By Jacob Wolinsky. Originally published at ValueWalk.
Each state and local municipality with a cannabis program has its own idiosyncrasies and regulations. Understanding these rules and cannabis compliance is one of the most, if not THE most, important element to the success of securing a cannabis business license.
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How To Secure A Cannabis Business License
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Build Your Team
Local Business/Community Leaders who truly understand the community and the state as a whole.
Cannabis Operators/Consultants who have experience with submitting and winning applications/licenses, as well as opening and operating a cannabis business.
Legal Counsel, who understands local laws to lend advice throughout the application process.
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Real Estate / Knowing your local municipality
Go where you will be accepted in the community or township, make sure you have a population base (if applying for a dispensary), and your building has easy access to highways.
In New Jersey, a municipality will have 180 days from when the bill’s enacted to prohibit adult-use operations. Additionally, priority would be given to applicants based in “impact zones” (municipalities negatively impacted by unemployment, poverty or past marijuana enforcement activity).
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Financial Funds / Capital for Applications
Cannabis businesses cannot get a traditional business loan. You will be responsible for raising capital on your own. Put a three to five-year financial projection together to understand your application, opening costs and first year of operational costs to determine funds needed.
Start developing a business plan and investor deck. Doing a competitive analysis that includes industry research, branding elements for your business, your mission and vision, are all components that you can start working on early to help you secure investors and have a framework for success.
About The Cannabis Business Advisors:
Based in Phoenix, Arizona, The Cannabis Business Advisors (“CB Advisors”) is a multi-faceted consulting firm providing strategic business guidance for cannabis license applicants and current license holders throughout all stages of growth to companies across the U.S. and Canada.
CB Advisors is led by CEO and Founder, Sara Gullickson and President, Maxime Kot. The consulting team brings more than twenty years of combined industry experience. The company offers a comprehensive suite of services, including application and licensing preparation, operational analysis, merger and acquisition support, policy and procedures, exit strategy guidance, and business development planning.
CB Advisors is located at 4203 E. Indian School Road, in Phoenix, Arizona. For more information visit thecannabisbusinessadvisors.com, email info@thecannabisbusinessadvisors.com, or phone 602-730-2986.
About Sara Gullickson:
Sara Gullickson is an entrepreneur, investor, and corporate dealmaker with more than a decade of experience building and scaling businesses personally and professionally. A multi-state cannabis license holder, Gullickson has a proven track record in identifying new opportunities and infusing traditional business strategies into progressive markets. At age 27, she entered the nascent cannabis space and founded her first venture, consulting firm Dispensary Permits. She went on to build several other ancillary companies tailored to the cannabis industry including a tech platform and turnkey retail model. After eight years serving as CEO across her portfolio of brands, Gullickson sold to a publicly traded company.
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