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November 12, 2021

What are the top 5 tips and tricks to running a cannabis-touching business?

With the THC/CBD markets continually growing, many people want to run a cannabis touching business.  In this post, we will highlight 5 different tips and tricks to running a cannabis touching business that will help cannabis entrepreneurs reach their goals. While the THC/CBD/Hemp industry is a fun and rewarding industry to work in, it also has it challenges. Tips and tricks to running a successful cannabis-touching business can be quite different than a typical B2C business. Given differing levels of legalization across state lines, creating a business in the cannabis industry can present high hurdles. Especially to those trying to enter and succeed in the industry.

  1. Permits, Licenses, Regulations and Compliance

    With varying regulations and levels of legalization across the country, things can get confusing. It is critical to make sure you are on top of your game when it comes to business licenses, permits, regulations, and compliance.  These items are important when trying to build and grow a sustainable business and brand.  Working with a Cannabis Compliance Consultant can help the entrepreneur with the often tricky process of compliance.
  2. Operational Needs, Vendors and Supply Chain

    Even in normal times, it is critically important to vet your vendors and to deeply understand your supply chain and equipment needs.  With everything going on in the world of 2021 and likely 2022, a bad vendor or an inconsistent supply chain can really hurt your brand. Make sure you are working with vendors that are providing you with the products, the training, the service, the information, and most importantly, the regulatory support that you require.  Have backup vendors if needed to avoid any business interruption.  Plan ahead and have increase inventory levels. This will help if supply chain issues occur.  Whether it is lab, kitchen or office equipment, a good equipment vendor is critical. Work with companies that provide not only your needed equipment, but also training, tech support and good industry information to keep you apprised of equipment trends.
  3. Branding

    Your Brand is everything.  Be very protective of your brand as it is your crown jewel.  Behind the scenes, take measures to ensure that your vision and mission are clear to all who work with and for you.  Work with trusted vendors who share your ideals and understand the vision of your brand. As for your customers, consistently provide great products, service and information to establish your brand reputation.  By providing your clients with these things, they will become loyal customers who will grow with you. Have packaging and marketing programs that fit how you want your brand to be perceived. Sometimes, a potential client’s first impression of you, your products and company are based on the packaging or some form of marketing. Make sure it is a good first impression that delivers the right message about your brand.
  4. Accepting Change

    Don’t be afraid to evolve.  As the last couple of years have shown us, things can change quickly.  Be creative and always be looking for ways to improve your business and stay ahead of the competition.  Stay on top of trends and new product developments in the marketplace. Be open to new ideas and different approaches to your business practices.
  5. Understand when you may need assistance

    We would recommend working with a Cannabis Business Consultant to help navigate the many responsibilities the THC/CBD/Hemp industry presents.  As the person running the company, you will have countless responsibilities. Whether it is help with regulatory compliance, safety, food safety, sourcing, organic certification, equipment, or inspections, a cannabis consulting firm can help lighten your load in a trusted manner.

These are just some of the things that can help an entrepreneur reach their goals in an evolving and exciting industry!