Starting Your Own Cannabis Business
Over half of the United States (29 states plus DC), have legalized cannabis in some form. With the legalization changing from not only medical but adult use as well, there are still many gaps waiting to be filed by those who are innovative enough to realize this generation opportunity. We get many questions on steps to open a legal and profitable cannabis business and wanted to share those tricks and tips with you.
Your Own Unique Idea
When coming up with your business plan or idea, you’ll want to decide what sector of the marijuana industry to go into. Believe it or not, there is more the industry then dispensaries and grow opportunities. Dispensaries (if not done right) can be one of the riskiest business areas to choose with the tightest profit margins, as the price of weed goes down. Realistically the industry still needs businesses in almost every category leaving tons of opportunities in areas like human resources, marketing, legal, technology, software and many more. Other ideas include an edible line for those foodies out there, or cannabis friendly lodging. It’s amazing how much money your business could be making without touching a marijuana plant at all.
Understand You Customer Base
It is vital to understand and know who in fact is going to be interested in your products or services along with their needs and wants before starting your business. You want to make sure your future consumers are happy and satisfied. Without understanding your customer base, you cant build a relationship with those customers and get the most out of your business.
Knowing the Rules
Laws, rules and regulating for opening a cannabis business are incredibility confusing and complex as they vary state by state. Both medical use and adult use businesses require a license to operate, thus your plan needs to comply with state law. If you’re looking to open a dispensary, for example, license requirements also come with license fees and availability.
The path to success in the Cannabis Business is far from being a smooth and easy one. Its important through all the hard work to love what you do and have fun doing it. Always make sure you fully commit, aim high and know its not easy.