Over the last decade, the laws surrounding the cultivation, sale, and consumption of cannabis have changed dramatically. With a handful of states legalizing it, and many more on their way, there’s never been a better time to get into the cannabis business. However, once you have an established company, you still have to stay ahead of the laws, even those in surrounding states, and this can be a lot of extra work on your plate.
Making sure you’re always in compliance with local, state, and federal laws is the key to surviving in this industry, so here are a few tips to make sure your business is always operating in the clear.
You don’t have to pore over detailed law books with confusing jargon, when you have an experienced cannabis attorney on your team. Your lawyer can keep you informed of changing laws and regulatory guidelines, as well as represent you when you need legal help. From strong business formation to licensing and permits, your attorney should work hard to keep you afloat.
Too often, cannabis businesses try to stay out of the spotlight, and this can end up looking suspicious to regulatory agencies and local government. It’s critical that you keep all of your operations above board, comply with all requested inspections, and remain transparent with your finances.
Avoid having your retail store or grow house look like a stereotypical “drug operation” at all costs. To succeed in the marijuana industry, you should be diligent about your cleanliness and organization. Keep your storefront bright and tidy, backup your computer files, and make sure registers and other front-end areas are appealing, uncluttered, and efficient.
When it comes to applying for licensing, permitting, and insurance, don’t put it off until right before the deadline. As more and more cannabis companies are popping up, the wait times for these kinds of filings are lengthening, and you don’t want to have to shut down your operation while you wait for the proper paperwork. Stay on top of it and file for licenses and permits ahead of schedule.
For any small business owner, putting together a team that you trust is crucial to your long-term viability. Delegate tasks to co-owners, managers, and other staff members, so you don’t become overwhelmed and end up forgetting something important.
If you need help establishing or maintaining your cannabis business, reach out to our firm today for your initial consultation!