What steps do I need to take to open up a legal marijuana business?

So You Want To Start a Marijuana Business? Here are some General Factors You Need To Consider.

Like any other startup company in order to succeed they require market differentiation, investment, and competent management. Creating a marijuana start up business is not too much different. That said, the marijuana industry can be a maze of shifting regulations depending on the state you want to start your business. Here are some of the following basic steps when starting your marijuana business:

  • You need to write a business plan that outlines your goals, startup costs, timelines and milestones, finances, and other key information. A well-crafted business plan will go a long way when you are seeking third party investors.
  • Find a Location: Regardless of state licensing requirements, local and/or county zoning laws and regulations (not to mention real estate costs) will largely determine where you locate your cannabis-oriented business.
  • Create a business entity. All companies need to form a business entity that is right for you i.e. LLC, Corporation et cetera.
  • Obtain License(s): As is typical with government licensing process, you must obtain approval for any applicable licenses which typically takes several months—or longer.
  • Promote Your Business: Like any business you need to market your product in order to attract customers.
  • Your company will need capital to get off the ground. Finding investors is no easy task especially since technically they are investing in a venture that is still illegal under federal law.

Starting a marijuana business is a serious undertaking that requires extra patience, dedication, and a keen understanding of the complex regulations and legal shifts involved. I would suggest that you speak with an attorney about the specifics of your situation before making a decision. At LawTrades, our attorneys have experience in working with entrepreneurs who specialize in this new industry and have successfully helped other startup companies comply with the complex maze of business and regulatory hurdles you will face should you decide to move forward with your new business. Visit our website to talk to an experienced attorney who is familiar with these matters.

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