Reap What You Sow

by Mark R. Waller, CPA

Friends, we’re almost there.

Dispensaries across Minnesota are finally beginning to receive their licenses, and cultivators are completing inspections. There’s a palpable energy in the air: Minnesota’s cannabis market is on the verge of full Bloom. (See what I did there?)
As accountants and business advisors, we have a unique vantage point. We see cannabis businesses at every stage: early concept, active growth, and full maturity. We’ve watched them thrive, stumble, rebound, and evolve. We’ve seen partnerships flourish, and some fall apart.

That’s the nature of business. And in many ways, the cannabis business cycle mirrors the life cycle of cultivation itself. Running a business is the ultimate “reap what you sow” exercise. The highs and lows are part of the process.
Let’s walk through that cycle together.

The seed phase

Every business begins with a seed—a dream, a passion, or a vision. Most cannabis entrepreneurs start their journey with purpose: a belief in the plant’s ability to help people or a desire to create generational wealth.
This is the most optimistic stage. The possibilities feel endless, and enthusiasm is high. It’s a thrilling place to be, and it’s one of my favorite parts of any business journey.

But even in this inspired state, pragmatism matters. The owners who thrive are those who dream boldly but plan realistically. Writing a solid business plan, building pro forma financials, and setting a strong organizational foundation are critical. The most successful founders hedge their optimism with thoughtful risk management, operating with a “realistic case” mindset while keeping a watchful eye on the “best case.”

This is also the moment to get your structure right: finalize your cap table, maintain a clean fixed asset log, and design a clear capital improvement plan. You’ll never have more time or clarity than you do now, so do it right from the start.

The growth phase

Once your licenses are approved, your inspections are complete, and your structure is set—it’s time to open your doors.

Those first deposits of revenue can be exhilarating. That initial rush of activity and success feels incredible, and it’s well-deserved. But don’t get lost in the euphoria.
Celebrate the wins, but stay grounded. The reality is that challenges will arise. Employees will leave, vendors will disappoint, and mistakes will happen. Just like in cultivation, not every plant will thrive. Constant care and attention are required.
This is the phase that demands focus and discipline. Minor problems, if ignored, become major issues. Communication between partners is critical. We’ve seen promising partnerships collapse simply because people stopped talking. The seeds you planted—good or bad—start revealing themselves here.

The harvest phase

You’ve completed a cycle. Now it’s time to evaluate the results.
Maybe you hit some of your financial targets —or perhaps the outcomes look different from what you expected. Either way, harvest season lays everything bare. Successes, mistakes, and lessons all become visible.

This phase requires maturity —both business acumen and emotional intelligence. The key is to extract insight from experience and apply it to the next cycle.
Every challenge carries a seed for improvement. Maybe your marketing didn’t deliver, but now you know precisely what to refine next time. Growth is iterative—each cycle makes you wiser and more resilient.

A reflection

As I watch Minnesota’s cannabis industry take shape, I’m reminded of life’s broader patterns. In my forties, I look back at the choices that brought me here—and forward at my children, full of their own potential, limitless and full of wonder and joy. Each generation plants new seeds, just as every entrepreneur does.
That’s what I find most beautiful about this industry. It’s built by people who understand the truth of growth cycles—plant, nurture, harvest, renew. A cannabis business, like life itself, reflects the quality of its inputs and the care invested along the way.

Your business should mirror that truth. Plant wisely, tend carefully, and when the time comes—harvest with pride.