Questions Before Starting A Weed Business
Legal cannabis in Canada has been around for a few years now, and for many people it’s been a reminder of the great things that can come from using local gray market dispensaries. For those who are new to cannabis, it’s been a valuable learning experience to see all of the incredible benefits that this plant can offer. Despite some ups and downs during the past few years, overall it’s been an exciting time where we’ve learned a lot about cannabis.
Starting a cannabis business in Canada can be a daunting task, but fortunately there are a lot of resources available to help you get started. From finding the right location to getting your products into dispensaries, there are a lot of factors to consider. Luckily, there are a lot of helpful guides and resources available to help you get started. So don’t hesitate to get started on your cannabis business in Canada today!
If you want to start a cannabusiness in Canada, make sure you understand the legal and regulatory environment first. There are a lot of important things to know, and you’ll need to plan carefully if you want to succeed. Here are our top 10 tips for starting a cannabusiness in Canada in 2022.
#1 Risks of Starting A Cannabusiness in Canada?
Are you interested in learning about starting a cannabis business? Do you know about the risks and rewards involved? The first step on your journey is to understand the markets, trends, consumers, and extraneous factors that affect cannabis in Canada today.
A SWOT analysis can help you understand the potential benefits and risks of investing in your business idea. By taking into account both the strengths and weaknesses of your idea, you can make an informed decision about whether or not to pursue it.
Here is a helpful template for SWOTs:
What are your natural strengths? What assets do you already have? What unique selling points do you have?
We understand that you may have some areas of weakness that we can help you address. We have a plan and a favorable financial outlook to help you reach your goals.
There are many opportunities available to you, including the chance to take over an existing business. Who do you know in the cannabis industry? Where are you willing to go for success?
There are many companies competing for your business, so it’s important to be aware of who might be a threat and why. There are many potential roadblocks to your success, so it’s important to be aware of what they are.
#2 How to Start A Cannabusiness in Other Countries?
If you’re unhappy with the current state of business in Canada, you’re not alone. In fact, there are a growing number of other countries that have either decriminalized cannabis or at least have an established gray market for cannabis. So if you’re looking for a cannabis business that is legally compliant and has a growing market, you may want to consider looking elsewhere. Canada is one of the only Federally legalized cannabis companies in the world.
There are always risks when doing business in other countries, especially when it comes to a commodity or medicine that doesn’t have a lot of popularity around the world. So, you need more assurances before taking on the additional risks associated with doing business internationally.
Are you considering opening a business in a foreign country? Before you do, be sure to consider the potential challenges and benefits of doing so. For example, cannabis is not universally accepted as a legal business, so be aware of the local politics and cultural norms. Additionally, you’ll need to consider the availability of assets, employees, and business resources. By planning ahead, you can avoid many of the potential obstacles and challenges associated with starting a business in a new location.
#3 What Kind of Business?
What are you going to offer customers? Do you have products for sale in traditional formats (stores)? Are you selling products online? Can you sell products in multiple formats?
The key to any successful cannabusiness is focusing on what you’re best at – whether that’s offering cutting-edge cloning services or glassblowing expertise. You don’t have to limit yourself to what you currently have the resources to offer, but developing a core business concept that closely matches your skills and experience will help you get off to a strong start.
There are plenty of retail shops and online dispensaries in your area, so maybe a cannabis growing locale will be a better choice? Or, you could start a cannabis cafe to provide customers with a unique and convenient experience. There are a lot of options available to you when starting a cannabusiness, so choose wisely!
#4 Where Does Your Supply Come From?
Your buds are important for your business. Having the best quality products is essential to success. You should start by securing a reliable and unique supply of cannabis materials and products.
If you’re not familiar with growing flowers, you need to get familiar. A business is only as good as its flowers, and you don’t want to sacrifice quality for a cheaper price. Your customers will let you know if the flowers you’re using are of high quality and at a fair price. So be sure to keep your eyes and ears open, and listen to what your customers have to say.
#5 How to Get Your Products Into Dispensaries?
If you are good at growing marijuana, and can harvest multiple pounds per light, then maybe you would be better off not worrying about selling your buds yourself. Learning how to get your products into dispensaries can be difficult, and if you are more interested in plants than people, that’s okay.
