What You Can Learn From Successful Marijuana Companies
Since the legalization of recreational use of marijuana in the states of Colorado and Washington in 2012, the industry has grown immensely. Several states have legalized marijuana for medical and recreational use with 64% of Americans supporting this move.
The a new industry has created diverse business opportunities that range from the cannabis dispensaries to cannabis oil distilling and industry consulting. As an upcoming entrepreneur looking to venture into this industry, there are many lessons that you can learn from successful marijuana companies before you can make a move.
Legal Changes Can Build or Destroy an Industry
The government plays a major role in enabling a regulatory environment for businesses. The federal government and state governments set the requirements for starting and running businesses in various fields. As such, a single regulatory change can greatly affect the manner in which companies operate.
Marijuana has always been an illegal drug in the US, despite research proving the medicinal benefits of the drug, lawmakers were not convinced about passing laws to make it legal.
In 2012, Colorado legalized marijuana, and since then the sales have topped $ 1 billion. The the lesson you are learning here is the need to assess the regulatory environment. With all the information you need, you can make sound business decisions.
Be Smartly Dressed
In most cases, the mention of a weed dealer creates a visual image of a shady-looking person often dressed in baggy t-shirts, ripped jeans, sneakers, and dreadlocks.
What people miss out is the fact that successful marijuana businesses are operated by entrepreneurs who wear the part. They put on expensive suits and turn up for meetings and trade shows ready to exchange business cards.
To succeed in this industry, you must abandon the outdated weed dealer stereotypes and dress up like someone looking to score serious deals. This way your brand will easily attract the modern pot consumers who prefer shopping brands that reflect their style.
The Quality of the Product Matters
It is no secret; quality products fly off the shelves. There is still a lot of stigma on the cannabis users so you could assume that most buyers don’t really bother to inspect the quality of the product before they can buy.
This the assumption is incorrect as most successful marijuana companies sell or cultivate high-quality cannabis or cannabis products.
As an aspiring marijuana entrepreneur, you have several investment opportunities. You could choose to grow the plant, be a licensed distributor, begin a delivery service or trade edibles like weed cakes and weed sauce.
Regardless of what you want to do, you must not take the shortcuts by selling cheap, low-quality products for quick profit. By so doing you will tarnish your name and in no time you will be out of business. Be sure to offer high-quality products that will keep your customers happy and coming back.
Even if you specialize in digital service like LeafBuyer which allows consumers to find the nearest cannabis dispensaries, you must provide great customer experience.