What You Can Learn From Successful Marijuana Companies
Since the legalization of recreational use of marijuana in the states of Colorado and Washington in 2012, the industry has grown immensely. Several states have legalized marijuana for medical and recreational use with 64% of Americans supporting this move.
The new industry has created different business opportunities including cannabis dispensaries to cannabis oil distilling and industry consulting. As an aspiring entrepreneur, there are many things that you can learn from successful marijuana companies before you make a move.
Legal Changes Can Build Or Break an Industry
Governments have the role in creating an enabling regulatory environment for businesses. The national and local; governments set the criteria for opening and operating businesses in the various industries. As such, a single regulatory change can greatly affect the manner in which companies operate.
Marijuana has been an illegal drug in the USA, and despite research proving the medicinal benefits of the drug, lawmakers were not, until recently interested in passing laws to make it legal.
You will be amazed by the fact that since the legalization of marijuana in Colorado in 2012, its sales have topped $ 1 billion. The lesson here is that it is important for you to analyze the regulatory environment. Once you have the information; you can make sound business decisions.
Be Smartly Dressed
Often, the word dealer evokes images of a shady-looking person with dreadlocks, ripped jeans, baggy t-shirts, and sneakers.
What people miss out is the fact that successful marijuana businesses are operated by entrepreneurs who wear the part. They normally dress up expensively and show up at conferences and trade shows ready to hand out business cards.
To succeed in this industry, you must abandon the outdated weed dealer stereotypes and dress up like someone looking to score serious deals. This way your brand will easily attract the modern pot consumers who prefer shopping brands that reflect their style.
It is no brainer; quality products sell fast. The social stigma on cannabis users is still high, so you could assume that the consumers don’t bother to inspect the quality of the product before making a purchase.
This is a wrong assumption as the most successful marijuana companies are those that cultivate or sell cannabis products that are of high quality.
As an upcoming cannabis entrepreneur, there are many opportunities to invest in. You could grow the plant, be a licensed distributor, set up a delivery service or trade edibles such as weed sauces and weed cakes.
Regardless of what you want to do, you must not take the shortcuts by selling cheap, low-quality products for quick profit. You will only be tarnishing your name, and in no time you will be out of business. You must ensure that you offer high-quality product that will keep your consumers satisfied and coming back.
Even when offering digital service like LeafBuyer which helps consumers identify the nearest cannabis dispensaries, be sure to provide great consumer experience.