The fully integrated professional advisory firm Rehmann recently published its 2023 Michigan Cannabis CFO Outlook Report in collaboration with A&K Research, Inc. The report offers vital insights into current financial trends and challenges within Michigan’s cannabis industry. This marks the second consecutive year that Rehmann has released such a report aimed at helping both existing and aspiring entrepreneurs make informed decisions to grow their businesses.
Understanding the Michigan Cannabis Market through Data-driven Analysis
According to Chris Rosmarin, CPA and principal at Rehmann, “the 2023 report offers current and future cannabis entrepreneurs and finance professionals an overview of the industry’s current financial state as well as predictive insights into its future.” The publication provides valuable information for cannabis license holders, enabling them to better understand the concerns, trends, and challenges within the industry. Contributions from anonymous peers provide an inside look at the operational, tax, and M&A activities being performed by competing businesses, as well as their plans and expectations for the future.
Helping Businesses Manage Growth More Effectively
As the legal cannabis market continues to expand in Michigan, many businesses may face difficulties managing growth without appropriate guidance. Erik Schumacher, another CPA and principal at Rehmann, explains that they hope the report will offer businesses the clarity and information they need to make well-informed decisions and aid in expansion. By presenting relevant data and analysis, the report aims to enhance the knowledge base of cannabis organizations while providing practical advice and strategies for growth.
Signs of Stabilization in the Cannabis Industry
Maher Faik, CPA and senior manager of finance and accounting solutions at Rehmann, stated that the consistent increase in statistics observed this year compared to previous years indicates stability in the cannabis industry. The report reveals positive growth trends and provides business owners with confidence that their investments are well-placed. As the industry matures, companies like Rehmann will continue to serve as valuable partners in offering compliance advice and support to help cannabis businesses thrive in a competitive market.
Key Takeaways from the 2023 Michigan Cannabis CFO Outlook Report
The comprehensive report published by Rehmann and A&K Research, Inc., argues several important findings relevant for every stakeholder in Michigan’s cannabis industry:
- Continued Growth: The report highlights ongoing growth within the industry, showcasing both its stability and promise for future success.
- Industry Challenges: Insight on various concerns, trends, and hurdles faced by Michigan’s cannabis license holders allows them to prepare and adapt accordingly.
- Future Expectations: The document features information about what these anonymous peers expect and plan for the coming years, helping organizations set goals and guidelines relative to the competition.
- Expansion Strategies: By offering a clear understanding of operational, tax, and M&A activities, the report assists businesses in finding opportunities for expansion and building successful models.
- Compliance Guidance: Given the continuously changing landscape of the cannabis industry, timely compliance advice is essential. This study offers insights into staying compliant while maximizing value for businesses operating in this sector.