How to Run a Cannabusiness

The new gold rush known as the cannabusiness, which is the selling of cannabis (commonly referred to as marijuana) is in full effect. “Analysts at Cowen say the U.S. cannabis market could rocket to $16 billion by 2025,” according to Yahoo. Arcview Market Research and BDS Analytics say the worldwide market could hit $57 billion by 2027. In the U.S. alone, North American cannabis sales could reach $47.3 billion just over the next decade as well, they note.”

As a result, many people are trying to jump aboard with their own cannabusiness.

That raises the question: How do you actually run a cannabusiness? Let the steps below be your guide.

Do your research

This might sound silly, but no matter what industry you’re trying to break into, you have to do your research. This is not a get-rich-quick scheme, and if you don’t know enough about the industry, then you could lose a lot of money.

The important thing to remember is that, although cannabis is buzzing right now and sales are skyrocketing, you’re starting a business and it needs to be run as such.

You need to know what you’re selling, how to attract customers, how to manage employees, how to keep track of inventory, and how to run a business in general.

You might not know that cannabidiol (CBD) is a chemical in cannabis and even places such as Amazon sell CBD, while the same thing can’t be said about tetrahydrocannabinol (THC). You have to know about your product and the market.

Doing your research is key so that you know what you’re selling and what you can sell, because CBD products made from hemp extracts are different from THC products available at medical and recreational dispensaries.

Look into local laws, licenses, and regulations

While you should further your research and knowledge by looking into local laws, licenses, and regulations, it would be in your best interest to hire a cannabis lawyer, because you can’t simply decide to sell cannabis and then start selling it.

Not only that, but you’re running a business and it’s always a good idea to have a lawyer on your team in case any legal issues arise along the way to creating contracts for your employees.

As with any business, you need a business plan

A business plan is essential.

It’s not only for giving you a realistic idea and plan on how your business will succeed and run operations, but it’s also beneficial if you want to apply for a business loan or receive any form of capital.

You have to have direction and a concrete plan if you’re serious about running a cannabusiness, and a business plan will help you do exactly that.

Figure out how you will stand out

While it’s a good idea to start a cannabusiness right now since the industry is booming and it should only see more success as more states legalize marijuana use, you can’t simply open up shop and expect to be an overnight success.

You need a vision. You need a strong brand. And you need to figure out how you will stand out.

If you don’t create a memorable brand and product, then you won’t stand out from the competition, and your sales could be nonexistent.

How is your cannabusiness going to be different from all of the other businesses sprouting up all across America/in your state?

Perhaps you’re going to provide a unique product or service. Whatever the case might be, this step is non-negotiable.

Many ingredients go into running a cannabusiness, and we hope the steps above can help you start your successful business ASAP.