There are several ways to become a cannabis entrepreneur or work with a cannabis business. Here are 5 important things to consider before making the jump!
1. Understand where you can do legal business
Cannabis is regulated by the states and still remains federally illegal. As of September 2019, there are 11 states that have legalized cannabis for adult use and more than 30 states that have legalized cannabis for medical use.
Just because it is legal in a certain state, doesn’t mean you can operate a cannabis business in every city or town in that state. Stay informed!
2. Know the law and stay informed
Cannabis is classified as a Schedule 1 Drug under the Controlled Substance Act. Because of its scheduling, you are working directly with cannabis you are in violation of federal law. That means it is way harder to open a bank account (not impossible, but way harder) and you have to pay more taxes to the IRS (checkout Cannabis Accounting).
It is imperative that you know the law and the burdens you will face before you enter in the industry!
3. Determine your Niche - Cannabis or Ancillary
The marijuana industry is diverse and profound. There are so many options on how you can get involved. Even if you don’t have a green thumb or want to work in a dispensary, you can serve the industry in other ways (ancillary).
Over the past few years, ancillary jobs such as accounting, legal services, security, marketing, etc. have been cropping up. This is a billion dollar industry- you can definitely find a place in it!
4. Do your cannabis research
How can you be in an industry without really knowing too much about it? The cannabis industry is complex and dynamic, and if you’re going to be in this industry you better know your facts!
Do a google search, check out some books at the library or on amazon, and make it a daily habit of checking websites such as the weedblog.com, www.mjbizdaily.com, www.ireadculture.com to stay informed!
5. Meet cannabis professionals
Integrating yourself into the cannabis community is vital to your success in the industry. Start by attending meetups and finding cannabis groups that are interesting to you. From there, find a good cannabis mentor. A good mentoring relationship will provide you with professional knowledge and expertise in the field.