The Cannabis Industry is the fastest growing industry of our time and just like any other industry, there is room for just about any business that you can think of. Many professionals such as lawyers, accountants, insurance agents, equipment sellers, event planners and more have found their seats at the table by offering their services to this growing niche market. Although this is a great way to get into the “Green Rush”, to be successful I suggest some 3 best practices.
- Work with business and individuals that have a great reputation
The one thing that I love about the Cannabis Industry is that everyone can be themselves. You can find every culture and sub-culture represented in the POT Game, from corporate executives to farmers, from urban hustles to suburban professionals, we all share a love for cannabis and its place in society. However, this representation may also welcome a few bad apples to the bunch. Creating a network in the cannabis space is the best way to get referrals and referrals lead to more business. But connecting yourself to the wrong business can mean career suicide. Make sure you are very selective about your clients in the beginning. Create win/win solutions so that they will sing your praises in the cannabis community. Lastly, team-up with companies and individuals that have a great reputation in the cannabis industry and in their local community.
- Make sure you are working with licensed businesses.
Many Cannabis Businesses are having a hard time getting through the red tape of licensing in their state. Also, most business owners are not prepared for the 1 to 2-year process that it actually takes to get to generating revenue in the “Green Rush” due to state and city licenses, approvals, building requirements, and 6 to 9-month harvest. Ancillary companies may find themselves contacted by many individuals that have a great business idea but have not to complete that process to become a legitimate Cannabis Business. Remember cannabis is still illegal on the federal level and as a business owner you do not want to be caught on the defense side of any lawsuit due to your clients or lazy business practices.
- Do your due diligence
Regulatory and Compliance are constantly changing and although your business does not require a marijuana license your customers and clients do. It is important that you and your employees offer the best possible service, which means staying abreast of any updates and changes that may affect them while doing business with you. For example, while issuing event insurance I am aware of the minimal coverage amount issued by the state and city to provide my client with the best product and price.
For more tips and tools about investing and trading in the Green Rush” go to http://www.ccimonecasson.com.
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