To build lasting relationships with store owners or dispensary managers, you’ll need to ‘wine and dine’ a bit. Instead of expensive dinners or cocktail parties, you’ll be offering free samples of your best buds. Let your growing expertise speak for itself.
Making cannabis products that are more refined will allow you to communicate the benefits of your products more effectively. By illustrating the multiple benefits your products offer, creating a theme or telling a story about how your products should be experienced, you can create a truly magnificent experience for your customers.
#6 Are You Licensed?
Licensing is an important decision for growing a cannabis business, and there are a variety of options available. If you decide to get licensed, you’ll have access to a wide variety of products and business locations. If you decide to go the legal route, you’ll have the security of knowing your business is legal. However, you may find the legacy market to be more lucrative. There are a million and one ways to grow a cannabis business, so make the decision that’s best for you and your business.
Licensing can be a great way to protect your business and maintain a high standard of quality. However, there are pros and cons to both market options, so it’s ultimately up to you to decide which is best for your business. Regardless of your choice, you’ll need to get approvals from your local government (business license, insurance, securities, etc.) so make sure you take all of this into account before making a decision.
#7 Cheapest Places to Open Dispensaries?
There are a lot of cannabis stores opening up all the time, so for entrepreneurs looking to start a cannabusiness, it’s easy to find the cheapest option. You should consider things like location and platform when choosing a cannabis store to open.
Competition can be a fierce force in the marketplace, with stores often having an advantage over online distribution in terms of availability, upfront costs, and market trends. However, by taking advantage of online distribution channels and shipping options, as well as maintaining a strong website and payment processing capability, businesses can thrive in a competitive environment.
#8 Online Or Retail?
It seems that some locations in British Columbia (“Bud Country”) or the cannabis-crazy Alberta cities might be more favorable at first glance. However, Ontario has a decent cannabis scene, and the Maritime provinces are coming along in their own rights. Quebec and Manitoba seem to have a lot of passionate cannabis consumers, but their governments are unfriendly towards the cannabusiness industry in their backyards.
There are over 40 states in the United States that have legalized marijuana in some capacity, which shows that the country is open to this type of business. Some states, like Colorado, Washington State, and California, are more favorable to cannabis businesses than others, so it’s important to do your research before making a decision.
Legal cannabis is spreading rapidly across Mexico, so it’s only natural that it will become a popular destination for cannabis enthusiasts. In fact, many South American nations have a long history of cannabis use, and many European countries are starting to take notice. The world is starting to come to grips with the undeniable reality of cannabis, and this is great news for businesses who are willing to take a chance.
#9 Who’s Right For The Job?
Never underestimate the power of the people you hired. The kind of people you choose to lead your business, the customers you have and the relationships you have with suppliers, packagers, distributors and others can have a major impact on your cannabusiness. People are undoubtedly one of your greatest assets, but also one of the biggest pains in your @$$. Many businesses face the same dilemmas of balancing a well-trained, efficient staff with a strong, competent management core that services an educated and passionate consumer base.
If you empower your managers well, they will be able to do great work and make a real difference. Don’t forget to provide them with the training and support they need to be successful. This will ensure that you don’t have to waste time and money fixing the mistakes they make.
Managing your customers is just as important as managing your employees. It’s always important to go above and beyond for your customers, even if they’re difficult to deal with at times. This will result in success, and happy, satisfied customers are always good for business. Plus, this positive community of cannabis users will be grateful for your products and services. What’s more important than that?
#10 What’s Your Brand/Company Story?
Success in starting a cannabusiness requires a strong identity and a clear narrative. You must be passionate about your business and committed to its success. Maintaining this commitment will require a lot of hard work, but it is well worth it if you succeed.
Your cannabis business should have a consistent brand identity to help promote trust and reliability. Is your company committed to sustainable growing, production and packaging? Are you a mad scientist who cares about genetics and providing the best quality plants? Or do you offer a personalized approach to finding the best cannabis for your medical patients?
Your business has a unique story and role that makes it stand out. You don’t need the most unique story, but you make great products. It’s important to do things well, to do them your way, and to have a commitment to your vision and goals. The cannabis community will appreciate your dedication.