Green is the New Gold.
Many years ago, the Alaskan Gold Rush was the next big thing. Suddenly, everyone was flocking towards it. The people that managed to get in on the ground floor? They scored hugely. This time, though, entrepreneurs are looking towards the next big thing and it’s green. Welcome to the cannabis industry.
Marijuana, medical cannabis, edibles, and oils are becoming the new money maker. If you are thinking about starting a business in the marijuana industry, there are some important things to consider.
- What are the Laws in your State?
Twenty-five states plus the District of Columbia have laws regarding the legalization of marijuana either recreationally, medically, or both. Take the time to read over the laws in your state very carefully. Some of them are detailed, and you do not want to find yourself in violation of one.
- What kind of business do you want?
Do you plan to have a storefront or a delivery business? Will you work for yourself or have employees? What products will you sell?
Depending on where you live you may only be able to sell edibles or pain creams and not the cannabis itself. The marijuana industry varies widely from state to state, and you may be limited by your state’s laws.
- Where will you get your product?
Most states have strict laws on where a company in the cannabis industry can get their product. Your source, or grower, needs to be licensed.
If you are in the business of helping patients, you – as the dispensary or delivery service – and the grower both need to become certified as caregivers.
Most dispensaries choose to grow their own product. If this is a choice you wish to make, look over all the steps required before starting. Consider where you will get the seeds, and whether you have the space and the correct equipment to grow your product?
- Are you the right personality?
Dispensaries, especially new ones, typically start small. This means that you will be dealing with customers on a daily basis.
Depending on your situation, your customers may also be patients, and patients can be difficult to deal with. They are ill, they can be scared and often you will find customers can be embarrassed to be ordering from you.
Working in the marijuana industry means that you must be a people person. You will need to be able to work calmly and considerately with all your clients.
- Learn the Strains.
Many different strains of the cannabis plant are available. They range the gamut from strains that relax you to strains that give you energy. It is smart to have a wide variety available for your customer base since patients’ symptoms will range depending on what condition they are suffering from, and those who enjoy recreational usage are looking for an array of available moods and experiences.
Learn the different types of strains because it will be your job to help people find the correct strain for their needs.
- Don’t forget the legal stuff.
Just like with any business, there are going to be forms that you need to fill out. Tax forms on the business itself are important. File them correctly. Licenses will be needed by the state. The city and county may require them as well. Having an incorrectly filed license could cause your budding business to be shot down in a heartbeat.
Get the legal stuff right from the start.
- Will you have employees?
Having employees is necessary to grow a business. Background checks for all employees are of the utmost importance in the marijuana industry.
Your product is money. When you send someone on a delivery, you need to be confident that your client is going to get the exact amount they ordered.
Packaging the product in a bag and sealing it before delivery is a smart safety practice.
- Take safety precautions.
When you are opening a business in the cannabis industry, you must consider that theft is a common occurrence. If you have drivers, do not advertise what you are carrying on the vehicle.
This is an emerging industry that will continue to grow as more states legalize marijuana. As the stigma of using the cannabis plant fades and the demand for high-quality medicinal marijuana products grows, your business can grow too, exponentially.
Researching this industry and following the proven to work tips is a surefire way to start your business off on the right foot. As to the future, things are looking bright.
ComfyTree holds events throughout the year geared to inform regular Americans about the cannabis industry and how they can get involved. We’re the only traveling cannabis seminar in the industry and we could be coming to a city near you. Click here for more information about events and which cities are in the line-up. If you want to stay up to date about ComfyTree events, sign up to the VIP Insider Updates list.