The cannabis industry continues to grow rapidly, with new states legalizing recreational and medical marijuana each year. While there are more opportunities to open a cannabis business than ever before, there are many legal hurdles to navigate, and competition is fierce within every sector of the industry. While it is possible to run a successful operation by going it alone, it is often beneficial to work with an experienced cannabis consulting company who can guide you through many of the difficult business decisions that lie ahead.
Whether you’re starting a new cannabis operation or a grizzled veteran who has been in the industry for years, there are numerous pitfalls that can potentially derail your business. Working with a cannabis consulting company can help you avoid these pitfalls while helping you make your operations more efficient. When you choose the right consulting professionals, you can set your business up for success for years to come.
Discover 6 important benefits you’ll experience when you work with a cannabis consulting company.
1. Remain Compliant with the Latest Cannabis Laws in Your State
Cannabis laws are constantly evolving, making it difficult to remain compliant. There are laws governing every aspect of the industry. Whether you’re applying for a cannabis license, setting up a retail store, opening a commercial grow facility, marketing your business, or packaging and storing cannabis products, there are regulations in place that must be adhered to. Failure to remain compliant with the latest laws and policies can result in costly fines and other consequences which may be devastating to your business.
An experienced cannabis consultant can help you navigate these changing laws. Your consultant will stay on top of the latest federal, state and local laws so that you can focus your energy on other aspects of running your business. When new regulations are being proposed, you’ll know ahead of time. This knowledge allows you to be proactive and prepare well in advance of the new laws going into effect rather than being reactive and having to scramble at the last minute to ensure you remain compliant.
2. Strengthen Your Candidacy for Licensure
There is often a tremendous amount of competition for a limited number of cannabis licenses when states launch medical and recreational programs. There are strict requirements that must be followed at every stage of the application process, and you must document just about every aspect of your proposed business. You may be asked to submit information regarding:
- Business plans
- Standard operating procedures
- Sources of funding
- A physical location for your business
To make the process more challenging, the licensure requirements vary from state to state. An experienced cannabis consulting company will know the specific licensing requirements associated with your application and be able to guide you through the entire process. This will significantly increase your likelihood of having your application approved.
3. Set Your New Business Up for Success
Setting up a new business is always a complicated process, but it is particularly challenging in the cannabis industry. There are many aspects of the process that must be evaluated, and the complex regulations governing the industry must be adhered to at all times. An experienced cannabis consultant can help you grapple with important issues such as:
- Establishing your brand messaging
- Choosing the location for your new business
- Determining the right size for your retail store or grow facility
- Designing the layout of your store and choosing an aesthetic that aligns with your brand
- Choosing the right suite of cannabis technology to manage your operations and provide all documentation required by state regulations
- Making sure you have proper insurance coverage
- Establishing a business model that is easily scalable as you grow
- Navigating the complex tax laws that apply to cannabis businesses
- Hiring the right members for your executive team
- Choosing the proper channels to market your new business
The consequences for making the wrong decisions on many of these matters can be devastating for your business. A cannabis consultant will take the time to understand your business goals in order to guide you through the decision-making process. This will help set your new business up for sustained success.
4. Speed Up Your Learning Curve
The tremendous growth potential associated with the cannabis industry has attracted a lot of bright and talented business professionals from other industries who are looking to shift gears in their career. While many of these individuals have experienced a great deal of success in their previous ventures, they often find that starting a cannabis business is a completely different beast. There is a tremendous amount to learn about the industry.
There are many technical aspects associated with the products offered by a cannabis business. In order to provide the highest quality products and have the ability to educate your customers on their options, you will need to navigate a steep learning curve. A cannabis consultant has a deep knowledge of all aspects of the industry and can help you get up to speed much quicker than is possible if you have to figure everything out on your own.
5. Expand Your Network and Leverage Important Cannabis Industry Connections
Whether you’re starting a new cannabis business or trying to expand an existing company into different areas of the industry, you’ll need the assistance of others to achieve your goals. Your cannabis consultant will have wide range of industry connections that you can leverage based on your specific needs.
For example, if you run a grow operation that has developed a new high-end strain, will you know which dispensaries have the customer base looking for the quality you provide? If you place this strain in dispensaries with more budget-conscious consumers, it may not be the right fit. Your cannabis consultant can connect you with the right retail partners for your new strain.
If you run a retail store, you will need to establish relationships with a variety of wholesale partners. How will you know which wholesalers to do business with? Your cannabis consultant to can put you in touch with the right providers to deliver the products you need while helping you get the best possible deal.
6. Identify Emerging Opportunities to Pursue
The cannabis industry is constantly evolving. State regulations are always changing, new technologies are being implemented, new products are being developed, and consumer trends change over time. It can be both challenging and time-consuming to stay on top of these developments as they arise.
Your cannabis consulting company will have their finger on the pulse of the industry. They are always monitoring new products, technology and trends. They also stay current on the latest laws and regulations. This knowledge is invaluable as you try to evaluate new potential opportunities that will help your business grow.
American Cannabis Company Can Set Your Business Up for Success
American Cannabis Company provides comprehensive consulting services. Whether you are a new business applying for a cannabis license and setting up your operations or an existing business seeking to expand, we can position you for success.
ACC has extensive experience working in the cannabis industry – from retail stores to commercial grow operations. We know the specific laws governing the cannabis industry in every state, and we can make specific recommendations that will align with your business goals.
Contact us to schedule a free consultation. American Cannabis Company serves clients nationwide.