Are you planning to start a marijuana business? You’ve made a smart decision!
As more states legalize marijuana for both medicinal and recreational use, the industry is gaining traction. In 2018 alone, investment activity went up 40 percent, with businesses posting over $52 billion in sales.
Ready to have your share of all this money?
Well, not so fast! The fact that the marijuana industry is budding doesn’t necessarily mean your business will be successful. You need to have the right strategy.
Continue reading to learn how to start a marijuana business that will bloom.
Understand the Cannabis Laws in Your State
Cannabis laws vary from state to state. Depending on the laws in your state, you may or may not be able to start a marijuana business.
While marijuana is legal for medical use in about 30 states and for recreational use in 11 states, there are states where there’s a complete ban. If you live in Tennessee, for instance, you cannot start a marijuana business there aren’t any laws legalizing the use of marijuana – yet.
The first step to starting a marijuana business is to develop a clear understating of the laws in your state and how they affect businesses. If there’s a supportive regulatory environment, you can proceed to start the business.
Identify a Marijuana Business Idea
The marijuana industry is vast. There are hundreds of cannabis products and services, which means you need to settle on the product or service you’ll be offering.
The most obvious is to start a cannabis dispensary, but competition among these businesses is increasing by the day. There are several other options that aren’t as competitive.
For example, you can opt to become a cannabis farmer, growing the finest herb. You’ll then sell your produce to marijuana processing plants.
Other attractive ideas for a marijuana business include:
- Marijuana delivery service
- Selling marijuana edibles
- Marijuana marketing agency
- Produce cannabis cosmetics
- Cannabis restaurant
- Cannabis event planning
- Cannabis subscription.
As you can tell, all these business ideas require a hands-on approach. But what if you don’t have the time or expertise to run a regular business?
You can become a cannabis investor! You will invest in established marijuana companies like Planet 13 Holdings, Inc. Be sure to get more info on how such companies can help your dream to own a marijuana business come true.
Secure Permits and Licenses
If you choose to start a traditional business instead of being a silent investor, the next step after identifying your ideal marijuana business idea is to secure the appropriate permits and licenses.
Bear in mind that as a newbie, getting approved for a marijuana business license might take some doing. Authorities will want to establish that you have an impeccable understanding of the state’s marijuana laws. It’s advisable to hire a marijuana business consultant to guide you through the process.
After getting licensed, you’re free to start operations!
Keep Learning How to Start a Marijuana Business
With this guide on how to start a marijuana business, you now have the basic information. Don’t stop here, because there’s a lot involved in starting a successful cannabis business.
Our blog has more tips and insights on what it takes to become successful in this industry. Keep learning!