With dispensaries popping up around the country, the medical marijuana market is growing at lightning speed. Over the course of 2014, the industry totaled at an estimated $45 billion. And now, there are a lot of entrepreneurs looking to cash in on this industry. And while the payoff might be alluring, starting a medical marijuana business isn’t exactly simple. In order to successfully start a medical marijuana business, you have to understand the process and navigate it carefully, as winning a medical marijuana license is extremely difficult.
Once you’ve decided that you’re going to apply to a business cannabis license, understand that the process is a complicated one that would benefit from the knowledge and expertise of a seasoned cannabis consultant.
Here are 4 things that you should consider when applying for a medical marijuana business license:
Prepare Your Submission
In order to apply for a medical marijuana license, you must be eligible. In order to be eligible, you must meet some critical criterion:
- Background checks. These are extremely important and should be completed as early as possible. A background check should be performed for every person. If someone has a tarnished record, it could drastically affect your chances of getting approved.
- Plan presentation ahead of time. In order to submit your review, it needs to be in its proper format. IT’s also good to consider making multiple copies and possibly backing it up on a flash drive.
Seek Out Experts and Assets in the Industry
When building your executive team, make sure to focus on expertise from within and outside the cannabis industry. This means you should have team members that have experience in business that knows how to function under strict regulations and compliance. You should also have team members with a medical background, chemistry background, horticulture background, and substance abuse prevention. Seek out knowledgeable cannabis consultants to help you with the job.
Think About the Community
While opening a medical marijuana business is a great idea, you need to think about how the community will respond to your idea. That being said, you might need to employ public relations professionals to make sure that the news is handled professionally. Alternatively, you might want to keep the operation under wraps until you submit your application.
