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Why aren’t your cannabis customers paying you?
California cannabis companies’ recent attempts to recoup substantial debts have many in the industry asking: How did this credit crisis happen, and how can my company prevent similar issues?
The problem with extending credit is that unless you evaluate the credit worthiness of a company you are extending credit to, you may be taking an unreasonable risk.
One issue is that most cannabis companies that are extending credit do not have a formal “accounts receivable” or “credit” department to help manage the order-to-cash process.
Sam Fensterstock These facilities exist to ensure that customers are held to their credit terms and that payments are collected in a timely manner.
Not having these controls is probably the biggest mistake a cannabis company can make.
If you are extending credit, you must have a process in place to manage and ensure consistent cash flow to meet your company’s operating needs.
Here are four things that you need to consider if you want to extend credit and get paid for your products and services:
1. Hire an accounts receivable/credit manager
If you are going to extend credit, you need to hire a credit manager to oversee the credit-granting process, including developing and consistently applying the company’s credit policy, as well as managing and collecting the accounts receivable and the dispute-resolution process.
Periodically, the credit and collections manager will also review the credit status of existing customers and be responsible for evaluating the creditworthiness of potential customers.
The net result: increased sales, fewer bad debts, and a better bottom line.
2. Implement a credit application and credit-approval process
A credit application is a contract between buyer and seller. It provides basic information about your customer’s business and is one of the primary tools available for protecting your company and controlling credit risk.
Even customers who pay COD (cash on delivery) should fill out a credit application.
Securing a credit application does not guarantee payment, but it is one of the more significant documents to assist in making good credit decisions and collecting past-due accounts receivable and collection fees.
One of the biggest challenges to the cannabis market is making good credit decisions.
In the traditional B2B market, sellers have the luxury of access to credit data on both public and private companies through leading credit bureaus like Dun & Bradstreet, Experian and Creditsafe.
While none of these providers have cannabis-specific data, many are now gathering data about the cannabis market and have trade lines, UCC (Uniform Commercial Code), lawsuits and tax lien data available.
The No. 1 reason a small business fails is not paying taxes, and the leading credit bureaus all have monitoring and alert services to track this information.
3. Implement a collection strategy
In the traditional B2B trade credit world, if a customer has Net-30 payment terms, and they have not paid by day 31, they are considered past due and delinquent.
Mainstream companies have collection strategies detailing how to deal with customers that are past due and severely past due.
If you are extending Net-30 terms, when a customer is 90 days past due, they are considered seriously delinquent.
Given the volatile nature of California’s cannabis market, we believe a customer that is 60 days past due should be considered severely delinquent.
Here is a sample collection strategy to help manage a customer on credit terms:
- Five days before the invoice is due, an email is sent out with copies of the outstanding invoices.
- The day before the invoice is due, an email reminder is sent with a link to pay online as well as details about where to send a payment.
- On day 31, if the invoice is not paid, an email goes out letting the customer know that they are now past due.
- On day 35, if the invoice is not paid, a phone call is made to collect payment.
- On day 40, an email demand is sent and a phone call is made.
- On day 47, an email demand is sent and a phone call is made.
- On day 52, a “past due” email is sent
- On day 60, a “final demand” email is sent, letting the customer know that if payment is not received within 10 days, the account will be referred to a collection agency.
- On Day 70, if no payment has been received, the account is sent to a collection agency.
4. Have a formal policy that moves nonpaying customers to collection
In the B2B collection market, average gross recoveries are in the 35% to 40% range, and the average account is placed at around 150 days past due.
In the cannabis market, however, recoveries are in the 15% to 20% range, and the average collections placement is 285 days past due.
Why?
Most debt in the cannabis market is uncollectable because companies do not have good internal collection strategies and hold on to nonpaying customers far too long.
Many times, when a placement is that delinquent, the customer is already out of business or uncooperative, and the only recourse is litigation.
