As the awareness of medical marijuana continues to grow, so has competition for cannabis businesses. To make your business stand out, there are several things you can do to stay on top of the competition. While there is no set formula for success, you should focus on a few key characteristics of cannabis entrepreneurs. To ensure your success, make sure you consult with experts and get started as soon as possible. If you’re an aspiring cannabis entrepreneur, read on to discover some tips that can help you stand out from the crowd.
First, make your business easy to find. Social media platforms like Facebook are the best places to find marijuana businesses. Whether you want to find a cannabis entrepreneur or learn how to operate a medical marijuana business, these social media platforms have the information you’re looking for. But there’s more. Make your company easy to find on the web. Facebook has a dedicated page for cannabis businesses, which means they’re more likely to pop up.
Regardless of your ethnicity, a marijuana business can be a big opportunity for minority-owned businesses. Despite the fact that marijuana is federally illegal, a majority of entrepreneurs identify as White. According to Marijuana Business Daily, only 5.7% of cannabis business owners identify as Black or Hispanic. However, there are some exceptions. Some marijuana entrepreneurs are African-American or Hispanic, but not enough to make a real impact on the industry.
In addition to local government officials, cannabis entrepreneurs can also meet with the state’s workforce development agency and attend educational seminars to learn about the legal and business challenges facing the industry. The Alliance for Cannabis Equity is one of the organizations supporting such efforts. The nonprofit association hosts conferences and events throughout the year to help cannabis businesses get the resources they need to succeed. It provides business counseling and access to financial resources to help cannabis entrepreneurs become successful. For example, its members include state and local government officials who are concerned about underage consumption and the diversion of products to illegal markets.
The cannabis industry has long faced challenges around legality. Many cannabis businesses experienced aggressive selling of products for a limited time and struggled to scale their operations later. These businesses failed to balance earning potential with investment costs. Meanwhile, 40 countries have legalized medical cannabis, and many more are slated to do so over the next 12 months. Legalization comes with stern regulations and heavy taxes. Cannabis businesses are not able to access traditional banking services legally.
In the cannabis industry, getting access to funding is a crucial first step. Byassee, a former corporate lawyer, was successful in meeting with city officials and economic development council representatives. The company also met with local school officials and other community leaders to discuss cannabis-related business needs. This led to an expert-led panel consisting of The People’s Group managing partner Christine De La Rosa and Leafspotz co-founder Charles Johnson. The experts also discussed legal and regulatory issues associated with cannabis businesses.