In this month’s member spotlight, we check in with the team at Yerba Buena Farms, based in Oregon. Yerba Buena was recently named one of the top 100 green companies to work for in Oregon. Operations Manager Laura Rivero tells us more about their company and the way they manage their staff through self-care “wellness days” and volunteering for charitable organizations.
Yerba Buena Farms
Cannabis Industry Sector:
Cannabis Cultivation
NCIA Member Member Since:
May 2017
Tell us a bit about your background and why you launched your company?
We launched YB with the intention of bringing a holistic approach to the cannabis business. These include fair labor practices, research and innovation, organic practices, sustainability, and bringing a diverse group of people together to achieve a common goal.
What unique value does your company offer to the cannabis industry?
Our company is focused on consistency and quality in both our product and business practices while maintaining full compliance and integrity. We are helping to set standards across the board, elevating the cannabis industry as a whole and inspiring others.
Cannabis companies have a unique responsibility to shape this growing industry to be socially responsible and advocate for it to be treated fairly. How does your company help work toward that goal for the greater good of the cannabis industry?
We do the right thing every day and with every decision. It is not always about the bottom line and the ability to cultivate a socially responsible organization is a key benchmark in our organization. We have been recognized in every sector of the industry and beyond for exemplary practices, and we are committed to pushing the envelope to increase the standards for other businesses, regardless of their industry. We were the first (and so far only) cannabis company to make the 100 Best Green Workplaces in Oregon, placing 9th, and shining a light on this industry as a potential leader in sustainable business practices.
We participate in organizations that are helping push forward positive change and standards, such as the Cannabis Certification Council (CCC), which is dedicated to setting national organic and fair labor standards for cannabis, the Oregon Cannabis Association (OCA), which is dedicated to protecting the cannabis industry on local, state, and federal levels, and we are part of the Resource Innovation Institute (RII), which leads in sustainable design and resource efficiency for the cannabis industry.
In addition to participating in other organizations that are making a difference, we understand that it all truly starts within our own organization. We are committed to paying our employees a family wage and provide excellent health benefits that are covered 100% by the company. We have monthly wellness days to promote self-care and teach personal wellness strategies, as well as regular get-togethers and team building events. Our team volunteers with many charitable organizations in order to give back to our community in a more meaningful and interactive way. We provide in-depth training to all of our employees on all areas of cannabis in order to increase the ambassadorship of our company. We take the opportunity and responsibility to be leaders in this industry and help to shape it to become a legitimate and respected part of the national economy, reducing the unfounded stigma, and allowing cannabis to change the world for the better.
What kind of challenges do you face in the industry and what solutions would you like to see?
Access to information both internally and externally. The industry does not have modern operating systems to adequately manage the business of cannabis production, forcing us to create our own solutions internally at great expense. Externally, banking and taxation are two areas where YB would like to see national solutions.
Why did you join NCIA? What’s the best part about being a member?
We joined NCIA because of the work accomplished and in progress on a national and state level. NCIA has represented this plant for years, and we are excited to support these efforts. The information provided by the NCIA regarding market trends, pricing, state-specific data, etc., is incredibly valuable.
Last month, more than 250 cannabis industry professionals came to D.C. for NCIA’s 7th Annual Cannabis Industry Lobby Days. In this month’s video newsletter, we capture highlights from this energizing two days of advocacy, education, and community. Watch the video to re-live the experience, or live vicariously through your fellow NCIA members. And plan to join us next year to add your voice!
Were you there? How did your meetings on Capitol Hill go? What was your favorite part of the experience? Please send a brief testimonial of your experiences to NCIA Communications Manager Bethany Moore by emailing bethany@thecannabisindustry.org.
Thank you to the co-chairs of NCIA’s Policy Council for their premier sponsorship of our 2017 Cannabis Industry Lobby Days:
Member Blog: How to Build a Financial Backbone for Your Cannabis Company
As cannabis laws liberalize across the nation, entrepreneurs and emerging companies are racing to make their mark and stake their claim in the market. The road to legitimacy goes beyond votes, however—it requires companies wanting to play a significant role in this market to grow, attract investors, and constantly prove their credibility and worth.
A focus on the finance and accounting side of the business will make a difference in setting apart companies as the competition continues to heat up. Here are five key ways to elevate as a qualified, proficient operation.
View financial discipline as a necessity. Financial statements are the language of business. Accurate and timely financial reports don’t tell you how to run the business but show you how well it’s doing. Which product lines are turning a profit? What do the trends tell you? How does cash flow look over the next couple of months—and year? Are you properly accounting for all costs to accurately track margins?
The questions are many, and only with a solid accounting foundation to provide management with the answers you need—and reliable financial statements to tell the story—can you confidently move forward with decision-making.
Bolster your internal controls. Here’s a scary thought: 75% of companies experience fraud, and in most cases, the biggest fraud threat comes from within. In this industry, the threats are even higher as long as issues at the federal level keep companies mostly cash-based operations.
To ensure checks and balances exist, a working set of internal controls is critical. For instance, do you have adequate segregation of duties, or does one person have a hand in everything? Do you perform regular cycle counts in inventory? Your internal controls can ensure that you’re keeping tabs on critical items—a must for meeting the evolving tracking and tracing requirements set by the cities, counties, and states where you do business. The controls can be simple, designed for the size of your company, but be sure they can scale as you grow.
Be ready for investors. Even if you’re nowhere near a funding round or an exit seems a lifetime away, it’s always smart thinking to factor in what investors want. They’ll want to know your history and to see whether the business is well run. Reliable financial statements are one way to get their attention. You’ll also need to show them key performance metrics, specific to your business, that you’ve tracked over time.
