Although only Alaska, Colorado, Oregon, and Washington have fully legalized cannabis, the legal marijuana industry is expected to be worth around $10.2 billion in the United States in the next five years. Additionally, the industry has created nearly 10,000 jobs in Colorado in 2014 alone due to the growing number of dispensaries and retail stores that have opened throughout the past year.
But how do these businesses open — and stay open? Despite the consumer demand for cannabis, these stores can’t succeed without obtaining the necessary cannabis business licenses and using the right cultivation and marketing techniques. The simplest way for these businesses to get the expertise they need is to work with a cannabis consultant.
Cannabis consulting groups can vary, especially if they only specialize in one thing or another. If you are looking into starting a medical marijuana business or a recreational cannabis shop, here are three things you should consider before you hire a cannabis consultant.
1. Ask about previous clients. When you choose a cannabis consulting agency, you’ll want to ensure that you’re choosing a group that will start you off on the right foot. Find out how many business licenses that agency has won. If possible, your consultant should be able to provide references so you can find out about past success stories.
2. Keep niche in mind. Some cannabis consultants have an area of specialty, so be sure to ask what it is your consultant can help you with. For example, as you file the paperwork for your business, you’ll need someone who is adept in explaining the legal issues pertaining to cannabis businesses. But when it comes time to develop a cannabis cultivation business plan or begin marketing your products, you’ll want someone who can offer guidance in these areas, as well. A consulting firm should be able to provide you with all of the resources you could need.
3. Find out exactly what you’re getting. Will you be able to receive “face time” with your consultant? How often can you call? Is there a consultant available in your state? Make sure you have a clear idea of how involved your consultant will be every step of the way as you establish your business.
What questions do you have about choose a consultant for your cannabis business? Let us know.
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