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Exclusive Q&A With ELLO LLC. CEO Evan Eneman

Rachelle Gordon

November 13th, 2018

Uncategorized

The cannabis industry is a complex and ever-changing landscape that offers unique challenges for entrepreneurs looking for a piece of the green pie. Enter ELLO LLC., a professional services firm offering a full suite of consulting, financial advisory, risk advisory and tax consulting services to the cannabis industry and beyond. The company recently formed a strategic alliance with MGO LLP in order to provide the only one-stop-shop for cannabis operators, retailers, investors, entrepreneurs, and everyone in between, specifically focusing on building lasting business strategies.

CFN Media recently spoke with ELLO CEO Evan Eneman about the new alliance with MGO, what it means for the broader cannabis industry, as well as their presence at the upcoming MJBizCon 2018 and objectives for 2019.

 

CFN:  What are the foundations of ELLO as a company?

 

Evan Eneman:  The purpose of founding ELLO was to provide cannabis industry operators with a strong suite of professional services that support the commercial cannabis side. We offer a suite of services to both cannabis operators and ancillary businesses, including capital markets advising, governance risk and compliance, tax, financial and accounting advisory services – things that operators need to build out a strong infrastructure. It’s our mission to help companies get prepared for the long-term trajectory of the business lifecycle, from the start-up phase all the way through to a potential exit, if they’re looking for that. We help them plan and execute all along the way.

If you’re an investor, we help you gain comfort in the company that you’re investing in by validating information. We can provide this insight because we help those portfolio companies build the infrastructure they need to scale. We also help regulators understand how companies are operating and make sure that they are complying with local and state regulations. From a financial point of view, there’s a lot of changing dynamics in this industry. In the public market there is considerable uncertainty around the pricing and valuations. Those are things that will take time to normalize, but we’re helping establish those standards.

 

How did your alliance with MGO LLP come to fruition and what does it mean for the cannabis industry as a whole?

 

EE:  ELLO and MGO have been working together now for a while and the differentiation between us is that MGO has been a leading accounting and consulting firm for many years and they provide financial statement audits and assurance-related services. Meanwhile, ELLO has been on the advisory side, helping clients think through their business strategies. As we were working with our clients, we saw that it would be much more beneficial if we were able to provide a broader holistic approach. That way our clients have access to a more robust suite of professional services that we can tailor to their specific needs. We can now help a client overcome any obstacles they are currently facing as well as support them through their opportunities. We have perspective on all the different needs of a cannabis operator, whether it’s in a private market or the public market.

We work with all types of operators, some who are legacy operators that have been operating in an unregulated market for the better part of five to ten years, maybe longer. We want to see their chances of success really expand. In order for them to do that, they need to have a strong team supporting them every step of the way – because today’s environment is not necessarily how they’ve done business before. They haven’t operated in regulated industries, they haven’t run or scaled a business, and they haven’t taken on outside investors. The alliance between ELLO and MGO helps us provide complementary services for clients operating in a new environment.

For those that are entering cannabis from different industries, they still need the context and the support from a cannabis perspective because the regulations are very different. The markets they manage are unique, as are the tax consequences. So, we’re able to get in and support their needs, provide similar experience from working with the largest enterprise scale companies in other industries as well as our knowledge of the cannabis space, and leveraging both of those experiences to support our clients.

 

CFN:  MJBizCon, the cannabis industry’s largest conference and expo, is next week in Las Vegas. What can people expect from ELLO at this year’s event?

 

EE:  Over the past 18 months, we’ve had several clients both in the US and in Canada start to consider the public markets. We are combining our efforts with MGO, as well as other firms, in order to offer a full-scale suite of “Road to Going Public” services. This consists of everything that an operator would need to understand, whether it’s on the advisory side or on the audit side, in order to go public in the US or Canada.

In order to introduce this new alliance, we’ll have an entire booth and team on the expo floor of MJBizCon, which we’re really excited about. It’s always interesting to see people who are brand new to the industry mixing with people who have been around the last five to seven years and have really strong, lasting relationships. It’s nice to see the evolution, the dynamic of the attendees, and the growth of the show as a whole. We are very much looking forward to it.

 

What’s on deck for ELLO as we approach 2019?

 

EE:  Right now, it’s all about offering more innovative solutions. We are finding ways to support in-depth technical skills for industry operators, as the market itself evolves. What’s unique is that although cannabis has similarities to other industries, it is still wholly different. We are not allowed interstate commerce, so we can’t transfer anything across state lines, and that creates a need for a very complex, and ideally very nimble, operating environment. It is a complicated task to operate in multiple jurisdictions, both domestically and internationally, with further complexity and nuance within those jurisdictions.

You’ll also see more dedicated team members and resources. You’ll see technology that we can use to help support the industry, to continue to build on that trust and transparency. Most importantly, you will see us and our partners take a strong, outward position on why we support this industry, and why we think it’s important to support the operators.

 

To learn more about cannabis technology companies, sign up for our free newsletter using the form to the right.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Rachelle Gordon

Rachelle Gordon is a Minneapolis-based writer. Find her online at www.rachellegordon.net.

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