Here are five signs that your cannabis customer may need to be placed for collection:
- Your customer is over 60 days past due.
- Your customer is not returning your phone calls or emails.
- Your customer is purchasing erratically.
- Your customer has stopped buying.
- You receive negative trade information about the customer from other suppliers.
About 50% of payment issues are caused by companies not having the right process and people in place to manage order to cash.
To make sure your cannabis customers will pay you, implement the above four steps, and you should see a big difference in a short period of time.
Sam Fensterstock is the senior vice president of business development at AG Adjustments (AGA), a global provider of third-party commercial collection services that has a focus on the cannabis market. You can reach him at samf@agaltd.com.
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Decrease Opiate Addiction: Evidence Based Medicine- Cannabis #facts #shorts
@MedicalDoctorThomas Reduce opiate use and help fight the opioid epidemic with help from cannabis. Can Cannabis improve physical health and provide a better quality of life?Here is the FREE full video: https://youtu.be/qaMW2-Gyexc
I separate scientific fact from fiction by reviewing powerful research to help give anyone the knowledge base to confidently discuss cannabis with others.
Our review today will help you understand if medical cannabis can improve a patient’s quality of life, bodily pain, their physical health functioning, as well as social functioning. If opiate-based pain medication may be reduced or even ceased with help from medical cannabis. And the important role medical cannabis may have in significantly impacting the opioid epidemic.
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Kentucky To Allocate $42 Million For Psychedelic Research
Kentucky will devote tens of millions of dollars in support of psychedelic research as part of its fight against opioid addiction, the state announced on Wednesday.
At a news conference held by the Kentucky Opioid Abatement Advisory Commission, state Attorney General Daniel Cameron detailed the commission’s plans to explore new treatments for individuals suffering from those affected by opioid use disorder, a commitment that will include the allocation of more than $40 million for psychedelic research.
“We cannot continue to lose over two-thousand Kentuckians [to addictions] each year,” Cameron said, as quoted by Psychedelic Alpha.
In the announcement, the commission said that its proposal includes “investigating new treatments to reverse the chemical effects of opioid addiction, including opioid withdrawal.”
“Kentucky must overcome the opioid epidemic by any and all means necessary,” said Bryan Hubbard, Chairman and Executive Director of the Kentucky Opioid Abatement Advisory Commission (KYOAAC). “As we begin the next phase in our fight against this crisis, we must explore any treatment option that demonstrates breakthrough therapeutic potential. Our goal is to investigate the creation of a new standard for treating opioid dependence, so we can finally end this cycle of pain in the Commonwealth.”
At Wednesday’s news conference, Hubbard said that “over the coming months, the commission will explore the possibility of devoting no less than $42 million over the next six years to the creation of public-private partnerships which can incubate, support and drive the development of ibogaine all the way through the FDA approval process,” according to Psychedelic Alpha.
The money will come from a $26 billion settlement reached last year between multiple state and local governments and some of the country’s largest pharmaceutical companies over their role in creating the opioid epidemic.
The Kentucky Opioid Abatement Advisory Commission was created last year and charged with the task of distributing the more than $842 million that was awarded to the Commonwealth in last year’s settlements.
“The Commission is comprised of nine voting and two non-voting members and includes stakeholders from, among others, the prevention and treatment community, law enforcement, and victims of the opioid crisis,” the commission’s website explains.
The settlement resolved “more than 4,000 claims of state and local governments across the country,” according to Cameron’s website, and it was “the second-largest multistate agreement in U.S. history, second only to the Tobacco Master Settlement Agreement.”
“Tentative settlement details were initially announced on July 21, 2021, and, after careful review, Attorney General Cameron signed the settlement on behalf of the Commonwealth. He was joined by a broad coalition of states and subdivisions in joining both settlement agreements, one with opioid manufacturer Johnson & Johnson and another with the three pharmaceutical distributors: AmerisourceBergen, Cardinal Health, and McKesson,” the website explains.
