The cannabis industry is booming and now is the time to enter the market. Be prepared for tough competition and plan for a successful application process with tips from our team:
Know this is right for you
There are many challenges – and rewards – that come with starting a cannabis business. Before you invest considerable amounts of time and money in the application process, evaluate what is involved with the process and decide if this is the right business decision for you. Our team has compiled several resources that detail key factors in opening a marijuana business. Read up on them here.
Understand the regulations
The requirements for tracking cannabis are stringent and detailed. You, your compliance officer, and your entire application should be very familiar with the regulations. Very familiar. Compliance is part of being a successful business. If you start with a culture of compliance from the beginning, before you even begin the application process, you’ll be more likely to gain a license because this business value is apparent to regulators.
One of the biggest mistakes you can make in gaining a cannabis license is not completing the application correctly. Following the directions and understanding the regulations is key. Working with a consulting team that has experience in marijuana, law, accounting, and application writing is critical.
Have a plan. Have many plans.
Your application will likely require at least a business plan, which is your opportunity to highlight your approach to providing quality cannabis products to patients, giving back to the community, and the why’s for entering the marijuana space. Begin to understand how you will manage cash flow and consider developing an official cash management plan, whether it is required in the application or not.
Build a solid foundation
Overcoming the initial application hurdles is just the start. Visualize your long-term plan and start researching what you’ll need to run a successful business. For example, begin looking at seed-to-sale software, think about your marketing approach, and what makes a good team.
