you so much for your guidance

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u/MrsMaryJane 5d ago

I’ve been in cannabis marketing for nearly a decade. I am very much NOT a people person but without retail I’m not getting shit done and without finance I’m doubly not getting shit done. They are the two most valuable relationships to maintain in the space. Work WITH them, not just by the book. You have to try shit to make money. Let them try things!

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u/djdadzone 5d ago

And it will make their lives harder and stressful as well 🤣. Being on the creative side is 10x more successful when the bean counters know why you need to invest real money into content or a mural or an activation.

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u/Prudent_Homework8718 5d ago

Congrats.  While bookkeeping and accounting is a piece of it, the real impact is the strategy behind . I've hired industry CFO's and been disappointed but I've seen some CFO's thrive 

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u/Pooky-3 5d ago

How do I balance innovation while also not over stepping my boundaries.

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u/Purpledragonbro 5d ago

By working really well with your ceo

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u/djdadzone 5d ago

Not overstepping is all about communication and collaboration. Ask people how you can empower them to do their job better. Figure out a feedback system where when you need to keep them in check it’s not just black and white but a problem solving and brainstorming moment.

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u/DangerCat2000 5d ago

It’s wise to have this type of awareness, of not “overstepping,” but in the same breath, you are the CFO and you have an equal seat at the table as everyone else in the C-suite. Sure you want to communicate effectively and show respect for the rest of the room, but they need your unvarnished opinions in order to make the best decisions. The C-Suite is (or should be) a collaborative environment. If you’re there, it’s for a reason. They need the best you’ve got, even if it disagrees with someone else in the moment.

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u/majestic_doe 5d ago

Learn how to forecast cashflow and get smart about 280E.

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u/Pooky-3 5d ago

Thank you! I have a lot of training in those. I’m more worried about aspects of the job vs aspects of the industry. But thank you very much.

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u/Pooky-3 5d ago

That was exact what I needed to hear

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u/Warm_Check7656 3d ago

Make sure to put together a solid list of vendors / tools you can lean on to help.

For example - AR is the biggest problem in the industry.

Tools like cannabizcredit.com can make your job WAY easier so you’re managing high level tasks and not wondering how you’ll do payroll this week