CannaBIZ Collects

How can plant-touching companies implement best practices for accounts receivable and break the cycle of debt? We got all of the insight from Brett Gelfand, managing partner at St. Petersburg, Florida-based CannaBIZ Collects and founder of the Cannabiz Credit Association. Check out what he had to say here: https://bit.ly/3WUuV4p (Photo courtesy of Cannabiz Collects)

Here’s how we got a client paid rapidly after 100 days of silence. A packaging company was sitting on $5300 of debt that was going stale. They’d made 35 phone calls and sent 15 emails chasing payment. Their president had been roped in and spent weeks trying to collect with zero response. After 100 days, they reached out to CannaBIZ Collects for help. We initiated contact within 3 days of receiving their claim. My team tightened the screws through our understanding of the psychology of collections. Our formal demand letters and established industry presence create immediate urgency. We know exactly what language motivates debtors to prioritize payment. We got a settlement in just 13 days after more than three months of no communication. Hiring a professional collection agencies shifts a debtor’s payment priorities immediately. When debtors see our name, they know it's serious. So whether you're owed $5,000 or $500,000, we apply the same proven process. Don’t waste precious time and energy chasing AR over 90 days. Your chances of collecting it alone are slim. Focus on growing your business and give me a call to help with unblocking communication with your debtors.

NO ONE is talking about the horse trading going on between the MSOs… Here’s the uncomfortable truth: Some of the biggest MSOs owe millions in AR (accounts receivables). They owe: 1. Brands 2. Vendors  3. Suppliers 4. And each other! Now we all know this has been an issue in California. But we’re now seeing the AR bubble expand in other states, like: 1. MA 2. AZ 3. IL 4. FL This is hardly NEW news. Brett Gelfand has been talking about this problem on his LinkedIn. But perhaps the most interesting AR story is the horse trading between MSOs. Here's how it works: 1. MSO 1 owes MSO 2 money 2. Instead of paying, they swap product 3. AR stays the same, but revenue is recognized What portion of their sales are driven this way?? It's affecting everyone: — Consumers have limited choices — Brands can't get on shelf — Vendors go unpaid All because the MSOs are just trading IOUs. And so everyone LOSES! Anyone got the goods on this problem and care to share??

🎙️𝗖𝗮𝗻𝗻𝗮𝗰𝘂𝗿𝗶𝗼 𝗣𝗼𝗱𝗰𝗮𝘀𝘁 𝗘𝗽𝗶𝘀𝗼𝗱𝗲 𝟳𝟬 𝗷𝘂𝘀𝘁 𝗱𝗿𝗼𝗽𝗽𝗲𝗱!🎙️ In our latest #CannacurioPodcast, host Ed Keating sits down with Brett Gelfand, Managing Partner at the Cannabiz Credit Association. Dive into the world of #cannabis #creditriskmanagement as Brett shares exclusive insights into the challenges and solutions shaping the cannabis industry's financial landscape. 📌 What you'll learn: • The role Cannabiz Credit Association plays in mitigating credit risks for cannabis businesses. • How CannaBIZ Collects is helping businesses recover debts and maintain financial health in a challenging market. • The importance of fostering transparency and collaboration across the cannabis supply chain. • Plus, a little backstory on how Cannabiz Media and the Cannabiz Credit Association were destined to collaborate, integrating their data sets into our platform! You don't want to miss Brett's expert take on how cannabis businesses can protect their financial stability while driving sustainable growth. Plus, learn how tools like CannaBIZ Collects provide real solutions for navigating credit challenges. 🎧 Listen now: bit.ly/CannacurioPod70

No collection. No fee. Stop by our booth to connect with our team. Booth #7112. See you tomorrow at MJBiz

For everyone concerned about not getting paid in cannabis. It's vital to do your research and make decisions based on fact. Not feeling. Join the Cannabiz Credit Association today with leading brands to contribute to our $1B+ data pool. And access to 8,000+ individual claims sent to collections through our partnership with CannaBIZ Collects.

At CannaBIZ Collects, we see this firsthand. We’ve processed over $150 million in aging AR for cannabis brands, helping them recover what they’re owed and strengthen their credit strategies. But it takes more than just collecting—it requires a proactive, well-structured AR strategy to prevent cash flow issues. Is your AR protected? If your company is struggling with overdue accounts, we’re here to help. Reach out, and let’s discuss how to safeguard your cash flow and vet new accounts with confidence.

We are excited to share that our Principal, Brett Gelfand will be speaking at #MJBizCon! Let's catch up in Vegas this Dec 3-6. Get your ticket today! Here's a 20% off promotion code: MIGL24SPK. See you there! https://lnkd.in/ghrHKnWA

Thanks Fat Nugs Magazine for shedding the necessary light on this topic. Collections has been an absolute epidemic in cannabis today. Our teams at CannaBIZ Collects and Cannabiz Credit Association are working tirelessly to help recover past due debts and provide credit reporting to mitigate these risks for cannabis operators in the future.

In 2017 I was pitching cannabis companies to collect their money through the first cannabis-focused collection agency, CannaBIZ Collects. The majority of objections: -I don't need help collecting (odd since many of these debts were 6+ months old) -I can't "afford" to pay a fee upon successful recovery (even though at that point they received $0 from the sale) -My reputation would be at risk to use a collection agency (my favorite. how somehow you are the bad one when you have been robbed..) Today, our firm represents over 1,000 clients who understand the importance of leveraging a collecting agency to work their no-pay accounts on a no collect, no fee basis. And save their time to foster positive relationships. The brands that tried to "collect themselves" are usually the ones left with nothing, when their debtors went out of business. Now, in 2024, we are pitching cannabis companies to help prevent these collection issues via the first cannabis credit reporting platform Cannabiz Credit Association. The majority of objections: -I know who pays and who doesn't (although most of these are actively sending claims to collections) -I can't afford $100-200/month for insights on credit risk. I'd rather take the risk and then see if I get burned. (not kidding, we hear this daily) -I don't understand how to make credit decisions, so we just extend net 30 and pray we survive (it hurts...) The cannabis industry is maturing fast. Those who invest in process and tools to prevent risk, will not only survive, but maintain an edge against competition by having stronger cash flow to invest in their business. Those that will try to do it all themselves, without any knowledge of how to do so, are the ones we are seeing closing up shop. Moral of the story. Be humble. Invest in your business. And... Submit your past due AR to www.cannabizcollects.com. And join the CCA today: www.cannabizcredit.com.