How to Break Into the Legal Marijuana Industry
The marijuana legalization train is moving across America , and whether it has already passed through your state or is heading towards you, you might want to get into the industry. There has always been money for marijuana, but now there is money for marijuana that you can actually talk to a stranger about across the table at H&R Block.
Sure, you can use your business know-how to open a dispensary, but there are actually quite a few ways to turn legal weed into big money.
First, act quickly.
You are not the only big brain to see dollar signs after reading the latest report on legalization efforts, but if you act quickly, you can fight for victory.
“I got into the cannabis industry a few years ago,” said Adam Wilkes of Captor Capital, which runs dispensaries in California, where he says business is mostly going “smoothly”. “I’ve worked in the restaurant business with big brands including Pinkberry. When I walked in, we were just starting to notice support for federal legalization initiatives like the Safe Banking Act and statewide strikes. I think I entered the middle ground where there was still a lot of excitement about the emerging industry and a lot of big money was not quite ready to take risks. Now everyone is addicted to cannabis. “
Stay up to date with local rules and regulations
In conversations with Wilkes and Flora Growth CEO Luis Merchan, one topic came up constantly: read the news, follow the rules and regulations in different regions, and stay tuned.
You know that the sale of marijuana has been a staple economic product in this country for decades, but what’s new is the shift to legality that has swept across America, is changing the consumption and sale of cannabis, and facing different rules and taxes as it progresses. If you want to be successful in a fast-paced business, you need to stay on top of the changes. Set some Google Alerts and check out news outlets and reporters covering the cannabis industry.
Determine what you want to do
Be that as it may, do not get too carried away with everyday details. Have a long-term vision, whether it’s a dispensary like the Wilks or a manufacturing facility like Merchan’s Flora Growth, which IPO on NASDAQ earlier this year. Work towards your common goal.
“Stay patient,” Wilkes said. “The emerging sector is a game of incrementalism, and it is important that you follow a broader strategy and not get bogged down in the little things of the day. A lot of people try to cash in on it quickly, but eventually there will be real winners. “
Even in the illicit marijuana market, there has always been a difference between those who want to “make money fast” and those who play the longer game. Someone who pays their daily expenses by selling an extra or eighth packet is a little different from a large distributor or manufacturer, isn’t it? Legalization has certainly changed the situation, but not the basics. Decide who you want to be. There is no shame in making money fast, but if you want more, you need to plan for it.
Merchan advised if you are taking on anything more serious than the pursuit of instant gratification: “Take your time to plan and develop a strategy that suits your management team, board of directors and shareholders. Depending on the jurisdiction and markets in which you plan to do business, there are many nuances and subtleties about bringing a product to market in our highly regulated industry. “
Start networking with the right people
Say goodbye to parking and say goodbye to the hotel boardroom or conference center. (Or don’t say goodbye to the kif, but don’t smoke at work.) A core element of business life is the emphasis on the personality . You cannot do it alone, so don’t try.
Merchan recommended: “Learn from the mistakes of others and focus on your core competency, while maintaining ease of assets and placing capital where you have the greatest growth potential and lowest risk. You already have enough assets and talent, and you don’t need to reinvent the wheel. Building a successful business is a marathon, not a sprint; Be sure to think about the long-term impact of your decisions today and how they will enable you to achieve your overarching mission and vision, and be sure to surround yourself with a team of passionate, dedicated, knowledgeable people who share the same goals. ”
Basically, it’s time for you to make some new friends. Take a look at the marijuana business conferences. Those exist now! Among others there MJBizCon , of Cannabis Conference and CannaCon . Read CannabiS Business Times , manifest activity in the forums and on Reddit , and even go to the local clinic, and if you ask the manager can pick his brain. Ask some smokers who you know what their needs are, or if they have noticed any business gaps that need to be filled. Let yourself learn and be inspired so you can find your place in this expanding arena.
This is a business endeavor, and even if you have some stigma about marijuana, it’s all legal, so look at the industry as you would any other. Don’t be afraid to ask questions or take risks. Starting a new business venture is the essence of the long-held American Dream. The same can be said for being able to smoke a joint in public. This industry is made for you.