Are you thinking about starting a cannabis industry business?
Right now is certainly a time to think seriously about the idea, if it’s ever crossed your mind. Starting a cannabis industry business is not without costs or risks, and while the risks may mitigate, depending on pending federal legislation, the costs are certainly not going to lessen over the coming months.
[LISTEN: Should You Start a Cannabis Industry Business? – PODCAST EPISODE]
In this episode of the podcast, Hazel and Kim break down the pros and cons regarding state legal cannabis industry businesses, including a frank discussion of the various risk factors and how they may be applied to the segment of the business you’re interested in pursuing.
While the industry is definitely not for the faint of heart, there are many types of cannabis industry business segments that don’t deal directly with the plant and might offer you a viable option to put your skills to good use.
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So-called ancillary businesses (like our CannabisWallet.net) are potentially good places to get your feet wet in the industry without making a full time commitment to the lifestyle. Everything from accounting, payroll services, marketing, technology and more are perhaps more your speed.
How can you figure out whether or not you should consider starting a cannabis industry business?
You’ll want to sit down and make a list of what skill sets you have and how you could put them to the best use. If you’re a big picture sort of person, then owning a business is probably a better idea than just getting a job and calling it a day. However, you might want to start with a job in the industry to figure out whether or not its something that you’re truly going to enjoy.
Quite often things that we take for granted in non-cannabis businesses, such as banking, finding a commercial lease, paying employees and so on can turn into more of an ordeal when cannabis is involved.
There is also the question of legality at the federal level; currently it’s not a legal industry, and many entrepreneurs who had grey market businesses under the “old system” – specifically in California before the new regulations and licensing came into being, are finding it very hard to make profits today.
If you are interested in discovering what opportunities may await you in the state legal cannabis industry, head over to the podcast and check out this weeks episode!