So, you want to start a medical marijuana business? Great! The demand for these services are increasing every day as the known benefits continue to grow, while the antiquated stigma attached does the opposite. Right now 23 states and the District of Columbia allow medical marijuana, according to the National Conference of State Legislatures. Before you jump into signing a lease and slinging product there are few steps you should take care of first. Here are some of the basics aspects you should take care of first if you want to successfully start a medical marijuana business.
1.) Find the Right Partners: Except in rare circumstances every business requires more than one person to run. Medical marijuana cultivating and cannabis consulting are no different, you’re going to need qualified people around you. The first person you’ll want to find is a person with expert in the field. This might be you, but keep in mind just because you’ve partaken in recreational use doesn’t mean you’re an expert cannabis consultant. You need someone who knows that ins and outs of the business from a medical perspective that can be a go-to resource in the future for customers. The other kind of partner you might need is one for financial reasons. Unless you have the capital to invest yourself, you’re going to need to convince either a private party (like an angel investor) or a lending institution to give you the money needed to start a medical marijuana business.
2.) Acquire Proper Licences: After you’ve gotten the funding and established your team the next step is to start the process to obtain a marijuana business license. Included in your team should probably be some sort of legal council. You’re going to need to lean on them to sort through all the legalities that come with opening a dispensary or cultivation farm. Laws vary by state so make sure you find someone with knowledge of the specific location you’re opening.
3.) Marketing and Branding: Now that you’ve got the basics taken care of it’s time to start the fun stuff. Coming up with successful medical marijuana business branding is essential to succeed in what’s quickly becoming a crowded industry. About half (47%) of Americans have already tried marijuana and more than half (52%) believe it should be legal already so you don’t have to worry so much about convincing people of its merits. Instead, you should focus on setting your business apart from all the others to choose from. Perhaps you want to market especially to patients with certain types of ailments, or you could brand yourself as a place for older, less experienced users. The choice is yours, just make sure to target one or a couple demographics at first in order to establish a regular clientele. From there you can always expand.