Christopher Taylor, who recently ran his own accounting firm, has been hired as the first finance chief for Promap Corp. of Colorado Springs, Colo., which will soon be called Advanced Cannabis Solutions Inc.
Taylor’s firm specialized in auditing the books of medical marijuana businesses in Colorado, though he says he isn’t an avid marijuana user himself, CFO Journal reported. The company won’t produce, sell or distribute marijuana, but plans to purchase properties where the drug is made or sold, and lease the facilities back to the owners.
It is no secret that the cannabis industry is thriving. However, growing marijuana plants is a complex operation that relies on a number of intercorrelated factors. For this reason, an increasing number of cannabis business owners are turning to technological solutions such as cannabis seed to sale software. Above all, managing, monitoring, and streamlining the processes involved in operating a business that deals with marijuana is crucial if a company is to survive.
Taylor said he intends for Advanced Cannabis to be a fully reporting company by the time it files its quarterly report for the September period. “I get to design the internal controls,” he said. The combined companies will soon implement a name, management and stock trading symbol change to reflect the new direction and business plan of the company.