The profitability of the cannabis business has attracted the attention of many savvy entrepreneurs. Though the viability of cannabis as a business is still a fairly recent development, the industry has already experienced robust success on a global scale. The rapid progress being made by legalization efforts has also played a role in the industry’s expansion. It’s a smart idea to consider getting into the cannabis industry, but it can be complicated, especially for those without experience. If you’re considering your own cannabis business, keep reading to learn about some useful resources for your new venture.
What are some useful resources for your new cannabis venture?
The best place to start before launching your business is to do plenty of research. Look to successful brands like Legion of Bloom to learn what they’re doing right. For example, one great thing about Legion of Bloom is the fact they offer both THC and CBD products. Their commitment to sustainability is impressive, but it also makes sense from a business perspective. Customers are increasingly interested in brands that share their values, and environmentalism is a core value for a lot of people.
One thing that cannabis companies often struggle with is finding insurance for their operations. Fortunately, there are cannabis insurance solutions that are available to businesses in the industry. You’ll be able to access multiple lines of insurance, including general liability, property, and cyber and breach data coverage, no matter what sector of the industry you’re in. Whether you’re in medical science, retail, construction, or agriculture, it’s important to be properly insured.
It’s also a good idea to remind customers to check with their health care providers before trying cannabis products for the first time. A doctor can explain how cannabis is likely to affect any health conditions they have or interact with medications they’re currently prescribed. Providing resources and information to your customers is an essential part of being in the cannabis industry.
Is now a good time to get into the cannabis industry?
Cannabis legalization is growing more widespread in both the United States and all over the world, but a lot of your business plan will depend on what type of cannabis products you sell. CBD was legalized on a federal level in the United States through the passage of the 2018 Farm Bill. As long as products don’t contain more than 0.3 percent THC, they fall under a different legal category than marijuana products, which do contain more than trace amounts of THC. Though owning a dispensary or marijuana business can be profitable, it may be easier to start by working with CBD if you’re new to the cannabis industry.
The CBD industry may be new, but it has grown exponentially since its inception a few years ago. Experts predict that the CBD market could be worth as much as $20 billion by 2024. A major factor in CBD’s rapid success is the industry’s product diversity. You can find CBD infused into everything from cosmetics to coffee. There are even CBD bath bombs and pet products. As research uncovers more applications for CBD, it’s likely that its popularity and visibility will continue to grow.
We still have a lot to learn about cannabis, but the industry is on track to generate record profits in the coming years. It’s an opportune time to get involved in the business, but it’s necessary to do plenty of research first. Once you’ve made a business plan and developed a product line, you’ll often find you need help with logistical concerns like obtaining insurance. You’ll probably want to look for an insurance company that works specifically with cannabis companies. It isn’t easy to get into the cannabis business, but it can be rewarding and profitable for those who are able to succeed.
