Licensed Cannabis-Related Businesses (CRBs) in the U.S. face unique challenges due to federal barriers to banking, security concerns, and regulatory complexities. Most CRBs operate as cash-only businesses, exposing them to security risks and challenging compliance with federal regulations due to the absence of a paper trail. In the regulatory quagmire of the current legal cannabis industry, one solution that has proven immensely valuable is the partnership between licensed cannabis businesses and professional payroll companies. Steven Suissa of SHS Payroll notes that cannabis-friendly banks do exist, and securing a qualified payroll service to partner with one of these banks is a critical business function incumbent on forward-thinking licensed cannabis companies. This article will discuss the five advantages of outsourcing payroll to an experienced cannabis industry payroll processor. Using a professional payroll service aware of the nuances of the cannabis industry is a critical business function, providing several distinct advantages contributing to the long-term success of a CRB:
- Streamlined Compliance
- Expertise in Wage and Hour Laws
- Enhanced Security
- Cost Efficiency
- Focus on Core Operations
Download The Incalculable Benefits of SHS Payroll: Outsourcing Cannabis-Related Business Payroll