“The two settlement agreements require the distributors and J&J to pay billions of dollars to abate the opioid epidemic, totaling $26 billion over 18 years, with approximately $22.7 billion available for opioid abatement.”
Cameron appointed Hubbard to oversee the commission last year.
At Wednesday’s news conference, Hubbard expressed urgency to stem the tide of the epidemic.
“We must overcome the opioid epidemic by any and all humanitarian means necessary,” Hubbard said, as quoted by Psychedelic Alpha. “Our history demands it.”
According to the Centers for Disease Control and Prevention, the “number of drug overdose deaths increased by nearly 30% from 2019 to 2020 and has quintupled since 1999.”
“Nearly 75% of the 91,799 drug overdose deaths in 2020 involved an opioid. From 2019 to 2020, there were significant changes in opioid-involved death rates,” according to the CDC.
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Did You Know You Can’t Smoke Weed in Amsterdam’s Red Light District Anymore?
Amsterdam’s renowned Red Light District witnessed the dawn of a new era on Thursday as a ban on smoking cannabis on the streets came into force. This significant development is a critical component of a comprehensive city-wide initiative spearheaded by Mayor Femke Halsema, aimed at enhancing the overall livability of this famous district for its residents and workers. By implementing this ban, the city intends to address the concerns and challenges associated with the prevalent cannabis culture and create a more hospitable environment for those who call this area their home or workplace.
The ban’s implementation stemmed from a genuine concern to mitigate the adverse effects of mass tourism and tackle the persistent problems of alcohol and drug abuse that have burdened the residents of Amsterdam’s historic old town. Undoubtedly, the Red Light District’s allure, characterized by its brothels, sex clubs, and marijuana cafes, has magnetized millions of tourists annually. However, the local community has deeply felt the unintended consequences of this popularity.
The surge in tourist activities has inadvertently fueled the proliferation of street dealers, resulting in heightened crime rates and an overwhelming sense of insecurity within the district. This undesirable atmosphere has detracted from the quality of life for the area’s residents, who have long grappled with the disruptive presence of intoxicated visitors and the associated issues that arise from such behavior. Recognizing the urgent need for change, the Amsterdam city council responded by taking decisive action to improve the situation.
Ban Details and Enforcement
Signs were posted throughout the canal-lined neighborhood to inform residents and visitors of the smoking ban. Violators of the ban will face a fine of €100 (approximately $110). The ban only applies to smoking cannabis on the streets, while smoking inside and on the terraces of coffee shops selling marijuana and hash is still permitted. The ban’s introduction is a step towards reducing nuisance and improving the overall experience for those residing and working in the Red Light District.
Mayor Femke Halsema, Amsterdam’s first female mayor, has led initiatives to enhance conditions within the Red Light District. In 2019, she presented four potential scenarios to protect sex workers from degrading conditions, combat crime, and mitigate the impact of tourism. These scenarios included closing the curtains on windows to prevent sex workers from being seen from the street, reducing the number of window-style rooms, relocating brothels to other areas of Amsterdam, and exploring the concept of a dedicated sex worker “hotel.” These proposals were open for discussion and aimed to protect sex workers from exploitation, maintain their privacy, and address issues like human trafficking.
Mayor Halsema’s proposals were not haphazardly imposed but developed through extensive consultation and engagement with key stakeholders. Recognizing the importance of inclusivity, sex workers, residents, and businesses were actively involved in shaping the potential changes that could impact the Red Light District.
In July, discussions were held to create an inclusive platform where all interested parties could express their viewpoints, concerns, and ideas regarding the proposed plans. This collaborative approach sought to ensure that the policies and measures implemented genuinely reflected the needs and aspirations of those directly impacted by the district’s transformation.
This inclusive and participatory approach promotes transparency and ensures that the policies developed are well-rounded, practical, and sensitive to the unique dynamics of the Red Light District. By valuing the input of all stakeholders, Amsterdam aims to foster a sense of ownership and collective responsibility for the district’s future direction.
