Are you ready to start your own business in an industry that’s booming and predicted to grow vastly over the next few years? Once upon a time, the thought of marijuana being as mainstream as beer or wine was merely an aberration, and now it’s almost reality. More and more people are coming to light about cannabis, which means big business for the cannabis industry.
There are currently over 7,000 dispensaries in the United States, and that’s with marijuana only being legal for recreational use in 15 states and Washington D.C. In addition to many states deciding to legalize recreational cannabis use, the current presidential administration has hinted at the possibility of legalizing it at the federal level. So, if you think you’re ready to cash in on the cannabusiness, continue reading to learn how to get your start.
Business Plan
Before you start any business, you need to know how you’re going to launch your company, run it, and make a profit. Even if you feel like you have all that information stored in your head, you still need to put it down on paper (or on your computer) to make it concrete. Much like contractors need blueprints to build a skyscraper, you need a plan for your business.
The first part of developing your business plan is making sure there’s a market for your business. You don’t want to jump into a market that’s overly saturated with businesses of the same ilk because it will make it harder to set your business apart from a legion of cannabis companies that have more brand recognition.
Performing market research will give you an idea of how likely your business will be successful and how large the market for your business is. Most startups outsource their market research to research firms with resources and inside information that’s hard to access or find.
Distributors
Securing distributors for your cannabusiness is another essential part of launching your cannabis company. Whether you sell THC oil, vape products, or pre-rolled joints, you need to find distributors who can meet your demand and budget.
Part of choosing distributors is knowing your target market and buyer personas. There are 500 dispensaries in California, and people in Cali know their cannabis, which means you have to have high-quality cannabis products to compete with the titans of the industry.
The Legion of Bloom is a company of conscious cultivators who strive to deliver quality products and leave a positive mark on the world. That’s why a portion of their Monarch cart sales goes to saving the monarch butterfly.
If you’re a cultivator and dispensary owner, you need packaging solutions for your products as well. Doing your own packaging is a great way to save money and grow your brand by putting your own logo on your cannabis products. With CoolJarz’s shrink sleeve machinery, you can create your own packages and labels for your products.
Licenses
Because marijuana is still illegal at the federal level and highly regulated, you need to make sure you have the proper licenses before opening your dispensary. Different states have different requirements, and they have different agencies in charge of issuing licenses for growers and dispensary owners.
Some states require different licenses for medical and recreational marijuana growers and sellers, so you need to make sure you educate yourself about licenses and regulations before applying to make sure you meet all requirements. Whether you’re a cultivator or seller, you must dot your i’s and cross your t’s so that your business will be legit and in good standing with local officials and authorities.