What to Do Now in Minnesota
Come Meet the Team in Minneapolis!
First, I’m thrilled to announce that Canna Advisors is a proud sponsor of the upcoming NCIA Minnesota Cannabis Industry Leadership Mixer.
I will personally be attending this Minneapolis based event on April 17th and would love to meet you in person if you’re a cannabis professional, license applicant, or stakeholder. This event can provide an opportunity to engage on critical policy reforms the association is leading on behalf of small and independent cannabis and hemp businesses.
We hope to see you there to talk all things cannabis, hemp, and Minnesota!
Next Steps
The application window for Minnesota’s various cannabis licenses have closed (and talk about plenty of submissions!) but this doesn’t mean the work is done. Far from it. There’s plenty applicants and future license holders can and should be doing now, and even some events to look forward to as well to make the most of this time.
Business Planning & Financial Modeling Starts Now
Two aspects of the application process was submitting a business plan and figures from financial modeling to assess the overall viability of your prospective cannabis business. However, if you’re seeking additional funds or investors for your business, the materials required by the Office of Cannabis Management (“OCM”) will not really suffice. They’re much more regulatory specific and less persuasive or all encompassing for actual business operations.
Now is the ideal time to develop a comprehensive business plan and financial model which can be presented to investors and also be used as a guide for your own internal operations—assessing everything from operational and capital expenses for multiple years of operations to a full SWOT analysis.
We at Canna Advisors can assist with all your business planning and financial modeling needs to wow any prospective investor and answer any questions someone may throw at you when preparing to launch your operations.
Identifying Vendors
One aspect that was largely overlooked within the application process itself for Minnesota was third-party vendors. As you get ready to launch, you will have countless vendors to work with. This includes everything from security, legal services, accounting, real estate, and more.
Even if you don’t have everything lined up yet for operations (including uncertainty about being awarded a license or not if you’re in the lottery) now is a good time to begin identifying vendors you will need and rely on so once a license is issued, you can hit the ground running.
After working in 39-states, we’ve learned that capitalizing on the first mover advantage is often paramount to initial success and solidifying your brand dominance in a market. It never hurts to be overly prepared so identifying vendors and starting at least conversations with folks you will hopefully working with is paramount to early successes in a timely launch.
Crossing Your T’s and Dotting Your I’s
There’s no shortage of regulations with cannabis. Not only do we have federal illegality weighing on operators’ shoulders, we also have complex state regulations, AND additional municipal regulations and zoning requirements. When preparing to launch, you’ll want to make sure everything is in order from every respective regulatory body. This is particularly true at a local level in Minnesota where many municipalities have indicated, if not outright stated, they will be granting local approval on a first come, first serve basis.
What does all this mean through for you? It means making sure you have everything in order. Required documents, background checks, corporate governance documents, standard operating procedures, employee manuals, and more will all be essential. Check with municipal regulators, applicable boards and commissions, and the OCM themselves that you have everything in order that they need to make for a smooth rollout.
There’s plenty to be doing in Minnesota, even if the application window is closed. If you have questions or concerns or just need some helpful guidance on next steps, be sure to reach out to Canna Advisors. And, if you want an in-person meeting, check out the April 17th Minneapolis NCIA event too!