Are you wondering how to get into the cannabis industry? Dispensaries. Growers. Distributors. Edible manufacturers. The sheer scale of the cannabis industry is breathtaking.
In a decade, the cannabis industry has gone from the millions to a multi-billion-dollar sector racking in vast revenues in state taxes. In fact, the US cannabis industry is worth well over $61 billion. And with 12% of Americans active marijuana users – and ever more states considering legalization – the sector is only going from strength to strength.
Small wonder anyone with an entrepreneurial mindset is asking the same question: how to get into the cannabis industry.
Even when we dig further down into the numbers, things only get more impressive. According to Statista, of the cannabis cultivation operations in the US, 24% reported increased profits, and 20% remained stable. Only 6% of respondents saw their profits drop.
Apply for a cannabis banking account or cannabis business loan with Safe Harbor Financial!
In short – the cannabis industry is a gold mine: the modern-day Californian gold rush. Only it’s not just in California; it’s in Colorado, Washington, Alaska, Maine, Massachusetts, and more.
How to get into the cannabis industry? You’re about to find out. Below we’ll discuss the best way to get into the cannabis industry, including the top insider tips you won’t hear anywhere else.
Let’s get started.
Public opinion on cannabis legalization might be at an all-time high. However, knowing how to get into the cannabis industry won’t make any difference if it’s illegal in your state.
Here’s a complete list of the US state and territories where cannabis is legal:
Cannabis might be legal, but public and government perceptions still shape regulatory checks. Even if you’re applying to work in a dispensary, having a criminal record will make getting the job that much harder. It’s not impossible; however, it’s essential to be aware of the real challenges you’ll face.
Washington State, for example, performs background checks on the spouses of cannabis industry employees. Again, just knowing how to get into the marijuana industry isn’t enough. To get a cannabis business license, you’ll need a clean record.
Furthermore, there’s also your financial history. If you’re planning to open a marijuana business, you need to be 100% open and honest about your past. After all, it’s hard to open a cannabis business without a significant capital injection. You need lamps, premises, plants, processing machinery, and more. Any bankruptcies – particularly in the last 5 to 10 years – will impede your ability to get a loan. It’s already difficult to access marijuana banking services, making it harder.
If you want to know more about the financial side of how to get into the cannabis industry, please get in touch with a member of our team. We’re always happy to discuss your options.
With more and more entrepreneurs entering the market, it’s getting pretty crowded. We’ve got all manner of edibles, oils, the best cannabis anywhere in the world, and a vaporizer like something from the International Space Station.
The market isn’t statured – yet.
However, if you want significant success, you need to find a niche or new angle on the bustling sector. Don’t go too niche, though. You need a sizable consumer market to buy your product (just not so many you’re competing with the big boys).
Here’s a couple of ideas:
An idea will only get you so far. After all, we’ve all had million-dollar ideas – the difference between the cannabis kings and everyone else is they did it. Writing a business plan is the ultimate step in how to get into the cannabis industry.
It’s about examining the practicalities and difficulties and plotting the road to success. Try to answer these core questions:
It’s not copying. See what your potential competitors are doing. Write down what they’re doing well; write down what you could improve. If you wish, you can be even more technical – analyze their SEO, study their social media accounts, and note down who their clientele is.
You’ll then want to translate this information into a fresh and exciting brand – your brand. No one creates a brand overnight. It’s a process of evolving and editing, continually getting feedback and reworking your product. Think about your target audience’s gender, age, social status, preferences, culture, and more.
There’s no good calling your brand Wonderland if your target market is over 50s with a bad back.
It’s time to take the next step – to take action. Before you hire staff, rent premises, or buy stock, you’ll need investment. Or, alternately, you can start small – very small – and build up. Here at Safe Harbor, for instance, we only provide loans to clients who’ve been with us for at least six months.
That means your early focus should be on getting a license and building a reputation. Success breeds success. When people spot an innovative new brand, word soon spreads. Before you know it, the only way is up.
Do you own a hemp, CBD, dispensary, marijuana, or cannabis business and need a business bank account? Need quality cannabis banking tips? We’ve validated over $8 billion dollars in cannabis-related funds since 2015. Bank with confidence. Bank with Safe Harbor Financial today!
Do you own a hemp, CBD, dispensary, marijuana, or cannabis business and need a business bank account? We’ve validated over $8 billion dollars in cannabis-related funds since 2015. Bank with confidence. Bank with Safe Harbor Financial today.Open Your Account