Thursday, September 17, 2015
How do I start a Marijuana Business?
420college. They have classes in a bunch of states and assemble some of the best people that I have met in the industry. It is also at the most reasonable prices with the ability to come back.
2. Select a specialized accountant. The 280E is no joke. Find someone that will work with you and not just take information from you. Al Capone was snagged for taxes don’t be that person.
3. Select an insurance expert. Find someone that is current in the industry. You shop for experts, let your experts shop for products. They can even start advising you on underwriting pitfalls such as protecting your marijuana in a particular size of safe so that it can be insured.
4. Select a legal expert. Find someone that understands the laws. For example in Oregon there are some areas that will not allow a marijuana business.
5. Join an association and find out what associations your experts are in. Not only do some associations you get benefits, you also can meet other professionals and educate yourself. In Washington, I recommend checking out Coalition for Cannabis Standards and Ethics as they are a good mix of benefits, lobbying and networking.
6. Build a business plan and understand product flow, people flow and cash flow. Do not bank on product selling itself and that bad things won’t happen to you. I have seen dispensaries shut down for Robberies and wind wiping out crops.
This is a business like any other with thousands of people wanting to make money. Many of which will not set themselves apart by doing the hard work and learning everything that they can. It is not for everybody. Good luck, I look forward to seeing you out there.