This week’s Best Buds partner spotlight is on Naomi Granger, C.P.A., M.B.A., and Founder of the National Association of Cannabis Accounting and Tax Professionals (NACAT Pros). Naomi has demonstrated her solid leadership skills and business acumen in several entrepreneurial endeavors, both in and out of cannabis. Get to know Naomi’s unique perspective and impressive impact on the legal cannabis industry.
What inspired you to enter the cannabis industry, and how has your journey been so far?
My journey into the cannabis industry began about seven years ago when I was looking to scale my small accounting practice. A mentor advised me that in order to scale, I needed to pick a niche and become the go-to expert in that niche. I explored a couple of industries, including real estate and professional athletes, before I discovered the cannabis industry. What truly captivated me were the immense opportunities to effect real change and social equity in this country.
Since then, my journey has been incredibly rewarding. I’ve had the privilege of working with dozens of operators, training over 700 accounting professionals, and founding the National Association of Cannabis Accounting and Tax Professionals (NACAT Pros) and the Calculating Cannabis Certification Program.
What are some key challenges you’ve faced while operating in the cannabis sector, and how have you overcome them?
As an ancillary service provider in the cannabis industry, I’ve faced several unique challenges. Two of the most significant have been banking for my business and marketing my services, both complicated by the federally illegal status of cannabis. These obstacles required creative solutions and a proactive approach.
I’ve relied heavily on networking within the industry to overcome these challenges. By building relationships and constantly expanding my professional circle, I’ve identified cannabis-friendly options for essential services like banking and marketing. I prioritize getting out there, attending industry events, and making my name and face known in the cannabis business community.
Another strategy that’s been crucial in overcoming these challenges is the creation of NACAT Pros. Building a network of knowledgeable professionals through this organization has allowed us to collectively address industry-specific issues, share resources, and support each other in navigating the complex landscape of cannabis finance and accounting.
Additionally, staying informed about the evolving regulatory landscape and maintaining the highest professional standards have been vital in overcoming stigma and establishing credibility in this emerging industry.
What has surprised you, in a good way, about the cannabis industry?
I’ve been pleasantly surprised by the spirit of collaboration and community within the cannabis industry. Despite being a competitive market, there’s a strong sense of unity in pushing for positive change and industry growth. The rapid pace of innovation, both in product development and business practices, has also been impressive. Additionally, the industry’s commitment to social equity and its potential to create economic opportunities for communities historically impacted by cannabis prohibition has been inspiring to witness and be part of.
What sets your cannabis products/services apart from your peers in the industry?
At NACAT Pros, we distinguish ourselves through our deep understanding of the critical role that continuing professional education plays in the cannabis industry. We recognize that to truly serve our clients effectively, we need to have a comprehensive understanding of all aspects of the cannabis business landscape.
What sets us apart is our commitment to going beyond just accounting and tax expertise. We actively engage with industry experts from all areas of the cannabis sector – from insurance providers and bankers to technology companies. This approach allows us to gain invaluable insights into our clients’ needs, challenges, and opportunities.
By continuously expanding our knowledge base through these diverse industry connections, we can offer our clients a level of service beyond traditional accounting. We can provide strategic advice that takes into account the unique aspects of the cannabis industry, helping our clients navigate complex regulatory environments, optimize their operations, and make informed business decisions.
Our dedication to ongoing learning and industry engagement ensures that we’re always at the forefront of developments in the cannabis sector. This enhances our ability to serve our clients and positions us as thought leaders in the field of cannabis accounting and finance.
How do you prioritize sustainability and social responsibility in your cannabis business practices?
Sustainability and social responsibility are core values at NACAT Pros. We prioritize these in several ways:
Education: We incorporate modules on sustainable business practices and social responsibility into our training programs.
Advocacy: We actively advocate for policies that promote social equity in the cannabis industry.
Community engagement: We participate in and support initiatives that promote financial literacy and economic opportunities in communities impacted by the War on Drugs.
Inclusive growth: Our mission statement emphasizes “championing opportunities for all,” which guides our business decisions and partnerships.
How do you approach building strategic partnerships within the cannabis industry?
My approach involves:
- Identifying shared values: I look for partners who share our commitment to professionalism, education, and social equity.
- Leveraging complementary strengths: I seek partnerships that allow us to expand our offerings and reach while providing value to our partners.
- Maintaining open communication: Transparency and regular dialogue are key to successful partnerships in this dynamic industry.
- Focusing on long-term relationships: Given the industry’s evolving nature, I prioritize building lasting partnerships that can adapt and grow together.
In what ways do you envision the future of the cannabis industry evolving in the coming year? What big changes are you hoping to see?
Some of the things I want to see in the future are:
- Further legalization: I hope to see progress towards de-scheduling cannabis and treating it like alcohol or tobacco.
- Increased financial services access: As the industry matures, I anticipate improved access to banking and financial services for cannabis businesses, including more access to capital.
- Technological advancements: I expect to see more sophisticated technology solutions for compliance, tracking, and financial management.
- Social equity progress: I hope to see meaningful strides in implementing and expanding social equity programs in the industry.
- Professional standards elevation: With organizations like NACAT Pros leading the way, I anticipate a continued rise in professional standards and specialized expertise in cannabis finance and accounting.
Anything you’d like to add, but we haven’t asked *just* the right question?
I’d like to emphasize the importance of financial literacy and professional accounting practices in the cannabis industry. As the sector continues to grow and attract investment, having solid financial foundations is crucial for businesses to thrive and for the industry to gain credibility. Through NACAT Pros, we’re not just training accountants; we’re helping to build a more robust, transparent, and professional cannabis industry. I believe this work is essential for the long-term success and sustainability of the sector, and I’m excited to continue leading these efforts.
