Important Lessons from Successful Marijuana Companies
Since 2012 when the recreational use of marijuana was legalized in Washington and Colorado, the industry has by far grown. Numerous states have legalized the use of this drug for medical and recreational use with 64 percent of Americans supporting the move.
The new industry has created different business opportunities including 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 Break an Industry
Governments have a role in creating an enabling regulatory environment for organizations. It is the work of the federal and local governments to set up the regulations for opening and running businesses. 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 lesson here is that it is important for you to analyze the regulatory environment. Once you have all the information, you can make sound business decisions.
Be Smartly Dressed
The mention of weed dealer evokes visual images of a shady-looking person with an afro, baggy t-shirts, ripped jeans and sneakers.
Successful marijuana companies are operated by entrepreneurs who dress the part. They wear expensive suits and show up at conferences and trade shows ready to give out business cards.
If you want to succeed in this industry; you must abandon the weed dealer stereotypes and dress up like you are anticipating to score big deals. By doing this, your name will easily attract the modern pot consumer who prefers brands that reflect their style.
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 is a wrong assumption as the most successful marijuana companies are those that cultivate or sell cannabis products that are of high quality.
As an upcoming marijuana entrepreneur, there are several opportunities that you could invest in. You could grow the plant, be a licensed distributor, set up a delivery service or trade edibles such as weed sauces and weed cakes.
No matter what you want to do, do not try to take shortcuts by selling cheap, low-quality products to get quick profit. You will only be tarnishing your name, and in no time you will be out of business. Focus on offering high-quality products that will satisfy your customers and keep them returning.
You must provide great customer service even when offering digital service like LeafBuyer.