The canna-business is unlike any other—which makes it a little more difficult to break into the right way. Several states legalized weed for recreational purposes last decade, and business has been great. But since weed is still illegal federally and in many states, the regulations of the industry are difficult to navigate.
Even with drawbacks concerning its legality and perception problems, the marijuana business can be lucrative. Some experts even see cannabis becoming the cash crop in America in the near future. If you’re thinking about going into the canna-business, then your best bet is to get in it early. Keep reading to learn some key things you need to do to get your business smoking.
Get a cannabis lawyer.
The scariest part about getting into the cannabis business is the legal minefield you have to navigate. Remember, marijuana is still illegal at the federal level, and any misstep could bring a lot of negative attention your way.
You’ll have a lot of concerns that you won’t have the time or qualifications to handle—you need to have a professional on your side. To make sure that you do everything according to the law and meet all regulations, your best bet is to hire a cannabis business lawyer.
Your primary concerns need to be your company’s reputation and standing with the law. The last thing you need is to violate a regulation and have the court of public opinion decide your company’s fate. Your lawyer will help you to get all of the proper licenses and certifications and make sure your business operates legally.
You also have the problem of finding a bank to deal with your business. Banks are federally regulated, and your business is against federal law. You need a lawyer who has experience with cannabis law as well as relationships with local banks that’ll work with you.
Lawyers aren’t cheap, but you’d much rather pay a lawyer than have to pay a bunch of fines and potentially lose your business. You have to protect what you’re building on all fronts, and hiring a lawyer is your first move on that front.
Find a location.
Finding the right location for your business is a crucial step to your success. There are laws in every state against having controlled substances in school zones. You also don’t want to put your store next to a police station and scare all of your customers away either.
Your challenge will be finding a place where your business will be welcome and you can thrive. Take into consideration what kind of businesses your business would go alongside well. There should be a shopping center or strip mall in your area where your canna-business would be a perfect fit.
Get suppliers.
Once you have a lawyer and a location, you need to hook up a supplier. You need to stack your shelves with everything from CBD vape oil to different smoking apparatuses.
The marijuana industry is still a niche market, so customers who come to you will expect you to have everything. It’s essential for you to know what your customers want and keep your shelves stocked full of it.
If you get into the business early on, you won’t have too much competition. If you make a good reputation for yourself in the beginning, then as the industry continues to grow, your brand will grow too.
Get security.
No matter what industry you’re in, it’s imperative that you protect your business. That’s especially true in the canna-business.
The marijuana industry is still a taboo industry, which makes it prone to be a target of criminals. You’re at an increased risk for burglary, robbery, or employee theft. You need security cameras in and around your building as well as break-in and press-button alarms.
In addition, many credit card companies and banks won’t allow customers to use their credit or debit cards to buy marijuana. That means your business will be dealing with a lot more cash than most places.
There are a lot of security risks in the canna-business, and you need to prepare your business for every possibility. If your business isn’t secure, customers will hear about it, and it will affect your bottom line.
It will take some nerve and patience to launch a successful canna-business. You have to protect yourself from legal issues and criminals. You have to find a location and suppliers. With so much to do, it seems like you’d better start now!