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December 10, 2018
As your business in the cannabis market has grown many of your customers who you started doing business with on a Cash on Demand (COD) basis have now started to ask to “pay you next week” or what is commonly called “credit terms” and you have obliged. Now, with close to 30% of your customers on...
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While trade credit is not currently the norm in the cannabis market, it will be in the near future. Once there is credit, collections is not far behind. So, what is collections? Collections is the recovery of outstanding funds from a business which you have extended credit to for products or services. Almost every company...
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As the largest majority of financial transactions in the cannabis market are still in cash, B2B credit fraud may not be on the top of the list of subjects you want to learn about. But as the cannabis market evolves and looks more like corporate America, issues like B2B credit fraud will start to become...
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Granting credit has not yet become standard in the cannabis market, but as discussed in my article “Trade Credit in Cannabis,” published in the May issue of mg, I believe it will be in the future. Therefore, it is important that a company create a credit policy to define how it will manage its credit and...
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Many times, due to the nature of your relationship and past dealings with a customer, you think you have very little risk associated with letting them pay you next week. But what happens if they don’t? Earlier this year, in an effort to connect with the owners of cannabis related businesses, I was put in...
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