Even for the experienced entrepreneur, starting a cannabis business isn’t something to do solo. In fact, you shouldn’t even consider launching your new venture until you’ve assembled a trusted team of professionals who are well-equipped to support you on the road to success.

In recent years, marijuana businesses in the U.S. have numbered well into the tens of thousands, with the total legal sales of cannabis predicted to exceed $35 billion by 2025 (New Frontier Data). For the prospective cannabusiness owner, this data presents both a positive outlook and a tough challenge: the industry is fast-growing and incredibly lucrative, but it’s also vital that your business is prepared to stand out from the competition. 

For these reasons and many others, your cannabis start-up needs to have a solid foundation of professional partners to have its best chance at success. The cannabis industry is rapidly evolving and full of constantly shifting regulations, laws, and trends, so you definitely don’t want to fall behind. Luckily, with the right team and a steady supply of determination, you can learn how to start a cannabis business that’s everything you hoped for and more.

Essential Partners for Your Cannabis Start-Up

Ready to dive into the industry as a new dispensary owner or cannabis brand founder? First, track down a team of professionals that can help propel you towards your goals. Here are the 11 roles you’ll want to fill now to get your cannabusiness off to a strong start.

1. Business Advisor Or Consultant

Whether you’re a first-time entrepreneur or you have some experience under your belt, a business advisor can be a wonderful source of knowledge. You can choose to enlist the help of an advisor specifically within the cannabis industry or simply work with a general advisor that can support the development of your business plans – ultimately, it’s up to you. 

2. Investor 

Oftentimes, the start-up cost for dispensaries and other cannabis businesses can be surprisingly high, but don’t let that discourage you. A broad range of investors recognizes that there is significant money to be made in cannabis, and you can find many conferences that specifically aim to help investors connect with start-ups. Depending on your preferences, you can decide to seek out investment from a venture capitalist or search for an investor with a personal interest in and passion for the industry.

3. Market Research Team

You might have an excellent idea, but will it work once it’s on the market? A market research team can answer this and other critical questions so that you can develop a viable idea for your cannabis start-up. For example, market researchers can assess the potential customer base, whether there is a need for your product or service in the market, and how saturated (or not) the market currently is. Even if there’s already another business with a similar concept as yours, research can be a valuable tool for adapting your idea effectively. 

4. Lawyer

Business law is notoriously complex, and the intricacies increase tenfold once you start talking about cannabis. A legal team (specifically one that includes cannabis lawyers) will make sure you don’t fall victim to errors on business types, permits, or filings. They’ll also be your go-to for regulations, standard legal services, tax consulting, dispute resolution, and city and county codes. And, of course, in an industry in which a great idea can go for millions, cannabis attorneys will protect your intellectual property.

5. Marketing Team 

You already know that marketing is one of the most important aspects of business success – but that’s especially true in cannabis. Digital advertising regulations limit what you can and cannot say to market your business, but an experienced team will know exactly how to reach the right customers, regardless. Cannabis SEO, social media management, and device ID targeting are just some of the strategies that a marijuana marketing expert can provide.

6. Accountant

Yet again, you don’t just need any accountant; you need one that understands canna-centric accounting. Find an accountant that understands the nuances of cannabis business taxes to be confident that you aren’t making expensive mistakes. Remember that the government won’t be bending over backward to forgive you for tax errors, so it’s just better that you don’t make them at all.

7. Suppliers

Unless you’re going to be manufacturing your own products (or you’re providing an end-to-end service), it’s time to find high-quality product suppliers. From the first day you’re in business, customers will expect you to provide them with a consistent source of excellent products, so reliability is key.

8. Recruiters

Skip the stress of trying to hire the right staff and work with a recruiter instead. Not only can a recruiter help you save considerable time and effort in the hiring process, but they can also help you build a strong team of long-term employees and strengthen your business in the long run. 

9. Banking partner

Typically, your accountant will provide assistance in completing the proper banking procedures for cannabis start-ups. Unfortunately, there are still some banks that refuse to work with cannabis businesses. So, taking the time to locate a good fit for your banking partner is that much more important. Ideally, you’ll be able to find a bank that can set you up with payroll, credit, and checking accounts, as well as innovative solutions for customer payment methods.

10. Security experts

Local regulations often require specific security measures, and you also want to know that your products, business, staff, and clients are safe. Security experts will aid you in the selection of proper security equipment, such as cameras, alarm systems, and more. Then, in combination with an on-site security officer, they make up a team that can stop security issues in their tracks.

11. Fellow Cannabis Professionals

Never underestimate the benefit of surrounding yourself with experts in your field because these business connections can serve you in an array of ways. Relationships with fellow professionals and business owners in the cannabis industry can make a world of difference for both your personal wellness and the health of your business. These individuals are the people you can learn from, receive support from during difficult times, and commiserate within the face of major challenges. 

Online cannabis directories are an excellent place to connect with your professional peers because these sites typically list a massive variety of industry events and businesses near you. 

Secure an Expert Team in Cannabis Marketing Now

It doesn’t matter if you’ve spent years building experience as a business owner – there’s nothing quite like starting anew in the cannabis industry. Everything from local regulations to marketing best practices is unique, so it only makes sense to work with professionals that know the industry in and out.

At Marijuana Marketing Xperts, we work exclusively with brands and businesses within the cannabis industry. Our team specializes in cannabis-centric marketing, navigating both regulations and consumer expectations to create smart, effective strategies for your business. We understand what it means to advertise in an industry that’s still very much in its infancy, which is what makes us one of the best marketing agencies for dispensaries and other cannabis brands and businesses. 

Learn how our cannabis marketing specialists can be a valuable part of your start-up team when you contact Marijuana Marketing Xperts today.

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