Time Is Money | Cannabis Credit & Collection Best Practices
In this session we will cover the growing issue of bed debt in the cannabis industry and best practices regarding credit and collections. Since banking and working capital financing is still difficult in our industry, cannabis companies are utilizing trade credit to increase sales and maintain an advantage in a highly competitive marketplace. Since there is very little credit data and tools available to make educated credit decisions, cannabis companies are experiencing severe pain points with customers owing them money or being paid late. This leads to a ripple effect of cash flow concerns across the industry. Many canna-companies either do not have the resources or have not focused on establishing a strong credit and collection process before entering into transactions with their customers. In this session, we will uncover ways to position your company to make better credit decisions and what steps to take, if in fact a customer decides to not pay on time. With these tools, your company can be in a much safer position to conduct business without the great risk of losing valuable cash due to delinquent accounts.