FAQs - Common Cannabis Business Questions

We serve cannabis clients across the U.S. and internationally. We are based in Boulder, Colorado, and also have an office in New York City, New York.

The process of competing for a state cannabis business license is complex, and there are many moving pieces above and beyond the actual application. If we were to identify the “biggest mistake” that clients have made over the years, it is that applicants under-estimate the complexity and time required to complete and submit a winning package.

As the cannabis industry continues to mature, there are plenty of opportunities for smart people from many professional disciplines. Think through how to apply your unique skill set and experience to current roles in plant-touching or ancillary cannabis businesses. Experience in highly-regulated industries translates well into the cannabis industry, as do skills in sales, horticulture, marketing, retail, healthcare, science, finance, food & beverage, real estate, and law.

A federal provision protects medical cannabis businesses in states where medical marijuana is legal. So far, federal agencies have honored the spirit of this law toward adult-use businesses. Further, several governors have said they will declare adult-use businesses medical businesses if there is a threat of prosecution.

We advise working with a local attorney, CPA/accountant, and security personnel. You should also be in contact with recruiting specialists, lobbyists, and cannabis industry experts.

Financial modeling unique to your business vision and state regulations is the best way to determine how much money you will need. This projection builds a dashboard for your company by laying out allocation and strategies. It also checks the viability of your business model and plan.

There are many considerations — some required by legislation and some not — that will influence the name of your cannabis company. Most states where cannabis is legal stipulate that your branding can’t appeal to children or include medical symbols. Best practices to use when thinking of a name for your company are things like avoiding green, not using slang words for cannabis, and thinking through how your company’s name will be perceived on a national level when cannabis is federally legalized.

Early preparation in these three areas will increase your likelihood of success, make the licensing application process run more smoothly, and ensure a timely, comprehensive submission.

The #1 way to increase your chances of winning a cannabis license is to begin your pre-application preparation well in advance of the application release. Most cannabis entrepreneurs underestimate how long this process takes, so starting early gives you a competitive advantage.

Be sure to complete these five steps before opening the doors to your cannabis dispensary.

Tracking and reporting requirements are heavy and can take a full-time employee or full team to manage compliance closely and accurately. Our compliance experts suggest beginning with these action steps to get your cannabis business compliant in a new market.

Leading a commercial cultivation operation requires planning ahead and addressing challenges before they become insurmountable problems. A DOC with an educational background in horticulture, cannabis experience, and the right personality is a triple threat that will prove to be the biggest asset to any cultivation operation. Read more about building a cultivation team.

You don’t. Shut it down and contact us to learn how to start a legitimate, regulated business.

Reaching out to your local government and participating in advocacy efforts is essential in states that don’t have an active program. Educating yourself about your state’s current cannabis legislation and staying up-to-date on any program progress will give you a head start when activity does begin.

Running a cannabis cultivation operation is a complicated balance of art, plant science, and business management. Read about the most common cultivation pitfalls and how to avoid them here.

Cannabis regulations are established to ensure the safety of the public, as regulators remain concerned about state-level legalization of a Schedule I drug. Compliance with regulations is key in order to avoid fines, license suspension, or even license revocation. Learn the best ways to avoid compliance fines here.