Revamping the Area’s Image
Amsterdam has historically been a popular tourist destination, with a significant portion of its tourism industry revolving around the Red Light District. However, city officials now envision transforming the De Wallen neighborhood into a place where visitors can embrace its distinctive heritage, architecture, and culture, moving beyond the focus solely on sex and drugs. To achieve this, various initiatives have been implemented over the years to mitigate the impact of mass tourism and address the issues associated with nuisance visitors.
In 2020, guided tours that passed by sex workers’ windows were banned, and ongoing discussions are taking place regarding the potential relocation of window brothels to areas outside the city center. These actions are part of a broader effort to revamp the image of the Red Light District. Alongside the smoking ban, other measures have been introduced to promote the neighborhood’s cultural and historical significance.
The city’s objective is to showcase the area’s architectural heritage and provide visitors with opportunities to explore its cultural offerings beyond the context of sex and drugs. This approach is intended to draw a broader spectrum of tourists who can genuinely appreciate the Red Light District for its fascinating history, distinct charm, and artistic value.
Conclusion
The recent implementation of a smoking ban on cannabis in Amsterdam’s Red Light District signals the start of a fresh chapter in the continuous endeavors to enhance the neighborhood’s conditions. Mayor Femke Halsema’s leadership and cooperation with stakeholders have played a pivotal role in paving the way for comprehensive changes. These changes are focused on safeguarding the well-being of sex workers, diminishing crime rates, and fostering a more enjoyable environment for both residents and workers.
Like many other popular tourist destinations, Amsterdam has faced the challenges brought about by mass tourism. However, the city is determined to address these challenges head-on and reshape the image of the Red Light District for the better. By emphasizing the neighborhood’s heritage, architecture, and culture, Amsterdam aims to redefine the district and ensure its long-term sustainability.
The city recognizes the need to move beyond the Red Light District’s notorious reputation and showcase its hidden gems and cultural significance. Through a series of proactive measures and inclusive decision-making processes, Amsterdam is actively working towards transforming the district into a place that can be appreciated for its unique offerings beyond the stereotypes and misconceptions.
AMSTERDAM’S CHANGING WEED GAME, READ ON…
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Medical Marijuana (Cannabis) for Psoriasis
Jenny of Palo Alto, CA has Psoriasis. And, over the course of her life it’s taken her on an emotional roller coaster ride – from embarrassment to frustration to a loss of hope. She’s turned to me seeking more information on using medical marijuana for her Psoriasis. Here’s her story…Watch to find out about current research on medical marijuana for Psoriasis and hear about the results I’ve seen in my own patients with Psoriasis.
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WATCH: NC House Committee discusses medical marijuana bill
The House Health Committee is expected to take up the Compassionate Care Act, which is a bill that would make it legal for some people to use medical marijuana.Story: https://abc11.com/medical-marijuana-north-carolina-legislation-general-assembly/12821013/
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Dangers Of High Potency Cannabis For Teens
Colorado, the first state to legalize recreational marijuana, took a big step last month when the Governor signed a law putting purchase limits on the amount of high potency THC products consumers can buy. This comes after concerns they may lead to health struggles in young people.» Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC
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Medical marijuana proposal impacts research
Medical marijuana proposal impacts research
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CBD store busts myths about products derived from marijuana
CBD store busts myths about products derived from marijuana
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High Tech: Inside a Cannabis Testing Lab
In states where it’s either legal for medicinal or recreational use, Cannabis testing is done in laboratories.Just as your bottle of beer is tested and labeled for alcohol content before it makes it to the grocery store, legalized marijuana undergoes rigorous testing before it appears in a safe, accurately labelled jar at your local dispensary.
Here’s an inside look at the science labs use to do it.
Read More: https://www.digitaltrends.com/cool-tech/how-cannabis-testing-works/
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