There is little question that the cannabis industry is growing at a rapid rate. As more states legalize the medicinal and recreational use of cannabis products, the opportunities are growing just as rapidly. However, despite all the advantages of this relatively new market, there are still plenty of challenges which is why you might consider hiring the services of a cannabis consultant.
Cannabis consulting has become a substantial part of the cannabis industry thanks to a combination of seemingly ever-changing state regulations. Because what is legal today may not be legal tomorrow means that businesses in the cannabis industry need all the latest information if they want to grow their profits while not getting into legal difficulties.
Understanding and complying with the myriad of local, state, and federal regulations combined with running an ever-expanding business that requires inventory, supply, labeling, business plans, complex marketing strategies, and more can overwhelm even a savvy businessman. That is where cannabis consultation comes into play.
What is a Cannabis Consultant?
Put simply, this is an expert on the laws, rules, and regulations that govern the cannabis industry in the US. Just as there are consultants in many other fields delivering expert advice and direction, so too has the cannabis industry developed the need for proper consultation. With the right consultant, you can better understand the laws along with other important information to help your cannabis business grow.
In addition to the law, cannabis consulting may include the following areas of expertise within the cannabis industry.
- Cultivation & Manufacturing
- Dispensary & Food Safety
- Legal Accounts & Human Resources
- Transportation & More
By providing expert consultation, a cannabis consultant can help both new and established businesses expand their customer base.
How to Use Cannabis Consulting
One thing to consider when searching for the right consultant is that their expertise may be in a specific field of the cannabis industry with only general knowledge of the rest. In other words, not all cannabis consultants are alike. You may find one who specializes in cultivation while another is far more familiar with the cannabis laws in your region of the country.
Once you find the expertise that you need, the next step is knowing how to use their services. Remember that a consultant does not set your goals or define your business. You are the one responsible for that. Instead, the right consulting helps you reach your goals, avoid potential pitfalls, and informs you of options that are available.
Focus: You will need to understand the goals for your business. That means mapping out a strategy that a cannabis consultant can assist with accomplishing. Arguably the best use of a consultant is that they can see your plan and offer suggestions on how to improve the results, avoid potential issues, and offer alternatives that might work better in achieving your ultimate goals.
Specialization: It should not be surprising that many in the cannabis industry will hire the services of more than one consultant for different areas of their business. This means you may hire one to help you with cultivation or manufacturing. Then another to help you with understanding legal matters in conjunction with distributing your product. And perhaps hiring yet another consultant to help with marketing your products.
While the thought of hiring people to give you advice may seem detrimental to your pocketbook, in reality you might be saved from losing thousands of dollars or worse, getting into legal trouble all because you took actions that seemed logical, but were in fact wrong to do.
- Proper Guidance
- Avoiding Pitfalls
- Saving Money
All these attributes help you maintain and grow your business. It’s possible that one piece of advice may save you a considerable amount of money or avoid legal issues.
Finding the Right Consultant
Now that you know the reasons why getting proper cannabis consulting can be beneficial, the next step is hiring the right one for your business. You will need to find the ones who work in your area and then narrow the list by doing the following.
- Focus on Those Who Specialize in what You Need
- Note Relative Experience & Review Credentials
- Ask for References & Consult Reviews
- Go Over the Fees
- Ask What is Included with What They Charge
- Highlight Any Possible Conflict of Interest
In other words, if they work for other cannabis businesses in your region, will that present a conflict of interest in helping you to succeed.
There are some red flags that may appear when searching for the right consultant. This includes the usual signs of not providing references, unable to give clear answers, or making promises that seem too good to be true. Also remember that you are looking for someone to help your business, not take it over.
But some subtler red flags include not itemizing the cost on the bill and asking for equity instead of a fee for payment. If you see any of these red flags, it’s best to move on to another consultant.
Future of Cannabis Consulting
Keep in mind that even if the consultant specializes in one area, you may be working with them for many years to come. This means building up a relationship of trust, so that you can speak openly about your business intentions and they can provide you with clear advice. Plus, they should be open to feedback just like you in terms of the advice and guidance that is part of their service.
Over time as your business changes, so too will your need for cannabis consulting. This means that you may have to leave a consultant that has been with you for years in order to progress. While some consultants may stay around, such as those who specialize in legal issues. Others may no longer have a use, such as those who specialize in cultivation if you have gotten the process down.
Cannabis consulting is a growing business thanks to the need for expert advice in legal and business areas associated with this product. Be sure to check out the qualifications when searching for the right cannabis consultation when you need assistance in this realm.