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How to Compete in the Cannabis Industry

by on May 24, 2018 in The Biz Tips

 

Medicinal marijuana is legal in 21 states and an additional 9 states have legalized recreational use for adults 21 and old. The number of legalized states continues to grow. At this rate of legalization, the cannabis business is a gold mine. Alas, here is everything you need to know before entering the cannabis industry including the perfect cannabis business plan. Business plans are crucial step to launching a successful dispensary business plan.

Where is Weed Legal?

Here is a list of states where the use of cannabis is legal for recreational, medicinal or both uses:

  • Alaska-Recreational/Medicinal
  • Arizona-Medicinal
  • Arkansas-Medical
  • California-Recreational/Medicinal
  • Colorado-Recreational/Medicinal
  • Connecticut-Decriminalized/Medicinal
  • Delaware-Decriminalized/Medicinal
  • Florida-Medicinal
  • Georgia-Limited medicinal
  • Hawaii-Medicinal
  • Illinois-Decriminalized/Medicinal
  • Indiana-Limited medicinal
  • Iowa-Limited medicinal
  • Kentucky-CBD oil only
  • Louisianna-Medicinal
  • Maine-Recreational/Medicinal
  • Maryland-Decriminalized/Medicinal
  • Massachusettes-Recreational/Medicinal
  • Michigan-Medicinal
  • Minnesota-Decriminalized/Medicinal
  • Mississippi-CBD oil only
  • Missouri-CBD oil only
  • Montana-Medical
  • Nevada-Recreational/Legal
  • New Hampshire-Medical
  • New Jersey-Medical
  • New Mexico-Medical
  • New York-Decriminalized/Medical
  • North Carolina-CBD oil only
  • North Dakota-Medical
  • Ohio-Decriminalized/Medical
  • Oklahoma-CBD oil only
  • Oregon-Recreational/Medical
  • Pennsylvania-Medical
  • Rhode Island-Decriminalized/Medical
  • South Carolina-CBD oil only
  • Tennessee-CBD oil only
  • Texas-CBD oil only
  • Utah-CBD oil only
  • Vermont-Recreational/Medicinal
  • Virginia-CBD oil only
  • Washington-Recreational/Medicinal
  • West Virginia-Medical
  • Wisconsin-CBD oil only
  • Wyoming-CBD oil only
  • District of Columbia-Recreational/Medicinal
  • Guam-Medicinal
  • Puerto Rico-Medicinal
  • The U.S. Virgin Islands-Decriminalized

In each of these legalized states, cannabis dispensaries range from the hundreds to the thousands. For some, there are multiple dispensaries at each corner and in other states, patients drive hundreds of miles to find one. Is weed legal in your state and can you spot your nearest dispensary? Maybe, it’s time to compete and create buy clomid your own local cannabis dispensary business plan.

Cannabis Business Plan

Like any business, entering the cannabis arena will require the perfect approach. From financial and material resources, having a great lawyer, and choosing your customer angle wisely, (legal) weed business is serious business and can be highly profitable when done right.

Figuring out the Footwork

Like any other business, we advise you scope out the competition. What are they doing right? What about their approach is lacking? How do they advertise? What is their outlook on the cannabis industry?

Visit as many dispensaries as you can. In some, you may find a very medicinal approach to the experience, including the staff wearing lab coats and gloves. In others, you may find the owner to be a hippie from the 80’s finally living his dream. But mostly, you will find, bright and successful young entrepreneurs taking advantage of this once in a lifetime business opportunity.

Dispensary Business Plan

Business Bargain Plans acknowledges a unique opportunity to work with some of the most excited and creative business owners in the country. Having worked in hundreds of markets and industries, BBP is always looking to push the limits. If you’re looking to open a business in one of the aforementioned legal states, don’t hesitate to reach out for your free business consultation. BBP creates customizes business plans to appeal to your investors, short-term and long-term business goals.

 

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