The 3 Most Crucial Steps in Your Medical Marijuana Cultivation Business Plan
Attitudes surrounding cannabis use are rapidly changing in the United States as more states begin to legalize the substance for recreational and medicinal use. There are currently 23 states and Washington, D.C., allowing the distribution of medical marijuana, and many more states are poised to join in upcoming years. More than half of Americans surveyed (52%) believes that cannabis should be legal, and that number is even higher for those who support the use of medicinal cannabis. As a result, more businesses are cropping up that aim to meet the market demand for these products. But before they do, they need to have an adequate medical marijuana cultivation business plan.
What should you know about as you develop your medical marijuana cultivation business plan if you are one of these entrepreneurs? Here are three crucial steps for starting a medical marijuana business:
1. Begin working with cannabis consultants. In order to help businesses get their ideas off the ground, it may be necessary to work with a cannabis consulting firm. Consultants help prospective business owners do everything from applying for a business license to developing a branding strategy. They are a great resource to help entrepreneurs break into the industry.
2. Secure a proper cannabis business license. One of the biggest things that you’ll need a consultant to help you with is securing a cannabis business license. Licensing is required in all states that allow recreational and/or medicinal cannabis in order to operate legally in a state. The licensing process, including writing proposals and applications, can take time, so a consultant can help business owners every step of the way.
3. Understand the process of medical marijuana cultivating. There are several different areas of the cannabis industry that one can break into. For instance, there are the wholesale and retail levels, which tend to be the most visible. Yet these businesses wouldn’t have anything to offer without working with medical marijuana cultivators to get the best products available. Cultivation takes specialized knowledge of how to grow cannabis and which strains to offer (e.g. indica or sativa, for instance).
Have more questions about working with a cannabis consultant and developing your medical marijuana cultivation business plan? Find a qualified consultant who will work with businesses in your state, and leave a comment with general questions or suggestions.