Getting Ready for More Gardening in the Garden State: How to Prepare Your Business for Six More New Jersey Dispensaries
It’s an exciting time in the Garden State! It was recently announced that New Jersey will double the number of medical cannabis dispensaries in the state by allowing six more licenses. With this excitement comes the intensity of the application process, which begins on August 1st and the deadline for applications is August 31st, which causes uncertainty regarding how to get it all done before the due date. To assist with the application process, Bridge West would like to explain the aspects of Measure 4 of the Requirements and let you know how our expertise in the cannabis industry and our services can assist you.
Basic Financial Requirements for The Application
When the applications go live it is very important to be organized, and there are many resources to help you with the different aspects. Providing accounting, tax, and advisory services to the cannabis industry is our specialty and working with cannabis professionals is our passion. Together we can help establish your canabusiness on solid ground.
In examining the requirements of Measure 4: Financial Suitability and Sustainability, you need to acquire a minimum of 100 points to meet this particular qualification. To garner those 100 points, your business must provide:
- A brief summary (no more than five pages) of the applicant’s business plan, including a budget and projected expenses and revenues for at least a five-year time period. (25 pts)
- Evidence of sufficient access to capital to support the proposed alternative treatment center. (25 pts)
- Certified financial statements (audited or reviewed) in accordance with applicable standards by an independent Certified Public Accountant, which include a balance sheet, income statement, and statement of cash flow, and all applicable notes for the most recent calendar or fiscal year. (25 pts)
- Record of past business taxes paid to federal, state and local governments. (25 pts)
When you closely examine these requirements, you need solid bookkeeping, an experienced CPA who understands the technicalities of the cannabis industry, and intimate knowledge of IRS 280E.
How Bridge West Can Help
During the application process, it is essential to have an experienced cannabis team, including operators, and accounting and legal professionals who have significant experience with the application process. Bridge West is in a unique position to assist New Jersey applicants since we bring 10 years of cannabis industry knowledge to help you build your business plan, establish your business, and plan for the future. We are solely focused on the cannabis industry, and we are able to smoothly guide you through the application process.
- Auditing and Financial Statements
Measure 4 requires a very involved financial process, and our experience and services can help to make the application process smooth for new license holders. We can help applicants transition into experienced license holders and prepare for the future. As the medical community continues to embrace the cannabis industry, license holders need to embrace growth and realize opportunities in the marketplace.