Since Washington and Colorado legalized the recreational use of marijuana in 2012; there has been an immense growth in the sector. Several states have legalized the drug for medical and recreational use and this move has been supported by 64% of Americans.
The new industry has created different business opportunities including cannabis dispensaries to cannabis oil distilling and industry consulting. As an aspiring entrepreneur, there are many things that you can learn from successful marijuana companies before you make a move.
Legal Changes Can Build or Destroy an Industry
The government plays a major role in enabling a regulatory environment for businesses. The federal government and state governments set the requirements for starting and running businesses in various fields. Therefore, a simple regulatory change can significantly affect the way businesses operate.
Over the years, marijuana has been labeled as an illegal drug in the USA, and it is not until recently that lawmakers legalized it despite research showing its medicinal benefits.
IN 2012, Colorado legalized marijuana, and since that time, marijuana sales have topped to$ 1 billion. The the lesson you are learning here is the need to assess the regulatory environment. With all the information you need, you can make sound business decisions.
Often, the word dealer evokes images of a shady-looking person with dreadlocks, ripped jeans, baggy t-shirts, and sneakers.
Successful marijuana companies are operated by entrepreneurs who dress the part. They put on expensive suits and turn up for meetings and trade shows ready to exchange business cards.
If you want to succeed in this industry; you must abandon the weed dealer stereotypes and dress up like you are anticipating to score big deals. This way, you can easily attract the modern pot consumers to your brand as they prefer shopping for a brand that reflects their style.
Quality products will always sell quickly. There is still a lot of stigma on the cannabis users so you could assume that most buyers don’t really bother to inspect the quality of the product before they can buy.
This is a wrong assumption as the most successful marijuana companies are those that cultivate or sell cannabis products that are of high quality.
As an upcoming cannabis entrepreneur, there are many opportunities to invest in. You could choose to grow the plant, be a licensed distributor, begin a delivery service or trade edibles like weed cakes and weed sauce.
Regardless of what you choose to do, don’t try taking shortcuts by selling cheap, low-quality products for quick profit. By so doing you will tarnish your name and in no time you will be out of business. Focus on offering high-quality products that will satisfy your customers and keep them returning.
Even if you specialize in digital service like LeafBuyer which allows consumers to find the nearest cannabis dispensaries, you must provide great customer experience.