With business booming in the cannabis industry, it is no wonder why so many people want a piece of the pie. There is potential to make huge profits as each different sector continues to grow and expand over time.
Over half of the United States has already legalized cannabis in some form or another. While many states have only legalized cannabis for medical purposes, there is beginning to be a gradual shift toward a more inclusive approach to its uses.
In 2016, marijuana sales in North America grew by an incredible 30 percent, and sales are projected to reach $20.2 billion by 2021. Because this industry is so new and growing by the minute, there are many gaps to be filled by those willing to think with innovative solutions. The uniqueness of this business is presenting entrepreneurs with a once-in-a-lifetime opportunity that is near impossible to turn down.
All things considered, the challenge of getting started in the cannabis industry is not an easy feat. With the abundance of laws, regulations and taxes that have been put in place, there are endless obstacles and roadblocks to conquer along the way. Below we have gathered some insightful tips and tricks that will help you get started in the cannabis industry.
Understanding Your Niche
No matter the industry, when starting a business it is important to come up with a unique idea that solves a problem no one else has solved yet.
First, you should decide which sector of marijuana industry you would like to go into. This hugely depends on where in the country you live, and what your state allows you to do. Generally, when thinking someone thinks about the types of cannabis businesses, dispensaries and grow operations come to mind, but there is plenty more you can do!
As the legal use of marijuana continues to grow across the U.S., the price of marijuana will continue to go down, leaving those with grow-ops and dispensaries with fewer profits as time goes on. They’re also the ones to be hit hardest with a sea of strict rules and regulations.
Beyond dispensaries and grow operations, the cannabis industry also includes, infused product manufacturers (edibles, etc.), wholesale cultivators, ancillary services firms, and ancillary technology companies.
To start a long-term scalable success, it is so important to understand the dynamic regulations and be able to adapt quickly, all while understanding your niche.
Connect With The Consumer
Once you have a winning idea, it is imperative that you understand who will be interested in your product and how to reach them. By understanding the consumers wants and needs, you are able to market your business in a way that will guarantee success.
The cannabis industry is unlike any other industry out there, and understanding how these unique regulations will affect your profits is a core principle. From there, you can focus on what your consumers want from their products and how to deliver that.
To do this, you will want to do extensive market research. This can include anything from surveys, interviews, focus groups, consumer observation and more. By connecting and understanding your future consumers, you will be able to create loyalty and trust in the long run.
Knowing The Regulations
Within the cannabis industry, there are endless laws, rules and regulations that make starting a business incredibly confusing and complex. We recommend that you hire an experienced attorney to help you understand your options and navigate the processes.
It is so important that you do your research and are willing to follow the rules in this industry. When cannabis businesses are performing reckless practices, it hurts the reputation of the industry and puts us all at risk.
Each state has different laws, so check this state-by-state guide to learn more.
Hear From The Mary and Main Team and How They Got Here
The Experts Behind Mary and Main
Dr. Octavia Wiseman
Dr. Wiseman’s career goal is to provide generations of families with safe, sterile, and high-quality dental care to change the dynamics of how people feel about the world of dental care. She hopes to transfer her dental care industry goals into the Cannabis industry by giving her patients and community 100%.
Hope holds personally the core values of Mary & Main, making it her mission to provide quality products to her community while offering a comfortable experience to patients who suffer from chronic debilitating illnesses.
Dr. Larry Bryant
Dr. Bryant has been in practice in the Bowie-Mitchellville area of Prince George’s County, Maryland for over 20 years in which he has developed a family centered oral surgery practice well known and respected in the surrounding community.
Mary and Main offer the best products alongside exceptional customer service. Our qualified professionals will work with you to help decide how to treat the challenges you face while offering education and solutions specific to your needs. We are here to help you. Call us today 240-838-3660.