The cannabis industry is constantly growing and evolving, and so are cannabis laws and regulations on a state and local level. Many entrepreneurs want to join the industry. However, since most cannabis programs are still in their first stages, there’s much to learn.
To navigate the complex world of cannabis, don’t do it yourself; hire a cannabis consulting firm or professional that can guide you.
Here we tell you what a cannabis consultant can do for you and how to choose one.
How a Cannabis Consultant Can Help Your Business
When you are launching your cannabis business, you likely have basic knowledge of the legalities of the cannabis world.
What a cannabis consultant or cannabis consultant firm can do for you is help you launch and establish your business. They help startups and cannabis companies that want to expand their operations. Although starting on your own can be the first choice, it is better not to save money on that alley and begin with a professional by your side. These are the primary services a cannabis consultant firm or professional can and should provide you:
A fundamental matter when starting your business is where and how to build it. Mistakes In planning can set you back and be very costly to your budget. A consultant will know that each facility and state has its own set of zoning and planning laws, safety and security measures, and municipality regulations.
They will work as the design-build team to create a blueprint of your facility, including everything you need. They will also have their own architectural and design teams. This will help you maximize your costs and deal with only one project manager.
Cannabis Tours for Business Owners
Cannabis is a significant business; from cultivation to extraction and selling, there are many types of operations regarding cannabis. These operations will need different facility designs, goals, equipment, teams, etc. Before spending a substantial amount, you have to know the specific requirements of your business type. The best way to do this is to have a cannabis consultant by your side. Established consultants have a vast business directory and networks in the legal cannabis industry that will help you access reputed cannabis companies that can help you understand how to build your own company and start with partners and industry experts by your side.
A good cannabis consultant will help you with one of the most complex steps of starting a cannabusiness: licensing. You cannot participate in the legal cannabis industry without a business license because marijuana laws differ from state to state. You will have to understand your state’s licensing and application process. Each requirement will also vary depending on which type of marijuana you are selling: medical or recreational.
To go through this rigorous process without perishing, having a cannabis consultant is ideal. They will help you make your application stand out, complete every section, create a business plan, have proper documentation authorization, contact trusted partners, standard operating procedures, and, in general, be able to see the standards of your state’s application procedures.
When you apply for a cannabis license, you have to demonstrate your ability to adapt to regulation changes, achieve compliance, and be very organized. The best way to do this is by outlining specific business Standard Operating Procedures or SOPs.
SOP requirements can involve employee documentation, training manuals, processing procedures, security measures, and much more. If you hire a cannabis consultant, you will have proper SOPs from the star, and they will also help you implement them correctly. Consultants usually have expert technical writers who will create detailed step-by-step SOPs to help your business operate by cannabis regulations without any problem.
Cannabis Business Compliance
One essential thing to have in mind when starting a cannabis business is the Marijuana Enforcement Tracking Reporting Compliance or METRC. METRC is a complex cannabis compliance system that some states require. This system helps you monitor and verify reported cannabis inventories, analyzes trends, and identifies risks or non-compliant behavior. Cannabis consultants are experts on METRIC and other cannabis compliance guidelines.
This can be very draining for any entrepreneur, so hire a professional. It can save you time, money, and future headaches.
One of the most important issues when starting your business is branding. Knowing your brand and how to market it is essential. The right cannabis consulting firm can provide marketing services that help you develop your brand and increase awareness. Since marijuana is still illegal on a federal level, you must know what your state’s restrictions regarding cannabis marketing are. Our consultant will know those restrictions and will abide by them.
One of the trickiest, most complex and most significant cannabis businesses-complaints maintain financials, accounting, and compliance with all of the industry’s regulations and restrictions. A marijuana consultant can help you organize your books, taxes, and everything finance-related.
How to Choose Your Cannabis Consultant
Cannabis consultants are in demand within a booming industry; choosing the right one isn’t that easy.
You should first consider what type of cannabis consultant you need.
There are Business Cannabis Consultants that are cannabis business advisors that help companies in the early stages of building their cannabis business from the ground up. They also help established businesses to navigate better legal and operational fields of the industry.
There are also Medical Cannabis Consultants that help create plans for cannabis consumption based on patients with different types of ailments. They also help to track dosages and help with strain selection.
Finally, there are Cultivation Cannabis Consultants that are usually expert cultivators that will help you grow your operation and increase profits.
After you know which type of cannabis consultant you need, consider these points to choose one from that specific niche:
Look Into Relationships With Past Clients
Research the history of your cannabis consultant, even if they were referred to you by someone you trust. Look for reviews, check their website and look into their social accounts to see comments and interactions. You can even ask them for a list of past clients to talk about how others qualify for their job.
Think Carefully Before Paying With Equity
It is common in the cannabis business for consultants to ask for payment in equity. This may seem easy but look into it carefully because if you agree to do it, your consultant could have conflicts of interest because of having equity of a business that is part of the industry he advises.
Usually, when a consultant asks for equity as payment, it is a red flag so, take it into account.
Discuss Promised Results Over and Over
Know how your consultant works from the start. Ask them about their process, and explain how they will reach promising results. A good consultant should be transparent about their methods and approach. They should work hand-in-hand with you and not just give you metrics or an end-of-the-month report.
Know if They are Working With Someone Else
Since it is a competitive industry, it is probable that your consultant is working or has worked with your competitors. Ask directly if they are working with other companies similar or equal to yours. You don’t want a consultant with a conflict of interest or that hasn’t got enough time for your business. You also want to make sure to hire someone who has experience in the field so, investigate well.
With these tips in mind, make sure that you start your cannabis business with the right step and hire professional consulting to avoid any problem with restrictions and regulations.