As the cannabis industry evolves, so does the need for quality information. Cannabis consultants can provide services for both budding startups as well as veterans to the legal marijuana market looking to increase productivity, profitability, and quality of their product. Some cannabis consulting niches include:
- Legal maneuvering/licensing
- Cannabis marketing
- Product development
- Quality control
- Business planning
- Risk advisory
- Real estate
- Tax filing
When choosing a cannabis industry consultant, it’s extremely important to be selective. As the industry expands, so does the pool of available consultants, and many aren’t up to snuff. Some may be failed marijuana business owners; others may be self-proclaimed “experts” cashing in on the speedy need for information by taking a cannabis business seminar or two. Avoid fly-by-night consultants by requiring references and researching their experience in their respective field of expertise. Avoid consultants who provide services to your immediate competition in order to avoid inevitable conflicts of interest. And be very wary of consultants who insist on payment in equity; yielding shares in your business can lead to too many decision makers tinkering in aspects of your business that they don’t understand.
Cannabis is a multi-billion dollar industry and only continues to grow as the years go on. But few investors are eager to jump into such a lucrative space headfirst simply because cannabis carries such a unique set of legal challenges. Few markets carry as many legal pitfalls as cannabis-based businesses due in no small part to marijuana’s current federal legal status. For a successful cannabis business owner to faithfully focus on cultivation, refinement, sales, and distribution of their product, they need to be confident that they are in compliance with local and state laws during every step of the process. Investors are more likely to trust their capital in the hands of a company that strictly adheres to all regulations.
In order to ensure success in your marijuana business, you must have legal representation that understands your state-specific laws to navigate such complicated issues as:
- Inventory tracking
- Customer/patient intake procedures
- Waste disposal
- Environmental law compliance
- Record keeping
- Packaging and labeling requirements
- Food production permits and standards
A skilled lawyer can not only set your business up to succeed but also to monitor ongoing compliance during day-to-day operations to keep you up and running and avoid costly shutdowns. Spending ample time carefully choosing legal consultation for your cannabis business can result in massive savings in the long term.