It wasn’t so long ago that marijuana was illegal everywhere. My, how the times have changed.
Today, marijuana and its various cannabinoids — including the ever-popular THC and the up-and-coming CBD — are at the center of a thriving business space.
The marijuana and CBD industries are fast becoming huge, and they offer similarly huge opportunities for savvy businessmen and women.
Hold on, though. There are a couple of things that you need to do if you’re going to make it in this space!
Lawyer up
No matter what sort of business you’re starting, you should probably talk to a lawyer. Lawyers and tax experts can help you decide how to structure your business in the eyes of the law (and the eyes of the IRS).
Ideally, a good business structure will minimize your burdens and insulate your personal finances from that of your business. Businesses don’t always succeed, and you don’t want to end up bankrupt if yours goes belly-up.
And when you’re dealing with marijuana or THC (or, to a lesser extent, CBD), then you’ll really want to talk to a lawyer, explains one expert marijuana lawyer.
The reason for that is that the laws surrounding marijuana, particularly in the business context, are still very complicated.
States that have legalized marijuana for medicinal use, recreational use, or both have not simply opened the floodgates. Marijuana is carefully regulated in states where it is grown, bought, and sold legally. There is tons of red tape and there are more than a few taxes. You’ll need an attorney to navigate it all.
What about CBD?
Well, things are much simpler there. Because CBD is non-psychoactive (which means it won’t get you high), it is widely legal or de facto legal. Still, CBD sometimes exists in a legal gray area, so it never hurts to check in with someone who knows the law.
Get the right suppliers
Any business that deals with physical products are only as good as its suppliers. If you’re trying to open a dispensary, you’ll need to know who the reliable growers and edible producers are.
If you’re trying to start a growing operation, you’ll need suppliers for things like seeds and fertilizer. And if you’re selling CBD, you’ll need to know that you’re getting safe, high-quality stuff that your customers will appreciate.
To be clear, this doesn’t always mean that you’ll be selling products bearing another company’s brand name. As is common in the health and wellness space, you’ll find producers of white label goods — that is, goods that can be branded with your business’ name. White-label CBD is a great option for health and wellness businesses.
Pick the right supplier, and you’ll be able to offer high-quality CBD under your own brand name.Â
Stick with it for the long haul
The changes in the legal status of marijuana and, to a lesser extent, CBD have happened relatively rapidly. With so many customers ready and waiting, these sorts of businesses took off fast. Experts say the space is still growing at a marvelous rate.
This is no flash-in-the-pan thing, though. While the marijuana and CBD industries will certainly not grow at quite that rate forever, they will continue to grow.
There will always be customers seeking the lifestyle or health benefits that these products offer.
You should bring a long-term mindset to your business.
This is a popular and growing space, but there’s no get-rich-quick scheme going on here; to make your business work in marijuana or CBD, you’ll need to keep your head down and work hard.
You’ll go far if you do that while teaming up with the right lawyers and suppliers.
