If you want to start a cannabis business, you should be thinking about how to go about it the right way early on. It will take a lot of work to create and maintain your business, so you can’t be careless if you want it to succeed for years to come. Starting a marijuana or cannabis business can be a daunting task, and there are many different regulations and considerations that you need to make during the start-up phase. It is very easy to overlook certain things initially and suddenly find yourself with some massive problems you weren’t ready for. This blog will look at three of these overlooked aspects of starting a cannabis business and what you should be considering.
Why should you start a cannabis-based business?
With the legalization of marijuana in many states in the U.S., the industry of cannabis is booming! It is predicted to become a $56 billion industry by 2026. For now, Colorado has a marijuana tax of $200 million in 2016 alone. It is still not legal in many states, but with the recent decision by Jeff Sessions, it might change very, very soon. Over the years, more and more states are legalizing marijuana. With so much happening in the space, it’s wise to get in on the grassroots of it and secure your place in the weed wonderland of tomorrow.
Below are three critical aspects many start-ups overlook when getting into the cannabis business:
1. Is your business location suitable?
There is a saying in real estate, and it goes like this; “Location, Location, Location!” Making sure your shop is ideal for operating your cannabis business is one of the first decisions you and your business partners should make. Pick a location easily seen from the main road and possibly around other shops with similar customer bases as yours. This will give you a great head start.
2. Is your packaging compliant with local/state laws?
With the laws for cannabis and CBD changing almost daily, it is essential that your packaging is up to spec with the rules and regulations of your state. The best way to ensure this is to make your own mylar bags with all of the details of your product, like its ingredients, potency, and possibly a QR code or link that shows lab testing results.
3. Can you protect yourself from litigation?
In a terrain that changes frequently, there are bound to be issues that arise that may be out of your control. If and when this happens, you want to make sure you are well prepared to handle the situation tactfully. Ensuring proper legal representation (just in case) is a consideration every cannabis business should have thought of when going into business. This could be the difference between a thriving business continuing or failing due to a lack of proper preparation. Start thinking of this BEFORE entering the space, and make sure you are well versed in the laws around your business so you can do your best to avoid any legal pitfalls.
If you are looking for a way to make great money, and you enjoy cannabis, then you should consider starting a cannabis business! There are so many opportunities in this industry, and this post can help you decide how you want to be involved and some considerations you should have to be successful.