What are the cannabis laws like where you live? The District of Columbia and 33 states have legalized marijuana in one way or another. Excited entrepreneurs are doing whatever it takes to make a name for themselves, but navigating marijuana restrictions and licenses can be tricky.
If you think you have what it takes to start a cannabis business, then this article’s for you! We’ll cover all of the basics, and even go over a few beginner’s mistakes to avoid, to help you save time and money.
Read on to learn how to start a cannabis business, the right way.
Growing vs Selling Cannabis
When you’re learning how to start a cannabis business, you’ll first need to determine what type of marijuana business you’re interested in. Get specific about what you’ll be doing on a day-to-day basis, and determine if those job roles fit with your big picture goal.
For instance, let’s say you want to open a dispensary. Are you interested in dealing with the public daily? Are you ready to put your best foot forward when creating the layout of your dispensary to attract customers?
If dealing with customers and organizing inventory isn’t your style, you might do better at growing marijuana. As a cannabis farmer, you’ll be able to focus on the science behind creating delicious buds. Of course, some people will want to do a little bit of everything.
Once you know exactly what you want to do, you can begin to craft your business plan. Look for ways to cut down on expenses. For instance, cut down on middleman costs by going directly to the source for things like pre-roll packaging or display cases.
Write a Marijuana Business Plan
A traditional business plan is detailed, but a marijuana business plan is incredibly complex! You’ll need to double-check every marijuana law in your state. You’ll also need to determine whether or not you need legal counsel to help keep everything in order.
Your business plan should include where exactly you’ll be running your business and who your suppliers will be. If you plan on supplying the cannabis yourself, it’s going to take a lot longer to get the company up and running. You’ll need to acquire licenses both for growing, storing, and selling cannabis.
Obtaining the Right Licenses
The state you live in will determine what type of marijuana license you need at the beginning. For instance, you might need a business license, along with a permit and special registration. If you live somewhere with more lenient laws, like California, you may be able to get away with just the licensing.
We suggest contacting a legal professional in your state to find precisely what permits you to have to apply for. Along with figuring out all of the cannabis-specific licenses. You’ll also need to be registering for everyday business needs, such as taxes.
Know-How To Start a Cannabis Business
Now you know how to start a cannabis business from the ground up. It’s easy to get so excited about starting a company that you forget about what got you into it in the first place. Before you start investing money, and time, take a moment to step back today.
Picture exactly what you’d like to be doing in the cannabis industry. And determine what type of business will help you meet that goal. You can also get a few more tips by visiting the rest of our website and seeing what the rest of our blog has to offer.