In the last several years, there has been growing interest in Florida cannabis and hemp by both consumers and entrepreneurs. Recreational marijuana is not yet legal in Florida, but a growing need for medical marijuana is creating many jobs and business opportunities for Floridians.
Starting a cannabusiness can be difficult, especially as Florida marijuana laws are consistently discussed and changed in Tallahassee. Prospective cannabis entrepreneurs currently face an uphill battle, but with the right information, tools and marijuana business lawyer, starting a successful business is possible.
What is a cannabusiness?
Any business that is in the cannabis, medical marijuana or hemp space is considered a cannabusiness. Cannabusiness is the most widely used term to refer to businesses in the industry, but they can also be called a “canna-business”, “cannabiz”, or “canna business”.
While there are specific laws and restrictions for each kind of business within the cannabis industry, there are general rules all businesses in the industry need to abide by. Even banks and investors in the cannabis industry have to follow strict rules to do business legally. There are federal laws, as well as state laws, that each type of business in the industry must keep in mind to start and continue doing business.
If you are interested in starting your own Florida cannabusiness, contact our marijuana attorneys at The Aguilera Law Center in Miami or call (305) 255-FIRM. Start your business on the right foot.
As the cannabis industry expands in Florida and throughout the US, different types of marijuana and hemp businesses have popped up. There are probably some you haven’t even heard of yet.
Some types of cannabusinesses include:
- Medical marijuana clinics
- Medical marijuana dispensaries
- Cannabis and hemp growers and cultivators
- Marijuana lawyer/attorney
- Cannabis insurance providers
- Marijuana CPAs
- Cannabusiness marketers
Below are some tips on starting your own cannabusiness in Florida.
1. Do Your Research
There is a lot more to cannabis than meets the eye. Business owners are expected to be knowledgeable about marijuana and hemp. You should know the difference between strains, side effects, extraction methods, and the basic science of THC and cannabinoids. Having in-depth knowledge of marijuana, hemp and CBD is crucial to the success of your new business.
If you feel like you don’t know the basics of cannabis, it’s time to start researching. While you can start with a basic Google search, be sure to get your information from a credible source. Not all information on the internet is created equal. Some great learning resources for novices can be found on WeedMaps and Leafly.
2. Know Your Market
The cannabis industry is booming and offers lots of great business opportunities, but like every emerging industry, it comes with a wide site of issues that vary by state and county. Knowing your market well and finding a place where your business can fit in can mean the difference between success and failure.
According to a report from BDS Analytics, the global cannabis industry is projected to become a $40 billion industry by 2021. That means 2020 is a great year to start a business! Starting any business has it’s difficulties and requires some start-up capital, so knowing your market will help you in the planning phase and set you up for success.
Here are some things to consider when planning your cannabis business:
- Where will the business be located? Is the area/landlord cannabis-friendly?
- What does the competition look like in the area?
- How much of an investment will it take to start?
- How will you handle your business’ finances? Not all banks work with cannabusinesses.
- How will you market your business? Do you need a website or marketing materials?
- How will you manage taxes?
- How will you legal-proof your business?
There are many other considerations to make when starting a cannabusiness, but these questions can help guide you to a better business plan. Expect some resistance and obstacles as you start, and get the legal help you need early on to avoid expensive mistakes.
3. Start with Good Branding
The biggest and most common mistake new business owners make is neglecting their branding. Business owners often mistake a logo for good branding, and that is simply not the case. A business’ branding includes a logo, of course, but it consists of much more than that. Branding is everything that makes a business memorable to customers. This includes everything from a consistent color palette, easy-to-use website, good marketing, and great customer experience.
“Branding is strategic and sets a foundation for all your business endeavors moving forward, creating a consistent, memorable experience that people just can’t get over.”Haytham Al-Rabeah, Founder and Brand Strategist at Turbo Media
A strong brand ensures that your cannabusiness stands out from the rest and makes a mark. Starting with strong branding right out of the gate sets businesses up for success and durability in a changing and growing market.
Though branding may be something you can tackle yourself, it takes a substantial amount of research and skill to do properly. Though it may cost more in the short-term, hiring an experienced brand developer or agency will get you started on the right path for long-term success. Your business will be worth the investment.
4. Consult a Local Cannabis Attorney
The largest hurdle any cannabusinesses will face is the law. Aside from incorporating a business, registering for a tax ID number, and all the things every business has to do at its outset, cannabusinesses have even more to worry about.
Starting a cannabusiness in Florida is different than in any other state, and you will have to be aware of the laws surrounding cannabis. Consulting with a marijuana lawyer early on will be helpful in dealing with the legal hurdles of opening your business in the state.
If you’re ready to start your Florida cannabusiness, contact our marijuana attorneys at The Aguilera Law Center in Miami or call (305) 255-FIRM. Let us get you set up for success!