Thinking about becoming a part one of the fastest growing in the United States but unsure of where to begin? According to MJ Business Daily the industry could grow to $37 Billion by 2024. With large amounts of revenue at stake, it is important that you engage the right people to help with the licensing application process and the startup of your business. Assembling the correct team will save you time and money, as well as relieving some of the stress throughout the process.
One of the greatest assets to your team is the cannabis attorney you engage to help start your business. The cannabis industry in each state is steeped in regulatory requirements. Engaging a cannabis attorney will assist in the navigation of these requirements as you look to apply for a license to operate any kind of cannabis business. An attorney specializing in the cannabis industry will ensure that your application is compliant with all requirements and regulations set by the state with regards to the licensing application process.
This industry can be difficult and time consuming to navigate. You will be making a large investment up front in the form of an application fee; additionally, there are other costs and funds that must be documented as part of the application. A lawyer with experience in the industry can save you both time and money. Showing that you have engaged an experienced cannabis lawyer will also boost confidence by any investors in your business.
As part of the process you will be required to form a business entity and engage in property transactions when obtaining a space for your business. A lawyer experienced in these areas can aid you in the process. They will ensure that all parts of your application are in compliance with the requirements your state has outlined and that it is properly submitted.
Financial matters are complex in the cannabis industry. Many traditional banks are wary of the industry, as the SAFE Banking Act has yet to be passed by Congress. Additionally, you often deal with large amounts of money with application fees and startup costs. Hiring an accountant with experience in the cannabis industry helps you successfully navigate potential pitfalls.
The cannabis industry is heavily regulated, with meticulous recordkeeping requirements that can differ in each state. A cannabis accountant will be familiar with the regulations and ensure compliance to help you avoid any potential fines or violations. States are monitoring the industry carefully as there are large amounts of revenue being collected as taxes. In many states, the regulatory agency determined that audits can occur at any time. It is vital to the success of your business that you engage an accountant specializing in cannabis at the beginning of the licensing application process.
Cannabis Industry Expert
In order to build investor confidence, add value to your application, and advise you along the way, engage a cannabis industry expert. Demonstrating a partnership with someone who is an expert and has demonstrable experience in the legal cannabis industry is something that can help you to obtain investors in your business to aid with start up costs. It can also add significant value to your application as you will be able to demonstrate to those who are grading license applications that your business is positioned to be successful. As this expert has demonstrated success in other legal cannabis markets, their expertise will also benefit your business. Finally, the advice that an industry expert supplies when it comes to grow processes, facility design, or product development can be invaluable.
Cannabis Industry Consultant
Finally, the last but most important of the four people you need to start a successful cannabis business is a cannabis industry consultant. Hiring a consultant with experience and expertise in the cannabis industry can be an invaluable benefit to your team. This person can connect you with lawyers, accountants, and industry experts. A consultant will be familiar with the regulatory framework of the state in which you are planning to submit an application and thus be able to integrate regulations seamlessly into an application narrative. A consultant will be able to help you articulate the core values of your business and make your application stand out from the rest. The consultant will be able to connect you with others in the industry that can help grow your business. The consultant engages professional writers to give your application the polished language graders seek in submitted applications. In order to assemble the most competitive application possible, hiring a consultant is in your best interest.
Hopefully this list of the four people you need will help you on your journey. Looking for a cannabis attorney, accountant, or industry expert? Canna Business Services can help! Contact us at 888.453.0555 or info@CannaBusinessServices.com today! Just looking for someone to talk with about potential opportunities in the industry? We can help with that too! Contact us today – we look forward to hearing from you and helping you start your journey into the cannabis industry.