(This is an abridged version of a story that appears in the March issue of Marijuana Business Magazine.)
Marijuana executives in Colorado – both plant-touching and ancillary – have learned enough about doing business in a new adult-use cannabis market over the past five years to write textbooks on the topic.
The Centennial State made history when it launched the world’s first adult-use marijuana market Jan. 1, 2014.
Along the way, Colorado’s cannabis trailblazers have encountered more than their share of growing pains – lessons that can be applied to other emerging recreational markets.
“What we have experienced in Colorado holds true in other states as well,” said Diane Czarkowski, founding partner at Canna Advisors, a cannabis consultancy in Boulder.
“As one of the first businesses to open in a new market, you have to accept your responsibility to be involved in the development of the industry.”
Here are four valuable lessons that can benefit entrepreneurs seeking to start a marijuana company in a new adult-use market.