Rehmann published its 2022 Michigan Cannabis CFO Outlook Report in partnership with A&K Research, Inc. This is the firm's first statewide study on the cannabis industry.
The report surveyed cannabis operations across the state of Michigan and was created to empower cannabis licensees to make practical business decisions based on peer feedback.
"The cannabis industry is constantly evolving and facing new challenges, so the need for information will be helpful as the industry evolves," said Chris Rosmarin, CPA, and principal at Rehmann. "Our report offers cannabis licensees some data they may find useful in assessing how they compare to others in the industry, plan for the future as they respond to inquiries from stakeholders."
The featured data includes chief challenges the cannabis industry faces in Michigan, including but not limited to financial management, acquisition operations, compliance requirements, and federal legislation. In addition, the report boasts industry spotlights highlighting actual businesses facing these issues in real-time and recommended solutions.
"This snapshot report underscores our commitment to the cannabis industry and encouragement of its growth across the state," said Erik Schumacher, CPA, and principal of advisory and tax services at Rehmann. "While Rehmann already boasts an impressive cannabis practice group, the report allows industry professionals the opportunity to see data from other businesses and actionable insights from experienced business advisors."
In July, Michigan set a new monthly record for cannabis sales, reaching nearly $210 million, according to data published by the state Cannabis Regulatory Agency (CRA). Recent data also revealed a continuation of medical marijuana sales dropping and adult-use sales increasing.
"Identifying business trends not only provides helpful insights into the status of the industry as a whole but reinforces our devotion to researching, discovering, and producing the latest data that will amplify our clients' business objectives," said Maher Faik, CPA and senior manager of finance and accounting solutions at Rehmann. "We look forward to watching our cannabis practice area grow alongside the industry."
Click here to view the report.
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