One of the most frequently asked questions we receive is “How do I prepare a competitive application?” We LOVE hearing this question, because it means our client is looking to win. The great news is that we have had many years of experience and have worked in just about every regulated cannabis state in the country, so we know what works…and more importantly, what doesn’t.
Here are some of our top tips on how to become competitive in New York’s competitive cannabis license application round:
What do you mean by that? We mean that your competition has started their ground work in New York a few years before the round even opens. How do we know that? Because those people are our clients. We help our clients prepare all of the items that they can before the licensing round opens up, and can do this because we have the experience of knowing how regulations are drafted in various states; we know the service providers who are legitimate and the providers who will hurt you; we understand the key components of what you should work on before the round opens; and we know how to strategically build your foundational pieces so that you are already laps ahead of the competition before the race even begins.
UNDERSTAND THE IMPLICATIONS OF THE LICENSE YOU’RE PURSUING.
In New York, your decision on which license type to pursue will radically change the course of your actions. For example, if you opt for a retail dispensary license, you will not be permitted to own or have any interest in a cultivation, processor, or distribution license. However, you are permitted to own up to 3 retail licenses. On the contrary, if you seek a cultivation license, you may not own more than one, but can also own a processor and distributor license to distribute your own products. All of these nuances can make or break your funding, your investor’s interest, your application process, your piggy bank, and your cannabis future. Work with a consultant (that actually knows the industry) to ensure that you are taking the best next steps in your New York cannabis journey.
INVEST IN THE PROCESS TO MAXIMIZE YOUR RETURNS.
The cannabis industry is an investment and one that you should not go at alone. We have seen too many people spend money on the wrong things and go cheap on the areas in which they should invest. You don’t have to spend your funds on everything, but learning the more important things to invest in is vital. Read our one of our blogs on the Top 3 Things to Spend Money on During Your New York Cannabis License Application Process.