Loving the trend that cannabis business industry has built up? Willing to try your luck in the industry? Wait, before you make hay while the sun shines, learn it all about how to step by step start a cannabis business. This, accompanies by a solid business plan, is a sure-shot gateway to success.
Before you head off to look for finances, funding, and investors, or before you start foreseeing yourself as a steady business owner in the cannabis marketplace, hold on, we have got you a complete guide on how to start a cannabusiness or cannabis business. Of course, you would need a professionally done cannabis business plan. But is that it? No, there are several other big and tiny things to consider before you can set your foothold in the industry that is still illegal at several regions, where thousands like you are trying their luck, and where with one wrong step, you can be thrown out of track forever.
Pick your field or specific domain
The cannabis industry is often misleading as it doesn’t specify a single domain. Before you say you are willing to enter the industry, it is important to be specifically sure which particular sector you are willing to thrive and survive and succeed henceforth.
There are many cannabis industries that prospective investors and entrepreneurs should consider carefully, and hence must be focussed on by the owners. Industries like cultivation and retail are rather obvious, while several others are somewhat counter-intuitive.
Let’s have a look at few:
Real Estate
Real estate covers many areas of the legal cannabis industry, including:
-> Cultivation-> Manufacturing
-> Extraction/Distillation/Refinement
-> Warehousing
-> Retail development
CBD/Hemp Cultivation & Processing
Good news is that the CBD has become a mainstream media staple in less than a decade, sounds promising, doesn’t it? There are several products in different forms and shapes that come under CBD making it a projected industry of worth $20 billion in sales by 2024.
Cultivating and Farming
In this particular segment, if you are willing to start something relevant, you are must to have prior experience in industrial agriculture as this industry presents unique challenges, including:
-> Choosing the best soil for type of cannabis grown outdoors is a must.-> You must monitor the pH levels of the soil regularly to maintain it at pH 5.5–6.5.
-> Picking the better between outdoor and indoor growing facilities.
-> Soil or hydroponic nutrient delivery systems, which one and why?
-> What works best between sun lamps, natural light, LEDs or a combination of multiple light sources?
-> Maintain sufficient space and adequate infrastructure for large-scale cannabis cultivation.
-> To own correctly zoned property for any given municipality or county in which you would cultivate.
-> The plants must be kept safe from pests, drought, excess humidity, and adverse weather conditions.
-> You must ensure that the growing facilities are secure and theft-proof as the crop has high black market value and is poorly tracked.
-> The indoor growing facilities must be ensured of energy-efficient and must guarantee adequate levels of light and effective air ventilation, irrigation, and humidity control.
Manufacturing/Extraction & Processing
Do you know that a cannabis flower as a whole makes up only for a fraction of the market? It is the use of edibles, extracts, oils, distillates, tinctures, etc along with the casual cannabis use that is helping the industry to expand. Manufactures of specialized extraction, distillation, processing and packaging equipment are making the most of it from the growth of this new green industry. Want to join the bandwagon? Learn it all before jumping in.
Tourism
This sounds completely new, isn’t it? Cannatourism, or cannabis tourism is one of the fastest growing segments, thanks to the fragmentation in the legalization process. This is eventually causing millions to travel to “legalized” states to tour grow operations, and the rate of this travel is jumping up every single year.
Once the market grows further, tourism is surely to be a popular business model making moolah in the safest way. It would be kind of similar to the craft brewing or distilling scene that is already here for over a decade now and we see no signs of slowing down any time soon.
Here you are – with several of the possible options where your willingness to try cannabis industry might find a positive corner. But before anything you are fully in, do make sure that your cannabis business plan is ready and created by a skilled team of professionals.
For reference, you may talk to the team of The Plan Writers. They are here for more than a decade now and are experienced in several types of industries including cannabis. Visit them on https://www.planwriters.net/ or call them up at 800-919-7250 for a detailed discussion with the experts.