As adult-use and medical marijuana become legal in more and more states, there are more opportunities than ever in the marijuana industry. If you were looking to get into the cannabis business, now is a fantastic time to do it. One benefit of the business is that marijuana offers an incredibly diverse range of products and services.
Whether you’re hoping to grow and sell your own marijuana, bake edibles or other treats, or launch a line of CBD products, there is a type of marijuana business for wherever your interests lie. Let’s go over five tips to help break into the marijuana industry that applies no matter what type of business you have.
1. Develop a unique business plan
Marijuana is an incredibly attractive industry for prospective business owners. Depending on your financial investment, you could consider a brick and mortar store like a dispensary or focus on being an online retailer for accessories or CBD products, which come with less complex legal restrictions. In any case, finding a way to stand out is essential when putting together your business plan.
The strength of your business plan will matter when it comes time to secure funding. You’ll need to focus on lending services that offer loans for cannabis businesses, like this list of Oregon cannabis business loans. Many major banks don’t offer to fund companies that deal with marijuana products.
2. Network with other marijuana professionals
Networking is the key to getting a foothold in any industry. Research what companies you want to work for or compete with and start to figure out ways to connect with people associated with them. Attend industry events and consider buying a booth to showcase your products at competitions and conventions. Seek out mentors who are in positions where you would like to end up and ask your network for referrals when you need help seeking investments or a new position.
3. Make sure you’re certified
The legality of marijuana businesses is a federal gray area, so you’ll want to invest in expert consultants who can help you make sure you’re in the clear. Whether it’s needing a certification as an employee or licensing from the state for your business, you’ll need to be on top of all your certifications and permits. You don’t want to create any reason to create trouble with the law in a controversial industry. As long as you do your research thoroughly, you shouldn’t run into any problems.
4. Know your product
Cannabis can be consumed in many ways and there are hundreds of strains to smoke out there. You want customers to trust that you know what you’re talking about, so educate yourself about what you’re selling. Make sure you know the difference between things like THC and CBD. Pure CBD products that don’t contain significant amounts of THC are legal in all 50 states.
One of the top CBD businesses in the industry, Plain Jane, offers premium jane CBD products like CBD prerolls, CBD kief, and smokable hemp flower. If you are selling smokable hemp, you’ll want to familiarize yourself with various strains, learn about what terpenes produce what effects, and get to know which types of marijuana are best for certain common medical problems.
5. Understand the cannabis industry
There are specific challenges in the marijuana business that you won’t face in other industries. Banking issues are common, so make sure you clear your business plan with your bank or find a cannabis-friendly bank to use. Since crossing state lines could get you in trouble, you may need to treat your state like a micro-industry. You may also face challenges with regard to what platforms will let you advertise and what business expenses can be deducted. All these difficulties are manageable and most are easy to plan for, as long as you know what you’re preparing for.
Breaking into the cannabis and marijuana industry can mean a number of things, but there’s no doubt that the rapid growth has created an opportunity for savvy entrepreneurs and cannabis experts. While there are a number of unique restrictions that cannabis professionals have to operate under, careful planning and expert guidance can help you get your career in the marijuana business off the ground.
