The Cannabis Business Times recently curated eleven tips on winning a marijuana cultivation license. These were too good not to pass on with thoughts added from our own huge experience. If they help new businesses get started sooner this post will have proved worthwhile. If they help the state licensing boards understand their roles better … that would be the cherry on the top.
Advice on Winning a Marijuana Cultivation License
– Pure passion has its place but there are no substitutes for planning, and great teamwork. Follow through on this with a well-founded, well-presented business plan.
– Getting a marijuana cultivation license compares well with a game of golf. Each hole has its unique challenges. Know your state’s licensing peculiarities and adapt.
– Beware the company you keep. Your state licensing board may judge you for it. A team member may have industry experience, but they will likely need a background check
– Be willing to hire industry professionals. Utilize the services of contractors until you have your marijuana cultivation license.
– Have enough money to start, follow through, and complete the process. Some states require absurd amounts of cash and liquidity in order to qualify for cultivation (or dispensary) licenses. Have your capital in place, expect surprises and a long licensing process
– Get closer to decision makers by having team members on state advisory panels. Sharing advice is a two-way street. Moreover, the track record shows community interest.
– Make sure you have an option on a piece of land large enough to expand, and with adequate utilities. Starting out with a lease with purchase option makes a deal of sense.
– Having a marijuana cultivation license does not mean the weed is going to grow any faster than before. Allow 18 months from date of application plus a growing cycle.
– Keep up to speed with events down at the state licensing board. The people there are new, under pressure and need to find their feet. Keep your options open.
– Maintain touch with industry thought leaders and use tips like these to stay in control of your future. Keep a nation-wide eye open. Newbie states copy more mature markets.
– Have a business ‘health and safety’ plan in place to protect your marijuana cultivation license even before you get it. You are going to need a compliance team with depth.
While obtaining a marijuana cultivation license could prove an expensive pain, the benefits should prove lucrative. Email us questions you might have and we will do our best to answer them.