Are you getting tired of dealing with shady people to get your favorite plants? The general public’s attitude towards marijuana has shifted from negative thanks to people’s desire to enjoy it without the feeling of doing something illegal. Marijuana was legalized in 18 states for medicinal and recreational use, and it was decriminalized in 13 states.
Grass consumption is slowly but steadily rising, and now is the right time to start your own business. Obviously, enthusiasm and passion aren’t the only factors; economic mechanisms and business ins-and-outs exist. To learn more about how I could start my own company of weed products, stay legal, create a brand, and prosper, I contacted Confia, a trusted resource for marijuana entrepreneurs.
Brand Building And Entity Type
To build upon your success, you must start with a good idea. Any good idea will need a catchy name to captivate the audience and push the brand to stand out in the market. Let your product and the goal you want to achieve translate into a memorable name and logo. To set your brand apart, you should be straightforward and easy to create a resonating name for your targeted audience.
Business entity type affects taxation, ownership rights, assets transfers, how the business is run, and the type of license required. If you are not familiar with that side of the business, you need to partner up with a company that can take care of the necessary paperwork while you put focus on the brand and idea parts.
Understanding Business Models
So far, the market has streamlined the cannabis business into five major categories concerning both medicinal and recreational purposes:
- Breeding: Breeders strive to expand the variety of current cannabis strains and develop new varieties through selective breeding. Their role is to breed new seeds which they later adapt for cultivation. The goal of breeding is to develop the seeds used by cultivators and select the most prominent genetic materials to be used for future generations of seeds.
- Growing: As the word suggests: growers are in charge of growing facilities, usually indoors. Their job is to grow cannabis plants of high quality, harvest them, and sell them to dispensaries.
- Production: In the world of cannabis flower processing, manufacturers, such as extractors, make finished products, including concentrated extracts, edibles, and topicals. Dispensaries offer a variety of cannabis products made by manufacturers.
- Dispensaries: The cannabis industry relies on dispensaries as distribution hubs, operating similarly to retail stores. Not all dispensaries are the same, and that’s the beauty of the business, but they all have something in common. They tend to employ people with a lot of experience with cannabis that can direct the clients to the product that will satisfy their needs.
- Logistic and Transportation: The cannabis industry would collapse without a transportation network. Cannabis businesses need trucks to transport cannabis flowers and products from suppliers to buyers and deliver the equipment needed to maintain operations.
Ancillary Businesses
There are also others you can assume regarding the cannabis business. You can indirectly participate in the weed culture by taking up an ancillary cannabis business. Ancillary business is easier to start, as it doesn’t require any particular expertise regarding cannabis, but also because it doesn’t ‘’touch’’ the product.
This includes professional services that handle the bureaucracy and paperwork surrounding the entire industry. There are lawyers, accountants, and digital marketers that can use their experience to grow the industry.
Packing is the right hand of your brand since the visual appeal needs to sell the product before the consumer has the opportunity to taste it.
