Things You Should Know Before Starting a Cannabis Based Business

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Things You Should Know Before Starting a Cannabis
Based Business

• By 7 Point Law

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Introduction

• Marijuana is being legalized in many countries
  now. With this, many interested parties reach out
  for cannabis industry consulting. Each states
  program is different, there are many steps that
  you can take before a program is defined. This
  will help you establish a foundation on which
  your application effort will be built.

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Step 1. Make Yourself Learn Things

• The first and the foremost thing that you can do
  is to learn as much as possible about the
  program. Whether your state is implementing its
  first limited medical marijuana program or
  expanding to an adult use program, you need to
  learn about each and everything. Learn as much as
  you can about the existing regulations.

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Step 2 Identify Your Goals

• The marijuana industry is broken into 3 primary
  business functions namely, cultivation,
  manufacturing, and retail sales. In some states,
  the licensing is broken down even further by
  adding licenses for distribution, transportation,
  and delivery. The licenses you pursue will be
  dedicated by your states program. Some states
  only issue vertical licenses. These licenses
  allow businesses to cultivate, manufacture and
  retail their products. Other states do not allow
  entities from being vertically integrated.

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Step 3 Start Planning Your Business

• A vision is not the only thing that will take you
  far. At some point, you will need a good business
  plan. This plan should include detailed financial
  modeling to turn your vision into reality. It is
  one solid item that you should work on. A great
  business plan can help you select business
  partners, secure a location and can start
  pursuing investors.

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Step 4 Become an Industry Advocate

• Given in the history of cannabis in the US, its
  not always easy to step forward as an industry
  advocate. You will be astonished to discover how
  many of your friends and family members will be
  supportive to you when you will talk openly about
  your intent. Your advocacy will provide various
  benefits for your efforts. You will be helping to
  build support for the program and also will get a
  chance to meet like-minded people that will
  become team members or supporters of your
  efforts.

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Contact Us

• If you have any questions, you can ask us. At 7
  Point Law, we have a knowledgeable legal team
  that can help you in california cannabis
  industry, company formation, risk management,
  water rights, cash flow, employment and much
  more. Also, we have been in legal cannabis from
  the beginning and remain visionary lawyers
  wanting to educate our clients on the best
  business practices.