They’ll be most interested in signs of financial discipline that you’ve ideally ingrained in the business. This discipline reflects favorably on management in any industry and drives home management’s capabilities to investors.
Be nimble. Successful companies look to today (day-to-day operations), tomorrow (what’s needed in the next 12-18 months) and the future (3-5 years). Their strategic planning efforts make room for pivoting for the unexpected. By making sure their financial plans are in sync with other operational plans, companies can pull off fast moves smoothly with full awareness of how one change impacts another part of the business and the company as a whole. Being nimble allows you to pivot, as necessary, when market forces out of your control (new regulation or a sudden surge in orders) require you to consider alternative moves.
Calibrate for rapid growth. Plot out the critical resources you’ll need as you progress through the phases of your business. This means striking the right balance with the people you hire and outsource, the processes you adopt, and systems you put in place.
It’s especially important to master this skill when the company is in rapid growth mode and looking to ramp up. It may be time for a big upgrade, for instance, if your current systems can’t track inventory. Dealing with an overstretched team? Expanding too quickly could alleviate the issue, but if revenue doesn’t pan out as expected, you could end up in a bind.
Get Ahead of the 8 Ball
As finance and accounting consultants who help businesses navigate the ever-changing environment in California, we know that both landmines and opportunities await businesses in the legal cannabis market. Cannabis companiesare preparing for the real possibility of hyper-growth and increased competition but need to tread carefully to avoid burning out before that day comes.
What’s going to set your company apart from every new competitor that muscles its way in? Financial discipline—companies need to step up their game to put themselves on the same playing field where others already are and to stay competitive as newcomers enter the market. If done correctly, your financial infrastructure will help to guide your decisions, tell your story to those who evaluate your growth capital needs, and scale with you. Prioritize it if you want a prominent spot on the playing field.
Maureen Ryan, vice president, heads up business development at finance and accounting consulting firm RoseRyan. From the early startup to the large enterprise, she has seen the emotional rollercoaster of finance challenges at cannabis businesses, tech companies and other fast-paced organizations. She can be reached at mryan@roseryan.com.
Chris Vane is a director at RoseRyan, where he leads the development of the firm’s cleantech and high tech practices. He helps fast-moving companies calm the chaos with precision finance at any stage. He can be reached at cvane@roseryan.com.
52% of American adults have tried cannabis at some point in their lives.
22% of Americans use cannabis. 63% of cannabis users are regular users.
About half of cannabis users are parents: 54% of cannabis users and 51% of those who use cannabis regularly (at least once a month).
56% of Americans think that cannabis use is socially acceptable.
Over half of Americans don’t think less of professionals or athletes for using cannabis in their free time.
79% of Americans would lose respect for parents who use cannabis in front of their children.
27% of those who don’t use cannabis say the main reason is its legal status under federal law.
Cannabis users are open about their use. 95% of them have told their significant other and close friends about their use. 72% told their parents about use. 60% told their kids.
CBS released a poll that surveyed voters about the legality and health effects of cannabis on April 20th, 2017, and below is a list of key findings:
71% would oppose a federal government crackdown on cannabis sales in states where cannabis is legal.
65% of voters believe cannabis is less dangerous than other drugs.
53% believe it is less dangerous than alcohol.
Quinnipiac University released a poll that surveyed American voters on April 20th, 2017, and here are the key findings on cannabis:
76% of people think that the drug classification of cannabis should be lowered.
An overwhelming majority of people, 94%, believe that doctors should be able to prescribe medical cannabis to patients.
60% of voters believe that cannabis should be legal in the U.S.
The findings from these polls show that there is an overwhelming amount of support for cannabis legalization despite its legal status and current drug scheduling. With this much support, having the drug rescheduled and national legalization are now realistic concepts.
Sarah DeMeo is a Public Affairs and Policy Intern at CannaCraft, Inc., the parent company of Care by Design. She has an interest in where both citizens and lawmakers stand on cannabis, and how their standings impact cannabis legislation. She is pursuing degrees in business and statistics. In her free time, she enjoys reading, writing, and hiking.
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Yerba Buena Farms
What unique value does your company offer to the cannabis industry?
In addition to participating in other organizations that are making a difference, we understand that it all truly starts within our own organization. We are committed to paying our employees a family wage and provide excellent health benefits that are covered 100% by the company. We have monthly wellness days to promote self-care and teach personal wellness strategies, as well as regular get-togethers and team building events. Our team volunteers with many charitable organizations in order to give back to our community in a more meaningful and interactive way. We provide in-depth training to all of our employees on all areas of cannabis in order to increase the ambassadorship of our company. We take the opportunity and responsibility to be leaders in this industry and help to shape it to become a legitimate and respected part of the national economy, reducing the unfounded stigma, and allowing cannabis to change the world for the better.
Access to information both internally and externally. The industry does not have modern operating systems to adequately manage the business of cannabis production, forcing us to create our own solutions internally at great expense. Externally, banking and taxation are two areas where YB would like to see national solutions.
Be ready for investors. Even if you’re nowhere near a funding round or an exit seems a lifetime away, it’s always smart thinking to factor in what investors want. They’ll want to know your history and to see whether the business is well run. Reliable financial statements are one way to get their attention. You’ll also need to show them key performance metrics, specific to your business, that you’ve tracked over time.
Maureen Ryan
Chris Vane
Sarah DeMeo is a Public Affairs and Policy Intern at CannaCraft, Inc., the parent company of