Marijuana is booming. The industry is still young, and the outlook looks as bright as the end of a freshly lit blunt. The cannabis market value is projected to triple by 2025 to over $30 billion. With CBD continuing to explode in popularity, this number is likely to keep increasing.
All of this bodes well for savvy business people looking for a new venture. It’s a great time to take the plunge and get in on the ground floor while you still can.
Here are six tips to help you get started if you’re looking to enter the cannabis market with your dispensary.
1. Make a business plan
Your business plan is your road map and an essential tool to help get you where you want to go. Do you want to be a small mom-and-pop shop? Do you want to start anonline cannabis store? Your business plan will be something you refer to often to monitor your progress and measure your success.
A good business plan will include:
Executive summaryCompany descriptionMarket analysisCompetitive analysisOrganizational structureProducts and servicesFinance strategyMarketing strategy
All business plans are unique and with the marijuana industry, you’ll also want to address things like sourcing your product, environmental factors, and regional laws.
2. Register your