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A Simple Guide to Starting a Marijuana Business

Ambika Taylor May 14, 2021 CBD Comments Off on A Simple Guide to Starting a Marijuana Business 196 Views

According to one poll, about 12% of Americans say that they smoke marijuana.

With that percentage growing as the legality around cannabis changes, you may be interested in starting a marijuana business.

But where do you even begin? Keep reading to find out everything you need to know about starting a marijuana business!

Table of Contents

Come Up With a Business Idea

First, you’ll need a unique business idea that makes you stand out from everyone else. Do you want to be a dispensary or do you want to actually grow marijuana? Do you want to do both and also deliver it?

Is there some other unique niche that you could fill that no one else has?

You should solidify your plans before you start anything else because if you change your original idea, you’ll just create more work for yourself down the road. Take time to also do your research and learn what the rules in your area are surrounding marijuana.

You may also want to talk to other people who’ve started a cannabis business to see if they have any insights they can offer!

Figure Out Your Audience

This industry is different from anything else you’ve worked on, so you need to figure out what audience you want to target. Because this is a smaller consumer base, you need to make sure that you create marketing directly targeted at your consumers.

Plus, once you understand what kind of people you’re marketing to, you can start to build your business around that idea. For example, you can come up with a marketing strategy or figure out what products you want to create for them!

Create Products

When you’re creating products, you may want to consult with a product sampling agency for help.

They may advise you to focus on products like botanicals, lotions, beverages, or even edibles. From there, you can create different flavors and tastes that you think your customers will be interested in.

Get Funding

As with any business, you’ll need startup costs to get your business running and off the ground. However, a marijuana business normally has more fees than your average business.

For example, you need a license to be able to sell marijuana. If you’re selling it somewhere where marijuana is legal, this license can cost around $5,000, depending on where you are.

If you can’t cover all of these expenses on your own, you should start looking for ways to secure funding. One popular way is to crowdsource, by using something such as GoFundMe. You can ask people to buy into your company and then offer them something in return.