Posted on: March 21, 2019 Posted by: James McQuiston Comments: 0

The day that many pot enthusiasts have always longed for has come to fruition in many states across the country. Marijuana is legal for recreational use in 10 states and for medical use in another 23 states. This is a trend that will cause major and tangible changes for many. It will cut down on the number of people who are arrested for a nonviolent crime. It also provides the opportunists who had to do business in secret in years past to become legal practitioners of free enterprise. In addition, some experts predict that it is the cash crop of the future.

It has been a long time coming, but marijuana has graduated from being legal only for medical use to recreational use in the Golden State. Even though pot is more widely accepted now than ever in the United States, possession of it is still a violation of federal law. If you plan to go into the cannabusiness, then you will have to toe the line in order to protect your business. Continue reading to see how you can keep your pot business from going up in smoke.

Get legal representation

No matter what kind of business venture you enter into, it is to your benefit to have a lawyer who can ensure that your company is in accordance with the law. This is doubly true if you are opening a business that purveys cannabis products. The pot industry is still finding its legs in the world of free enterprise. Because of this, it is easy to get tripped up by regulations that you’re unfamiliar with.

A lawyer who has a keen knowledge of pot industry practices can help you get your business set up legally and make sure it stays within legal confines. They can assist you in purchasing property, getting your California marijuana license, and even taking your business public. When searching for a lawyer, make sure to do your research to find the right man or woman for the job.

Finding the right financial institution

One of the biggest obstacles that those in the cannabusiness face is finding a financial institution that is willing to take their company on as a client. If you’ve been through the gauntlet of trying to find a bank that is willing to work with your business, then you know it is like finding a needle in a haystack. Big banks are just too timid to throw themselves in league with an industry that is operating outside of federal law.

As risky as they view your business to be, nothing is as risky as running a solely cash-based business. While finding the right financial institution to partner with is difficult, it is not impossible. Regional banks and credit unions have stepped in to capitalize in territory where national banks won’t dare tread. If you have a lawyer that specializes in marijuana law, then they should be able to point you in the right direction.

Diversify your business

There is an entire culture that marijuana users widely subscribe to, and you need to capitalize off of this. You should line your shelves with different paraphernalia for marijuana use–like hisi glass bongs and THC oil vapes. You will be able to make a killing off hats, t-shirts, and socks that bear the iconic pot leaf on them. You will be amazed at how quickly these items fly off of your shelf. You may even find that your dispensary provides a great market for other natural healthcare products. You’re an entrepreneur–capitalize on every opportunity there is to generate revenue!

You’ve likely heard the old saying that a good name is worth more than gold. This is true in business as well. You need to do everything to keep the reputation of your cannabusiness pristine. Be diligent in making sure that you only make good headlines. You’re already in a business that some frown upon. The worst thing you can do is add injury to insult with scandal or impropriety. Make sure that you operate within the bounds of law and protect your business. If you do these things, you will get to enjoy all the highs of being a successful cannabusinessperson!

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