Expansion and Location Economics
Before signing a lease or chasing a municipal permit, the analysis needs to answer three things: the fully loaded cost of entry including permitting and build-out, what the location earns after MCROT and zoning constraints at realistic volume, and what it does to consolidated cash during ramp-up.
We build the pro forma off comparable operating data instead of optimistic guesses and stress-test it against a downside case, because a second dispensary is exactly where undercapitalized operators trip up. Cross-border traffic near the Wisconsin, Indiana and Missouri lines gets modeled explicitly where it's a real driver.
- Local tax, permitting and build-out cost modeling by municipality
- Ramp-period cash requirement and break-even analysis
- Consolidated impact on covenants, tax and working capital
- Vertical integration analysis by function, not by assumption
Transactions, Diligence and Valuation Support
Cannabis deals turn on license transferability, inventory accuracy, tax exposure and record quality — and in Illinois, on social equity ownership covenants that can restrict transferability outright. Buyers discount heavily for uncertainty, and sellers with clean books get materially better terms.
We support either side: sell-side prep and normalization, buy-side diligence focused on inventory and 280E exposure, purchase price allocation, and post-closing integration of accounting systems.
Internal Controls for Cash-Heavy Operations
Loss prevention is a margin issue. We design the control environment: segregation of duties, approval thresholds, vault and till procedures, count discipline, vendor onboarding, and system access review.
Controls matter to outsiders too — an operator with documented controls is a stronger candidate for banking, insurance, lending and acquisition.
Systems Selection and Implementation
The right tech stack depends on scale and complexity — a single dispensary needs something very different from a vertically integrated operator running cultivation, infusion and multiple stores. We evaluate accounting platforms, POS, BioTrack integration, inventory and production modules, and AP and expense workflow.
We also implement — data migration, chart of accounts mapping, integration testing and staff training — rather than just handing over a recommendation memo.
Turnaround and Financial Distress
When an operator is behind on taxes, stretched with vendors and short on cash, the order of operations matters: stabilize cash, get an accurate read on total liabilities, prioritize obligations by consequence, negotiate arrangements, and rebuild margin.
We're candid about what's actually recoverable. Some businesses can be repaired; others should be sold or wound down deliberately rather than allowed to erode to zero.
