(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.
Stay Informed
Thanks for the tips. I am actually a student right now working towards an euntrapenureship diploma. The Iowa market isn’t far away. And I’m jumping in the band wagon as early as I can. Again, thanks for the insight.
What kind of insight do you have for iowa to go legal? I live here and it’s depressing how suppressed this state is.
I would also add another: Be Prepared & Flexible, Keeping in mind that the MAN can make arbitrary changes that could devastate your plans if not take you out!
That’s why Public Relations, Marketing, and Advertising are so important (whether or not you find any of them distasteful). Get the people on your side and rules can be overturned. At worst it may take a few years to get officeholders changed, but that’s what it takes to build a free-er society.
Thanks for all of the info,it sure has helped me get my business off the ground and get the chance to be a art of forward movement..