LOS ANGELES — GreenGrowth CPAs, an accounting and professional services firm serving the cannabis industry, has released the industry's first Cannabis CFO Survey.
The 22-page report analyzes business and market outlook data from more than 75 cannabis industry CFOs, CEOs, founders, controllers, and other financial leaders in 20 markets throughout the U.S. Topics addressed in the report include perspective on the cannabis business environment, progress recovering from the COVID-19 pandemic, outlook on raising capital, and assessing the potential impact of the Biden administration.
Notable highlights from the 2021 Cannabis CFO Survey include:
- 70.2% of cannabis operators feel the cannabis business environment is improving — but only 28% of cultivators agree.
- 18.2% of operators are stronger financially today than before the COVID-19 pandemic.
- 79.2% of operators are planning to raise capital, 19.5% through an IPO/RTO go-public transaction.
- 62.4% don't think the Biden administration supports cannabis, and 41.6% think we are more than 5 years away from federal legalization.
The insights in the 2021 Cannabis CFO Survey were self-reported by a blend of multi-state operators, retailers, cultivators and ancillary service providers throughout the cannabis industry.