Newark, Calif., April 17, 2018—PRESS RELEASE—RoseRyan, the San Francisco Bay Area finance and accounting consulting firm that takes companies further, faster with proven finance solutions, today unveils its Cannabis Solution, according to a press release.
According to the consulting firm, cannabis companies are eager to set up robust finance frameworks to support their rapid growth in the extremely dynamic market. RoseRyan, which was founded in 1993 and enjoys a stellar reputation in the Bay Area, accelerated its involvement in the cannabis market after California voters passed landmark legislation in 2016 legalizing the adult use of recreational marijuana.
“Today, we’re formally introducing RoseRyan’s Cannabis Solution, which tackles cannabis companies’ most pressing finance and accounting needs so they can advance to the next stage, be investor-ready and tap into our strong partner network to help them build their own trusted ecosystem,” explains RoseRyan Vice President Maureen Ryan. “We’re taking best practices from our tech and life sciences experience and bringing it forth, tailored, for the canna industry.”
New Solution Addresses Major Finance Challenges for Cannabis Companies
Attacking the common pain points of cannabis companies, the RoseRyan Cannabis Solution offers:
- A rapid diagnostic review of key finance and business processes to swiftly expose gaps.
- An outsourced finance team to establish a solid finance framework, bringing both strategic-level finance expertise plus day-to-day accounting support. The framework includes best practices, systems and processes for reliable and accurate financial reporting, business planning and forecasting, cash management, inventory tracking and more.
- Guidance on optimal fundraising levels, capital uses and growth plan strategies from the firm’s CFO experts.
- Strategic-level game planning on exit strategies, M&A and partnership scenarios for perpetual readiness for opportunities.
- Access to a wide ecosystem of expert firms including tax, legal, valuation, payroll and marketing, to help companies build up, or round out, their own ecosystem of trusted partners.
The Cannabis Solution uses best practices at every stage of growth, from startup to enterprise.
“I’m impressed with what RoseRyan has brought to the table in terms of a flexible combination of CFO-level thinking and everyday accounting as our outsourced finance team,” says Dr. Paul Lessard, president and chief scientist of Delta 9 Laboratories, a medical and recreational cannabis company based out of Santa Cruz, Calif. “They helped us get our books in order at a critical time with just the right finance expertise for what we needed. I’m confident they will be a valuable resource to those seeking financial compliance and accountability in a newly regulated market.”
New Solution Solidifies the Finance & Accounting Consulting Firm’s Involvement in the Market
In addition to attending numerous cannabis conferences and trade shows, RoseRyan has added its finance and accounting expertise to the field with a number of published articles, a webinar and its own blog series. In June 2017, for instance, the National Cannabis Industry Association published the firm’s look at how to build a company’s financial backbone (RoseRyan has been an NCIA member since 2016). In October, RoseRyan produced a webinar, "The Pot Thickens: Building a Successful Cannabis Business in California," that was covered by Cannabis Business Times. Available as a replay, the one-hour panel of industry experts covers legal considerations, business structures, and several industry issues and opportunities. The consulting firm plans another webinar this year.
RoseRyan first entered the cannabis field in 2014 while providing its small business solution to Nemus Bioscience and playing a critical role in the company, quickly becoming public through a reverse merger.
“We’ve really enjoyed getting to know key players in this space, especially in the white-hot California market,” says Chris Vane, a RoseRyan director. “Despite some unique challenges to this industry, most business issues facing cannabis companies are common to what others in explosive growth markets experience. They need to get their financial house in order.”
He adds, “Our finance solution professionalizes their finance operations, brings CFO-level insights and prepares them strategically for whatever lies ahead. In a highly volatile market, establishing a stable financial framework and a partner ecosystem is critical for success—even survival.”