My answer to What does it take to start a successful and legal cannabis business in the US?
Answer by Raad Ahmed:
I think that the most beneficial thing you can do for this type of industry, is have a solid understanding of it. Some people are attracted to the cannabis industry because they assume it’s an easy way to earn a profit, but that is far from the truth. Not only do you have to do the typical things associated with business, such as developing a business plan, establishing as solid team, and crafting a clear operations agreement—but you also have to be weary of additional things such as :
- Finding a bank willing to work with you ( hint: not all of them will since there’s still the legality issues on the federal level.)
- Having extensive knowledge about growing or hiring an expert.
- Understanding all the legal requirement associated with the business.
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