Curious about getting started in the cannabis industry? Here’s a basic overview of the first four steps to take when beginning your business plans.
DECIDE WHAT TYPE OF BUSINESS
The cannabis industry has many different types of businesses. Identifying which avenue you will take first is important so that you can match that with the appropriate application type. The primary business categories in the industry are: retail, cultivation, extraction, infusion, laboratories, and transportation. Note that some states might have different names for the same industry type. For example, some states call extraction and infusion businesses “manufacturing” and others call it “production”.
RESEARCH APPLICATION REQUIREMENTS
Once you’ve decided what type of business you’re looking to operate, you need to delve in to the application requirements. One of the most common mistakes people make is to try to assemble the pieces of an application while you’re completing it. It’s best to research the requirements and get the details in line ahead of time. Knowing the location of your business is key, because often there will be local or community ordinances that you’ll need to follow in addition to the state requirements. Make sure that you are fully knowledgeable about the requirements, regulations, and emergency rules for your state and local location so that you can properly address them in your application.
ASSEMBLE YOUR TEAM
The next step is to gather your team of experts. Having financial backing in the form of investors is crucial so that you are able to procure consultation services, a location, and other resources along the way. Don’t make the mistake of getting knee-deep in your plan and then running out of money to see it through. After you’ve made sure your funding is set, assemble your team of people you can trust. Specifically, you want people who have experience in the industry and who are well-informed so that you can highlight your team’s expertise in your application.
PREPARE YOUR APPLICATION
The very last step is to put it all together in an application. This process is best completed with the help of a consultant (like us!), as it is a tedious, complex process that is difficult to accurately complete on your own. You have one shot to get it right, and chances are if you’ve made it to this point, you’ve already invested a lot of time, money, and energy in to the process. Winning a license is a competitive process and only a small percentage of people who apply actually get one.
Contact Canna Business Services for help with any of these steps, and to provide you with the highest amount of certainty in an uncertain market.
About The Author
Canna Business Services is a cannabis consulting company that offers unparalleled market expertise and regulatory compliance. They provide the highest level of certainty in an uncertain and high-risk market by serving as specialized industry guides, revealing networks of high value connections and opportunities, and delivering future-proof solutions. Specifically, they offer consultation with regards to application preparation, raising capital/investments, white labeling, commercialization compliance, packaging and labeling compliance review, and virtual c-suite. Canna Business Services is a powerhouse team of experts ready to guide you through every step of the process, avoiding pitfalls while providing education.