Thursday, September 17, 2015

How do I start a Marijuana Business?

These days it seems like everyone is trying to find out how to start a marijuana business. Some call it a ‘Green Rush’ others just smart business. After all of these years working around the industry, I have developed some tips:

1. Walk away from the $9,000 lawyers and talk to an assortment of experts. One of the best is the 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.

6 comments:

  1. It was a great course this last weekend with about 40 students getting ready to become the next big business in the Green Rush that is Washington State. It was a great blend of experenced business people with multiple business to experenced medical growers to the down right curious. It was difficult to get everything in as all of the instructors were able to share stories and tips what is currently happening with the Washington Market.

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    1. Taking a look at your site. It looks like you are using the similar paper as me. My site is www.insurebud.com. It is always good to see a new guy out there.

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  3. Marijuana Dispensary Insurance - We provide Medical Marijuana insurance for growers, dispensaries, physicians, smoke shops, landlords, and much more with the best policies. - Crest Insurance Group is a leading source for various kinds on Cannabis Insurance in USA.

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    1. I have been writing policies for nearly three years and haven't stumbled across a Crest Insurance Group Policy. What company are you using? Are you a retail insurance company?

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  4. And it conjointly pushes governments to assist guarantee "safe and cheap access" to medical cannabis for "all qualified patients".If you want to read more about Cannabis Stores then click here to continue.

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