A Canadian Medicinal Cannabis producer that recently expanded into the recreational cannabis market.
Changes in Canadian law led to an opportunity for expansion into Canada’s recreational cannabis market, and our client experienced rapid growth. The company was concerned with the lack of integrity in their financial metrics due to manual reporting and inconsistent ERP usage. Additionally, their auditor had identified SOX compliance risks that would limit the client’s potential for sustained growth.
Our team worked diligently with the client to understand their current state processes, by visiting multiple client sites and examining ERP data to determine the frequency of SOX non-compliance. This exercise allowed us to determine the areas with the highest financial risk and the necessary performance enhancement opportunities to reduce short-term financial risks The following initiatives were implemented:
The client implemented these opportunities and continued to grow within the Canadian market.
As result of these recommendations and implementation, this client enjoyed both immediate and long-term financial and strategic benefits: