The cannabis industry is growing at a fast pace, spurred on by the legalization throughout the country. In addition to the four states that offer recreational or retail marijuana, there are 23 others and the District of Columbia that allow for the use of medical marijuana. Colorado, which allows legal sales of retail cannabis, saw $18.9 million in state taxes in just the first half year it was allowed, and other states have seen similar numbers. That doesn’t even cover the profits that these businesses have made by selling cannabis. Needless to say, many other entrepreneurs have wanted to cash in on the business of cannabis, either by selling it for recreational purposes or offering it in a dispensary.
Starting a medical marijuana business isn’t quite as simple as starting another type of business, and neither is the sale of recreational cannabis. But by using the right resources and paying close attention to the state and federal laws surrounding that business, it is possible to succeed in this industry. One possible resource for entrepreneurs is to work with a group of cannabis consultants who will with starting a medical marijuana business or retail cannabis establishment.
Are you looking to start your own recreational or medical marijuana business? Here are three things that these consultants can do for prospective business owners:
1. Legal Issues: The first step in cannabis business development is to determine what is and isn’t legal in your state. For this stage, using an expert’s advice is key in avoiding headaches later on down the road. You’ll need to know how you can sell cannabis, what amounts you can sell, and to whom you can sell it. You’ll also need to know about issues like taxation and federal law, as well.
2. Licensing: The next thing you’ll need to do is get a marijuana business license for operating in your state. This stage requires much planning as you prepare to open your business. Make sure that your consultants will help you get all of your licenses and permits before you begin operating, just as with any other type of business.
3. Marketing: Finally, products containing either recreational and medical cannabis are becoming very competitive in the marketplace. These vary from pure cannabis to foods and medicines that use this substance. Many businesses find that they need to stand out, so they often use consultants to help them with branding and marketing. This is another service to consider if you are starting this type of business.
Have more questions about starting a medical marijuana business or retail cannabis business? Find out about what your state will allow and contact an expert. You can also leave a comment below to find out more about this growing industry.