Hey, this is Ellis Smith from American Cannabis Company.
I hope you’re doing well out there. I am reaching out today to talk about what it takes to get started in the cannabis industry.
First and foremost, I’d like to just point out that there’s a ton of research you can do to really arm yourself with a bunch of information.
First and foremost, if you can go to conventions and trade shows, dig online, you know spend a lot of time putting together a lot of information that’s out there.
You can even find states that have been through the application processes, even go and read some applications that have already been produced. That’ll really show you how dispensaries, cultivation facilities, extraction facilities look, function, operate, and what states you’re kind of looking for.
But now, whenever for you to start your business, you can kind of do some of that background research, then start to understand what type of team members you want to put together, and understanding that to get into this industry you really need to have a good, qualified team, and they need to be diverse.
That’s kind of the first component of this. Once you can put together who your team members are, then you want to start to understand what market are you going to operate in — is it going to be competitive?
Is it going to be easy to go in and apply and not have to worry about any type of loss if you do apply?
You want to buy an existing business? And you have to understand what are those things you’re looking to do? Is it cultivation? Is it extraction? Is it dispensary? You want to do transportation? All of those things.
Where do you feel your core competency want to come from?
Once you can kind of figure all those things out, then you can start to understand the business plan, financial models. Hire folks like American Cannabis Company or other companies out there that can put together these tools for you, and they’ll really start to compile tools that will be very useful for your team to understand how the business is going to function, how it’s going to look, but also what the costs are going to be to get into this, what the operations are going to look like, how many employees you’re going to take, what your return on investment is going to be.
So it’s really quite a bit of work that goes into this. Do the homework, do your research, compile your team, and then when you have these things together, put together the right tools that you can use for (1) that your team can utilize for their own use and understand how that business will function.
But (2) you can actually use these tools to go out and raise capital. And that’s all going to be an important for you as well.
So in a nutshell, what it takes to get started in the cannabis space, you heard it.