If you’ve ever considered working within the cannabis industry, you’re not alone. Many cannabis brands generate billions of dollars across the United States, and the market is liable to keep growing. With this in mind, it’s never been a better time to consider starting a cannabis consultancy business.
Starting a consultancy firm is a great idea if you’re someone with an entrepreneurial spirit and you’d thrive on helping other brands succeed. While you’ll need a bit of insider knowledge and some helpful information on local, state, and federal regulations, here are a few tips to help you get started as a cannabis consultant.
Connect brands to the right insurance solutions.
Whether you’re helping a brand open a THC and CBD dispensary, or you’re working with a company to aid them as they craft alternative THC products, the hemp industry is full of tailored business solutions that can help cannabis businesses succeed. Since CBD and THC are still in a legalization holding pattern across the United States, it’s a somewhat riskier industry. With that in mind, it’s important to find business solutions that can protect a cannabis business from legal action and legislative repercussions. Whether you’re a grower, a processor, or a CBD dispensary retailer, you need to invest in the right insurance policies.
When you’re choosing cannabis insurance solutions, consider a wide assortment of use cases. You may want to consider different insurance company products, from professional liability and product liability coverage to property insurance for your greenhouses and grower buildings. If you’re a wholesaler, grower, or extractor, you may want a cannabis insurance program that helps protect you from legal difficulties. As the industry evolves, you must invest in smart insurance solutions that scale alongside a business. Your consultancy can help cannabusinesses understand the Farm Bill, current FDA regulations, and different legislation that could impact a brand’s growth.
Help cannabis businesses understand industry trends.
For example, while traditional Delta-9 THC is still valued for its psychoactive effect and purported efficacy, Delta-10 products and Delta-8 THC continue to grow in popularity. In addition, more stores have invested in new cannabinoids and strains in the last year to connect national customers to helpful products.
Delta 10, the latest in a line of new compounds, is valued for its milder buzz and relative affordability. Though its legal status is contested across the U.S., there’s no denying that Delta-10-THC has captured the interest of your average consumer. That’s why it’s so critical when consultancies suggest new products, flavors, terpenes, and THC compounds. Though classic cannabis flower strains are still integral to a business model, many cannabis companies should also invest in novelty developments and industry trends.
Whether you’re working with a hemp grower, distributors, or retailers, you can find areas of opportunity and help brands leverage them. For example, if a brand offers Sativa edibles but hasn’t developed Indica products or only offers hybrids, you can help them spot ways to fill out their product line and attract new customers. Oftentimes, a consultancy partnership is about encouraging marketplace growth and sustainability. While you don’t have to chase industry trends, you and your clients must be aware of them.
Find investment sources and partnerships.
If your consultancy can broker a high-profile partnership or deal, it can solidify your client as one of the industry’s hottest brands. Plus, since the cannabis industry seems to offer great returns on entrepreneurial investments, it makes sense that many investors are interested. Your role as a consultant is to help facilitate brand development, and if you’re finding good collaboration opportunities and investment offers, you’re doing just that.
With the right strategies and tools, it’s that much easier to start a cannabis consultancy brand. Whether you’re connecting clients to insurance coverage, showcasing new cannabis plant products, or seeking partnerships, there are ways to provide value and grow your portfolio.
