Cann Global is a major disruptor in the Australian and global cannabis industries, set to take the multi billion dollar global market by storm. Find out how Keeping Company has armed the innovator with the financial know-how to take the next step.
CAN GLOBAL CASE STUDY
Australian ASX-listed medical cannabis manufacturer and researcher, Cann Global, is scaling fast thanks to increasing demand in the Australian and global markets. The company legally grows and cultivates hemp to research and develop medicinal cannabis products including food, skincare and medicine. As a vertically integrated business, Cann Global handles the entire process from production to distribution.
Cann Global's products are already available through major distributors overseas such as Woolworths, Amazon and Costco. The company has set its sights on the Australian market, as Cannabis restrictions are lifted. Cannabis was first legalised for medicinal use in Australia in 2016 and the Office of Drug Control issued Australia's first cultivation licence in 2017. As early as this year, the product could be prescribed by Australian GPs for pain relief.
In 2018, on the cusp of serious growth, Cann Global realised they needed to source a bookkeeping and accounting firm to help take the company to the next level. Having previously managed their bookkeeping and financial management in-house, the burden and complexity of handling the company’s financials had grown as the company had scaled.
Chief Operating Officer at Cann Global, Marion Lesaffre, credits Keeping Company with taking the burden off of their shoulders and running with it. “Things had gotten too big for us to handle. For Cann Global to take the next step it was important we had an expert partner to handle our financials for us.”
How we helped
Keeping Company set out to provide complete visibility and transparency into Cann Global’s financial situation by tracking the right metrics and improving reporting. We started by streamlining their systems and processes. We identified areas for improvement such as their inventory management system and recommended someone to modify the system and integrate it with Xero.
Keeping Company’s role quickly became much more than just handling the books; expanding to provide external CFO services and financial advice on profitability, prices, inventory and cash flow.
“As Cann Global has grown, so has Keeping Company’s role with us. They’ve become our external CFO, providing important financial advice for forward planning and business decisions,” says Marion.
Keeping Company now meets with Cann Global each month to review the monthly dashboard report and identify any areas that require attention.
According to Marion, Keeping Company has given Cann Global a much better understanding of the margins the business is achieving and what they need to do to ensure the profitability of the business.
“This has had a huge impact. Keeping Company have assisted us in understanding the margins we are achieving and what we need to do to ensure the profitability of the business.”
“We’ve never had this level of visibility with other accounting firms. It has helped us become much more efficient and improved our forward planning considerably.”
Marion appreciates Keeping Company’s commitment to being a part of the Cann Global team.
“We get along really well and they feel like an important part of our team. They’ve involved themselves more than other firms and always say “we” or “us” when talking about Cann Global. It’s nice to know how much they value us and care about the success of our business.”
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We have a team of experts; Cloud Accountants, Business Advisors, Finance Specialists working together and ready to help, contact us today.
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For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
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